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Signs of unease with President Xi Jinping’s leadership have emerged amid public rancor over China’s trade tensions with the U.S., a sluggish economy and public-health and financial scandals.
WSJ.com: What’s News Asia
Soon after Thailand adopted its regulations for cryptocurrencies and initial coin offerings (ICOs), companies reportedly pile up to apply for licenses to operate in the country. According to the Thai Securities and Exchange Commission, about 50 ICO projects are seeking to launch, five portals plan to open for business and 20 crypto exchanges have applied for a license.
Preliminary Surge – 20 Exchanges, 50 ICOs
Thailand’s regulatory framework for cryptocurrencies and ICOs went into effect on July 16. The Thai Securities and Exchange Commission (SEC), the main regulator of the country’s crypto industry, began accepting applications for crypto licenses on July 24.
On Wednesday, the SEC revealed the number of companies that have applied for various licenses or are interested in applying, local media reported.
According to Mr. Rapee Sucharitakul, the SEC secretary-general, about 50 projects have shown interest in issuing tokens. Five companies are interested in becoming ICO portals, three of which have already applied. As for crypto exchanges, citing that “license approvals are being processed,” the Bangkok Post quoted him saying:
There are also around 20 companies that have applied for licenses to operate as digital asset exchanges.
Coin Asset’s ATM
Among companies that have applied for a license is Coin Asset, a six-month-old Thai crypto exchange with about 10,000 users. The exchange currently processes approximately 2-3 million baht (~US$ 60,186 – $ 90,279) daily, CEO Suvanus Yamdee told Prachachat Turakij newspaper.
The company has a 90-day temporary license to operate an exchange while its application with the SEC is being reviewed, the publication noted.
The exchange has also applied for a license to operate crypto ATMs, which it unveiled last week. Claiming that the ATM is the first of its kind among Asean countries, Mr. Suvanus explained that it supports multiple fiat currencies – the baht, euros, yuan, and dollars. With a minimum transaction amount of 100 baht (~$ 3), the ATM allows customers to buy and sell BTC, BCH, ETH, LTC, XMR, and DASH.
If approved, the team plans to install the ATMs at Thailand’s major international airports, Suvarnabhumi and Don Mueang, as well as in Chiang Mai.
Bright Crypto Future
When a company files for a crypto business license in Thailand, the “market regulator will forward documents to the finance ministry within 90 days,” the Bangkok Post described. The finance ministry will make a decision within 60 days.
Applicants must meet a number of criteria such as being a listed firm in Thailand and having the required paid-up capital, the news outlet explained. “The directors, executives and company shareholders must also have SEC approval.”
Thuntee Sukchotrat, the CEO of Jibex, a local exchange backed by IT company J.I.B. Computer Group, was quoted saying:
I believe that investors will invest in digital assets instead of stocks in the future…The investment ratio of ICOs to stocks will be on par within two years.
This week, the country’s central bank also green-lighted subsidiaries of financial institutions for crypto activities.
Do you think many more crypto companies will apply for licenses in Thailand? Let us know in the comments section below.
Images courtesy of Shutterstock and Prachachat Turakij.
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The post Crypto Friendly Policies Rapidly Drawing Companies to Thailand appeared first on Bitcoin News.
Donald Trump Jr. is taking flak for comparing the platform of the Democratic Party to that of the Nazis in the 1930s—and he wonders what all the fuss is about. It started with an interview Thursday, in which the president’s son told the One America News Network that leftist…
The majority of crypto exchanges want to see the industry regulated, although many consider excessive regulation to be the biggest threat, according to a new study. A third of the platforms in the poll also fear a market crash that could suddenly devalue digital assets. A fifth of the exchanges dislike anonymity.
Crypto Exchanges Want Regulation
A new study reveals that a sizable majority of crypto exchanges, 88%, would like to see regulation in place that can help the rapidly developing industry mature, and a third of the companies trading coins say the greatest threat comes from the perceived criminality of the sector. 17% of the polled platforms, however, believe overly strict regulation is the biggest threat to cryptocurrency and its wider adoption. Another 40% say lifting the barriers to funding crypto activities by banks will improve the acceptance of cryptocurrencies.
The survey has been conducted by a Lithuania-based payment company, Mistertango, which has contacted 24 exchanges across Europe, Asia, South America and Oceania, with a total daily trading volume of over $ 100M USD. The authors have attempted to assess the attitudes towards regulation, anonymity and the maturation of the crypto market. Gabrielius Bilkštys, Business Manager at Mistertango, commented that “The industry is crying out for regulation and the response from partners has shown this”. He also said:
Uncertainty is the biggest fear, and regulation is critical to provide the stability we need. Unfortunately, there is no regulatory consensus – worldwide or otherwise. For cryptocurrencies to move towards the scale and ubiquity possessed by fiat currency, it needs cohesive, considered and comprehensive regulation. Thus, regulation will be a catalyst, not an inhibitor to the crypto market’s development.
According to Oleksandr Lutskevych, CEO of crypto exchange CEX.IO, the assumption that crypto companies want to avoid a regulated environment is far from the truth. Quoted in a press release, he noted that “Until now, the industry has not had its say on regulation […] The industry is all too aware that regulation will lead to the maturity of the market and ensure businesses remain free from suspicion of involvement with illegitimate uses of cryptocurrency.”
A Call for Banks to Lift Barriers
At the same time, a very import development that crypto companies would like to see is a change in the attitudes of the traditional financial institutions. Almost 40% of the participants in the study have suggested that this would have the biggest impact on the wider acceptance of cryptocurrency, followed by about 30% who gave priority to increased but also positive regulation.
A key finding in the poll is that trading platforms generally favor the implementation of know your customer and anti-money laundering policies, despite the fact that precisely anonymity has drawn a lot of people to the crypto space. 55% of the questioned exchanges said crypto users should be subject to KYC and AML checks, similar to those employed by the providers of traditional financial services. A fifth of the respondents said that anonymity and the lack of transparency was the biggest threat.
Another important figure in the survey shows that a third of the respondents fear a significant crypto market crash that could unexpectedly devalue cryptocurrencies. They consider the possibility of such an event to be the major threat for the industry and the space, in general.
What are your thoughts on the findings in the study? Let us know in the comments section below.
Images courtesy of Shutterstock.
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The post Survey: Crypto Exchanges Want Regulation but See Strict Policies as a Threat appeared first on Bitcoin News.
The European Union’s executive branch will take Hungary to court over the government’s treatment of asylum seekers, escalating a battle over how to balance the continent’s legal guarantees for refugees with popular demand for tighter borders.
WSJ.com: What’s News Europe
Trump’s immigration policies were supposed to make the border safer. Experts say the opposite is happening.July 19, 2018 | dailybusinessnews
Before US immigration authorities detained him and took his son, the Honduran migrant said he spent three days in the hands of armed men who identified themselves as members of the Gulf Cartel.
CNN.com – RSS Channel – Regions – Americas
The complaints about two life insurance companies piled up: California customers said Accordia Life & Annuity Co. and Athene Annuity & Life Co. hadn’t sent them billing statements or annual reports and then let their policies lapse.
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Another California city has joined the fight against the state’s sanctuary city law, which limits local authorities’ ability to investigate illegal immigrants’ status and communicate with federal immigration offiicals.
European frustration with the Trump administration boiled over Wednesday as leaders gathered in the Bulgarian capital to tackle two issues straining trans-Atlantic ties: the fate of the Iranian nuclear deal and the threat of U.S. tariffs.
WSJ.com: What’s News Europe
The vegan activist believed to have opened fire at YouTube’s headquarters Tuesday “hated” the company because it had stopped paying her for videos, her father says. Ismail Aghdam, father of Nasim Aghdam, tells the Bay Area News Group that he reported his daughter missing on Monday and warned police that…