dtcpay forges strategic partnership in launch of crypto payments system

G20 Nations Believed to Have Agreed Upon Global Crypto FrameworkUnder India’s current leadership of the G20, reports are emerging that participating nations have reached a unanimous consensus on establishing a common framework for cryptocurrency regulation.According to local news sources, this monumental decision has been reached, and it’s expected to take center stage during the 18th G20 Heads of State and Government Summit scheduled for September 9–10 in New Delhi.Photo by Rachit Chaudhary on UnsplashIMF/FSB synthesis paperThe reports published on Wednesday cite information from official sources that the International Monetary Fund (IMF) and the Financial Stability Board (FSB) have collaboratively released a synthesis paper laying the groundwork for this comprehensive regulatory framework. Consequently, discussions around this initiative will likely feature prominently on the agenda during the upcoming leaders’ summit.The unity achieved by G20 nations in forging this global cryptocurrency regulation framework marks a significant milestone in the ever-evolving area of digital assets. The framework’s primary goal is to provide a structured approach to oversee cryptocurrencies, potentially mitigating risks associated with their use, all while fostering innovation within the rapidly expanding crypto sector.Multilateral Development Banks (MDBs)Aside from this development relative to digital assets, multiple working groups have been working on recommendations related to Multilateral Development Banks (MDBs). These groups have proposed measures to confront future financing challenges, and there is growing support for establishing a $200 billion fund to meet financing needs over the next decade.Beyond financial concerns, the G20 nations, under India’s leadership, have embarked on a comprehensive evaluation of the high volatility in food and energy security. Stressing the vital importance of stability in these sectors for sustainable global growth, these issues will take the spotlight during the leaders’ summit later this week.TaxationAnother area where India has made significant strides is international taxation. During India’s G20 Presidency, a pillar taxation system for international taxation has been recommended. The efforts in this domain have been described as making “significant progress” so far, underscoring the commitment of G20 nations to address global taxation challenges.It’s interesting to note that on the home front, India has been far less progressive when it comes to crypto-related taxation. The country has imposed a 30% tax on cryptocurrency transactions. Local crypto exchanges have also pointed to a 1% Tax Deducted at Source (TDS) which is being applied to exchanges as a major challenge that is having an impact on their operations.A threat and an opportunityLate last month, Indian Prime Minister Narendra Modi urged his G20 counterparts to work towards global collaboration in respect of formulating global crypto regulations. On Wednesday India’s Finance Minister, Nirmala Sitharaman, confirmed that active discussions were underway as part of India’s G20 presidency. At an event in India’s financial capital of Mumbai, Sitharaman stated:”India’s [G20] presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets.” While confirming that G20 members were working toward establishing a global crypto framework, Sitharaman also remarked that crypto was a “threat as well as an opportunity.”

Korean health management app leverages blockchain for iris-based solutionsIRIS, a blockchain foundation focused on healthcare, announced on Wednesday (local time) the launch of a health management app developed in collaboration with Hongbog, a South Korean provider of iris-based biometric systems. This app offers services customized to each user’s health status and lifestyle.Photo by Kalea Jerielle on UnsplashIridology-based health analysisUnlike other healthcare platforms that primarily focus on exercises, IRIS’ app offers long-term and periodic health trend analysis reports through iris photography. This approach is based on “iridology,” a concept used in traditional Korean medicine, and the app also recommends visits to specialized healthcare providers based on its findings.The app instantly analyzes a user’s biometric information through artificial intelligence once a picture of their eyes is captured with a smartphone camera. Within 15 seconds, users can view their results, based on which the app recommends personalized exercises and nutrients.This platform serves both personal disease management and prevention, and can also be utilized by public health centers for monitoring the health of local residents. Presently, it provides five health ratings for cholesterol, stress levels, and four specific organs: the brain, lungs, liver and kidneys. Future updates will optionally include information on an additional 15 organs, such as the heart, bronchi, pancreas and stomach.Blockchain-powered privacy protectionA representative from IRIS conveyed that their goal in an aging society is to assist customers in preventing serious illnesses and promoting longer, healthier lives. They emphasized that the app enables regular measurement of health indicators, aiding in disease prevention and management. The representative also mentioned that by storing sensitive healthcare information on the blockchain, the service eliminates the risk of personal data leaks.

Thailand’s Ministry of Finance has announced a new tax measure that will mean tax exemptions on crypto trading gains over a five-year period in an effort to promote the Southeast Asian country as a global crypto hub. According to a statement published to a government website publicizing the introduction of the measure, Deputy Finance Minister Julapun Amornvivat said that the tax break will apply to market participants in Thailand who trade digital assets through exchanges, brokers and dealers licensed under the Digital Assets Business B.E. 2561 legislation, from Jan. 1, 2025 through Dec. 31, 2029. The deputy minister believes that the new measure will put Thailand on the right footing in developing the crypto sector, while that sectoral development will be monitored all the while by the Thai regulator, the Securities and Exchange Commission (SEC).  Amornvivat is conscious of a need to balance nurturing the crypto sector with full compliance in terms of anti-money laundering (AML) policies, in line with international practice as set out by the Financial Action Task Force (FATF).Photo by Kaboompics.com on PexelsGreater transparencyThe deputy minister also confirmed upcoming changes that would lead to greater transparency. He stated:”The Revenue Department is in the process of implementing the OECD’s Crypto-Asset Reporting Framework (CARF), which is an exchange of digital asset data with countries around the world, which will make digital asset transactions more transparent.” Taking to X, Amornvivat claimed that the policy aligns with OECD standards, and said it "is another important step in raising the economic potential of [Thailand] and is an opportunity for Thai entrepreneurs to grow on the world stage." This is not the first time the Thai authorities have looked at crypto-related taxation. Back in March the government approved a tax break targeting investors who generated capital gains from holding investment tokens. At that time, it was outlined that the government wanted to incentivize the use of investment tokens for fundraising purposes. In the medium term, Amornvivat believes that these measures will lead to growth in the overall Thai economy and an increase in tax revenue by approximately one billion baht ($30.6 million). Bitkub, Thailand’s largest crypto exchange, didn’t waste any time in responding to the development. On X, it advised its user base that “the wait is over,” with tax-free trading now possible on the platform. Competing global centersAssad Dar, a founder of Dubai-based Web3 gaming startups OYA Play and MoonGaming, took to social media to draw attention to the development in the context of initiatives being taken elsewhere to drive crypto. He described Thailand’s five-year tax break as a “big move,” while considering incentives offered in places like Dubai and Pakistan recently. He added:”Each place is trying to support crypto in its own way.” While competition around the world heats up to attract more crypto-related development and business activity, some fear getting left behind. Indian crypto influencer Rananjay Singh noted this latest development in Thailand while pointing out that crypto market participants in India still have to pay 30% tax on crypto-related capital gains as well as 1% tax deducted at source (TDS).