Crypto Rally as BTC Hits $50,000 and Multiple Tokens Surge Over 20%_blog

23 Feb, 2024

Crypto Rally as BTC Hits $50,000 and Multiple Tokens Surge Over 20%

On February 22, amidst a landscape where Bitcoin surged and Ethereum held steady, several cryptocurrencies demonstrated notable price increases. According to data from CoinMarketCap, at least five digital assets saw increases exceeding 20% within a 24-hour period, maintaining the collective market cap of the digital asset market at just under $2.1 trillion. Despite minor declines in the values of Ethereum, CoinGecko reported a 2% uptick in the overall valuation of cryptocurrencies, indicating a trend of capital rotation towards alternative tokens to capitalize on potential gains.

AI Tokens Lead the Charge

Leading the charge in price gains on February 22 was SingularityNET's AGIX token, which experienced a 39% surge in market price. AGIX's upward trajectory was in line with other artificial intelligence (AI) coins, reflecting a broader bullish sentiment within this sector, which has seen a 40% increase in value over the past week, boasting a market capitalization surpassing $17 billion. Following closely behind was WLD, the native token of Worldcoin, Sam Altman's eye-scanning identification initiative, which recorded a 36% increase, reaching over $8 and achieving consecutive all-time highs. Reports speculating on significant announcements from Worldcoin may have contributed to WLD's upward momentum, further fueled by the recent release of Sora, Altman's text-to-video program under OpenAI.

AI and GPU Tokens

SoarFetch.ai (FET), another AI-focused token, also witnessed double-digit growth, soaring 23% within the day to attain a new all-time high. This surge in value can be attributed to heightened interest in the convergence of blockchain technology and artificial intelligence, with Fetch.ai pioneering a protocol that facilitates access to machine learning networks and global datasets via a cryptocurrency-based economy. The Graph (GRT), a crypto indexing protocol built on Ethereum, mirrored this upward trend with a 23% price surge. The Graph's platform enables users to query data and publish open APIs known as subgraphs, with over 3,000 subgraphs already launched. Additionally, RenderToken (RNDR), the native cryptocurrency of Render, a distributed GPU network, experienced a notable 22% increase in price, bringing it within 12% of its 2021 all-time high. Render's platform serves as a marketplace for GPU computing, connecting mining operations with studios and creators seeking to utilize excess GPU resources.

Bitcoin Surpasses $50,000 Mark

Meanwhile, Bitcoin breached the $50,000 mark on Monday, reaching its highest level in over two years. Coin Metrics reported a 4% increase in the flagship cryptocurrency's price to $50,168.36, with a peak at $50,334.00, the highest since December 2021. Ether also saw gains of over 5.5%, reaching $2,643.80, after hitting $2,638.62, its highest point since January 12. Antoni Trenchev, co-founder of Nexo, a crypto services firm, remarked on the significance of Bitcoin surpassing $50,000, especially following the recent introduction of spot ETFs. Despite initial skepticism and subsequent sell-offs, Bitcoin's resilience signals a positive trajectory, culminating in its strongest weekly performance since December 8, with gains of 10.76% as of the previous Friday.

Sustaining the Momentum

In the midst of a crypto rally marked by Bitcoin's surge past $50,000 and substantial gains across multiple tokens, LADT's significance becomes increasingly evident. As cryptocurrencies gain momentum globally, LADT's efforts to position Laos within the digital landscape stand to benefit not only the nation but also contribute to the broader crypto market. By embracing emerging technologies and fostering cooperation within ASEAN, LADT not only enhances Laos' digital infrastructure but also adds to the diversity and dynamism of the crypto market as a whole. This collaborative approach sets a precedent for other nations and reinforces the potential for digital currencies to drive innovation and economic growth on a regional and global scale.

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27 Feb, 2024

Lao Government Rolls Out New Tax Regulations on E-Commerce

The Ministry of Finance announced a new regulation on mandatory tax payments for all digital shopping platforms in its latest notice, released on 14 February.The notice classifies digital platform shopping websites into three groups: registered enterprises in the Value-Added Tax (VAT) system, micro-enterprises, and revenue-generating individuals, legal entities, and organizations.Under the new regulations, enterprises registered with the VAT system must include their taxpayer identification number and VAT certificate in their advertisements for selling goods and services through e-commerce channels. They must also inform users whenever VAT is collected.Microenterprises, however, are not required to inform users when collecting tax but must display their taxpayer identification number in their advertising. VAT-registered enterprises, microenterprises, as well as revenue-generating individuals, legal entities, and organizations must provide information on the purchase of digital products, services, and every electronic commerce activity. Only VAT-registered enterprises are required to connect their electronic information to the Tax Revenue Information Management System (TaxRIS).The TaxRIS system is a government investment aimed at modernizing revenue collection. It aligns with the strategic plan to make tax payments easier for taxpayers, ensure all taxes are accounted for in the state budget, and enhance transparency. Furthermore, all three e-commerce groups must manually submit their revenue tax, VAT, profit tax, salary tax, and other taxes through the government’s website. Additionally, they must maintain accounting according to the system prescribed by the Law on Accounting Management and submit proper documentation to receive an annual tax payment certificate.The notice also instructs the Tax Department nationwide to streamline procedures for the three groups. This includes facilitating the issuance of taxpayer identification numbers to individuals, legal entities, or organizations that conduct electronic commerce to access the TaxRIS system fully.Failure to comply with the new regulations may result in warnings, fines, legal action, or even the platform’s shutdown.The Ministry’s new regulations aim to enhance tax compliance among digital shopping platforms in Laos. These measures, including the integration of taxpayer identification numbers and VAT certificates in advertisements, reflect the government’s commitment to modernizing revenue collection and ensuring transparency in e-commerce transactions.

22 Feb, 2024

BOL Policy Mandates Foreign Investors to Open FDI Account

The Bank of Laos (BOL) has implemented a new regulation mandating foreign investors to open a Foreign Direct Investment Bank account (FDI) either in Lao Kip or a convertible foreign currency with a commercial bank within 15 days upon obtaining a business license.This regulation, effective since 21 December last year, aims to facilitate and monitor capital flows while promoting direct foreign investment in Laos.Upon transferring the funds into a commercial bank in Laos, foreign investors must apply for a Capital Importation Certificate (CIC) to the Foreign Exchange Management Department within 30 days.Capital repatriation after business operations will only be available for those who have received the CIC from the central bank.Foreign investors can obtain a business license or enterprise registration certificate by registering for a pre-investment account with a commercial bank. This particular account will allow them to transfer funds in preparation for their investment in Laos.To further facilitate the business registration process, the Minister of Industry and Commerce has approved a new regulation reducing the registration time from 10 to three days, effective since 2 February. This change will allow investors to obtain their business license faster through the government’s online registration website.Required documents for opening a pre-investment account include a document explaining objectives to invest or establish an enterprise in Laos, a business registration certificate and/or certificate of identity of a foreign legal entity, a letter of authorization for the person or representative to open a deposit account, the passport of the person who has been granted the right, among other documents deemed necessary by the Foreign Exchange Management Department and the Commercial Bank.Laos has had economic challenges, including high inflation, depreciation of the national currency, and public debt. In January, the inflation rate, as reported by the Lao Statistics Bureau, reached 24.4 percent.According to the International Monetary Fund (IMF), Laos’ publicly guaranteed debt was 123 percent of GDP as of 2023, with more than half owed to China for funding major infrastructure projects, including the USD 5.9 billion Laos-China Railway linking Vientiane Capital and Kunming, China.In response, the central bank has pledged to implement a tighter monetary policy to stabilize the kip’s value. This aligns with the government’s goal of reducing inflation by 9 percent in 2024.This new regulation by the central bank is expected to streamline the process for foreign investors looking to invest in Laos while ensuring greater transparency and accountability in capital flows.