Image Image Image Image Image Image Image Image Image Image Image Image

| September 18, 2018

Scroll to top

Top

Thailand Archives -

Elon Musk: Thailand Diver Is a ‘Child Rapist’

September 5, 2018 |

Elon Musk has doubled down on his apparently baseless claims that Vernon Unsworth, the British cave diver who helped rescue a trapped youth soccer team in Thailand, is a pedophile. In an angry email to BuzzFeed reporter Ryan Mac, the Tesla CEO called the 63-year-old Unsworth a “child rapist” who…
Newser

Thailand Updates ICO Licensing Progress, Warns Firm Issuing Token Without License

August 27, 2018 |

Thailand Updates ICO Licensing Progress, Warns Firm Issuing Token Without License

The Thai Securities and Exchange Commission has revealed the number of applications it has received from businesses wanting to operate initial coin offering portals in the country. However, at least one company is already issuing a token without obtaining approval. Meanwhile, the first Thai Stock Exchange-listed company to launch a token has a new plan to revitalize its coin.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

ICO Portal Applications

The Thai Securities and Exchange Commission (SEC), the country’s main cryptocurrency regulator, has revealed the number of companies that have applied to operate initial coin offering (ICO) portals in the country.

Thailand Updates ICO Licensing Progress, Warns Firm Issuing Token Without LicenseAccording to the Bangkok Insight, Mrs. Praopon Senanarong, the Assistant Secretary of the Thai SEC, said that the regulator is reviewing six applications for ICO portals, which are expected to be approved in the fourth quarter of this year. In addition, 12 more portals are interested but have not formally applied for a license.

Furthermore, the SEC will set up a committee of ICO experts and SEC representatives to oversee ICOs and ICO portals in September.

Firm Issuing Token Without License

The SEC issued a public warning last week about DB Hold Plc soliciting investments in shares and a token without approval after receiving inquiries from investors regarding the company.

Thailand Updates ICO Licensing Progress, Warns Firm Issuing Token Without LicenseAfter investigating, the SEC found that the company has been soliciting investors through social media for company shares and pre-ICO tokens in the amount of 500 million baht (~US$ 15,346,130).

Emphasizing that DB Hold Plc is not authorized to issue tokens, the SEC says that it has ordered the company to cease all activities relating to the issuance of the token. Furthermore, the regulator reiterates that no company has been granted approval to issue new tokens. Companies that launched their tokens prior to the adoption of the country’s crypto regulations, however, are exempt from having to apply for a license.

New Plan for First ICO by Thai Stock Exchange-listed Company

Jmart Plc is the first company listed on the Stock Exchange of Thailand to issue a token. The company issued Jfincoin through its subsidiary, Jventures Plc. Despite much effort, the coin’s value has fallen from 6.60 baht (~$ 0.20) per coin in February to about 1.70 baht (~$ 0.05) within 6 months of launch, Mgr Online reported.

Thailand Updates ICO Licensing Progress, Warns Firm Issuing Token Without LicenseAdding to the loss of investor confidence is the allegation that a former Jventures executive was involved in the high-profile bitcoin fraud case involving a well-known soap actor scamming a Finnish bitcoiner, the news outlet detailed.

The company has now come up with a new plan. Jmart is seeking permission from the Bank of Thailand and the SEC to use Jfincoin for payments in stores, starting with its own Jmart stores. If approved, this coin will be the first legal token that can be used for payments in the country, the publication conveyed.

What do you think of the way Thailand is handling ICOs? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post Thailand Updates ICO Licensing Progress, Warns Firm Issuing Token Without License appeared first on Bitcoin News.

Bitcoin News

Bank of Thailand Developing Central Bank Digital Currency

August 24, 2018 |

Bank of Thailand Developing Central Bank Digital Currency

Following the adoption of the country’s first cryptocurrency regulation, the central bank of Thailand is working on its own digital currency in collaboration with the country’s largest banks. Initially, the new currency will be used for interbank transfers; this phase is expected to be completely developed by the first quarter of next year.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Thailand’s Central Bank Digital Currency

Thailand’s central bank, the Bank of Thailand (BOT), announced on August 21 its central bank digital currency (CBDC) project called Inthanon.

Bank of Thailand Developing Central Bank Digital CurrencyEight of the country’s largest commercial banks are participating in this project. They are Bangkok Bank, Krung Thai Bank, Bank of Ayudhya, Kasikorn Bank, Siam Commercial Bank, Thanachart Bank, Standard Chartered Bank (Thailand) and Hong Kong and Shanghai Banking Corporation (Hsbc).

Initially, “the concerned parties will jointly design and develop the prototype system of money transfer between institutions by issuing [a] wholesale CBDC” built on R3’s Corda platform, the BOT detailed, elaborating:

The Inthanon initiative will cover the design, development and testing of fund transfers between financial institutions through the use of digital currency…It is expected that the first phase of the project will be completed within the first quarter of 2019.

The central bank noted that its project is similar to those currently in development by other central banks such as the Bank of Canada, the Hong Kong Monetary Authority, and the Monetary Authority of Singapore.

In the next phase, the participating commercial banks and R3 plan to expand the usage of the digital currency to include third-party fund transfers and cross-border payments.

Thailand Races Ahead With Crypto

Bank of Thailand Developing Central Bank Digital Currency

Many developments have transpired in the Thai crypto space since the country adopted cryptocurrency regulation on July 16.

The Thai Securities and Exchange Commission (SEC), the country’s main crypto regulator, has legalized seven cryptocurrencies and is currently reviewing applications from companies wanting to operate crypto businesses in the country. According to the regulator, about 50 ICO projects are interested in applying for a license, along with five ICO portals and 20 crypto exchanges.

Meanwhile, seven crypto firms have been approved to legally operate in the country while their applications are pending. Other companies must obtain approval before beginning operations. Furthermore, the central bank has green-lighted commercial banks’ subsidiaries for crypto activities.

What do you think of Thailand developing a central bank digital currency? Let us know in the comments section below.


Images courtesy of Shutterstock and the Bank of Thailand.


Need to calculate your bitcoin holdings? Check our tools section.

The post Bank of Thailand Developing Central Bank Digital Currency appeared first on Bitcoin News.

Bitcoin News

Only Seven Crypto Firms Authorized to Legally Operate in Thailand

August 16, 2018 |

Only Seven Crypto Firms Authorized to Legally Operate in Thailand

The Thai Securities and Exchange Commission (SEC) has announced the names of seven cryptocurrency firms that have been authorized to legally operate in the country. Five of them are crypto exchanges; two are cryptocurrency dealers.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Seven Crypto Firms Authorized

Only Seven Crypto Firms Authorized to Legally Operate in ThailandThe Thai SEC has announced the names of the cryptocurrency firms that have been authorized to operate in the country while their applications are being reviewed by the regulators. Seven firms, consisting of five crypto exchanges and two dealers, have been granted temporary approval to operate until their applications are either approved or denied.

Crypto exchanges that have been authorized are Bitcoin Co. Ltd. (BX), Bitkub Online Co. Ltd., Cash2coins Co. Ltd., Satang Corporation (Tdax), and Coin Asset. The two approved dealers are Coins TH Co. Ltd. and Digital Coin Limited (Thai WM).

Only Seven Crypto Firms Authorized to Legally Operate in ThailandRecently, Coin Asset unveiled a crypto ATM that can handle six cryptocurrencies and multiple fiat currencies. Coins TH was launched in 2014 by Filipino remittance company Coins.ph.

Mr. Rapee Sucharitakul, Secretary-General of the Thai SEC, explained that cryptocurrency investing carries high risks. The Commission urges anyone being approached to invest in cryptocurrencies or crypto projects to first check whether those companies have been approved to legally operate in the country.

Why Seven? Two More Being Reviewed

Thailand’s crypto and initial coin offering (ICO) regulations went into effect on May 14. The Thai SEC, the main regulator of the country’s crypto industry, started accepting applications for licenses to operate crypto businesses in the country last month. News.Bitcoin.com reported last week that about 20 exchanges, 50 ICO projects, and five ICO portals have indicated interest in applying with the SEC.

Only Seven Crypto Firms Authorized to Legally Operate in ThailandCryptocurrency firms that were operating in the country prior to May 14 could apply for a temporary license while their actual applications are being reviewed by the regulators. They had 90 days, until August 14, to apply.

On August 15 the SEC revealed that the seven companies above have applied and been granted temporary approval to operate until the regulators have either approved or rejected their applications.

In addition, the SEC is currently verifying two more crypto firms that claim to be in business prior to the enforcement of the regulations.

Other than the nine companies mentioned above, all other firms seeking to operate a crypto business in Thailand must obtain approval from the ministry of finance and the SEC before commencing a crypto business.

What do you think of the Thai SEC granting temporary approval to seven crypto firms while reviewing their applications? Let us know in the comments section below.


Images courtesy of Shutterstock and Thai SEC.


Need to calculate your bitcoin holdings? Check our tools section.

The post Only Seven Crypto Firms Authorized to Legally Operate in Thailand appeared first on Bitcoin News.

Bitcoin News

Crypto Friendly Policies Rapidly Drawing Companies to Thailand

August 10, 2018 |

Crypto Friendly Policies Rapidly Drawing Companies to Thailand

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.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Preliminary Surge – 20 Exchanges, 50 ICOs

Crypto Friendly Policies Rapidly Drawing Companies to ThailandThailand’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.

Crypto Friendly Policies Rapidly Drawing Companies to Thailand
Coin Asset’s ATM.

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

Crypto Friendly Policies Rapidly Drawing Companies to ThailandWhen 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.


Need to calculate your bitcoin holdings? Check our tools section.

The post Crypto Friendly Policies Rapidly Drawing Companies to Thailand appeared first on Bitcoin News.

Bitcoin News

Bank of Thailand Green-Lights Financial Companies for Crypto Activities

August 6, 2018 |

Bank of Thailand Green Lights Financial Companies for Crypto Activities

Thailand’s central bank has announced the rules under which financial institutions, including commercial banks, and their subsidiaries can engage in cryptocurrency activities. They include securities, asset management, and insurance firms. This follows the country’s crypto regulatory framework that went into effect last month.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

New Circular, New Rules

Thailand’s central bank, the Bank of Thailand (BOT), issued a circular dated August 1 to all financial institutions in the country, informing them of its new crypto policies.

Bank of Thailand Green Lights Financial Companies for Crypto Activities
Part of the Bank of Thailand’s August 1 circular.

Citing that the country now has a regulatory framework for cryptocurrencies and initial coin offerings (ICO), the BOT canceled its previous circular issued in February. At that time, the central bank asked financial institutions to refrain from getting involved in certain types of crypto activities.

In its new circular, the Bank of Thailand outlines the conditions under which financial institutions and their subsidiaries can now engage in activities involving cryptocurrencies and digital tokens.

The rules can be divided into two broad categories: those that apply to financial institutions and those that apply to their subsidiaries.

Rules for Subsidiaries

Bank of Thailand Green Lights Financial Companies for Crypto ActivitiesWithin a financial institution’s group of companies, there are usually subsidiaries offering financial products and services such as brokerage, asset management, insurance, and life insurance. These companies have their own regulatory bodies. For example, brokerage firms comply with the Thai Securities and Exchange Commission (SEC) whereas insurance firms comply with the Thai Office of Insurance Commission (OIC).

The BOT says these companies are now permitted to engage in crypto businesses including issuing digital tokens and investing in cryptocurrencies, providing they follow the rules set by their respective regulators.

Bank of Thailand Green Lights Financial Companies for Crypto ActivitiesNew subsidiaries wanting to engage in crypto activities, however, must apply for approval from the BOT through their parent companies. They will be considered on a case-by-case basis.

The parent companies must be responsible for overseeing and managing the overall risks associated with the proposed crypto activities for the whole group and at individual subsidiaries. The central bank explains that they must also ensure that the subsidiaries follow regulatory guidelines including anti-money laundering (AML), combating the financing of terrorism (CFT), IT security, and consumer protection.

Rules for Financial Institutions

Bank of Thailand Green Lights Financial Companies for Crypto ActivitiesThe rules for financial institutions, which include commercial banks, are much more strict.

Citing that the crypto industry is still young and therefore difficult to clearly assess and manage associated risks, the BOT believes that customer confidence and the country’s financial system as a whole could be affected by financial institutions holding cryptocurrencies. It then proceeded to list four areas that financial institutions must not engage in.

Firstly, they cannot issue digital tokens or provide any service selling them. Secondly, they cannot invest in digital assets which includes “both tokens and cryptocurrencies,” the BOT specifies.

Bank of Thailand Green Lights Financial Companies for Crypto ActivitiesThey also must not engage in crypto businesses, including as exchanges, brokers, or dealers. Lastly, they cannot solicit or give advice on crypto investments to anyone that is not an institutional or accredited investor as defined by the SEC.

However, according to Krungthep Turakij publication, financial institutions can issue or invest in cryptocurrencies for the purpose of developing or improving their services to customers by applying for the regulatory sandbox.

What do you think of the Bank of Thailand’s latest crypto rules? Let us know in the comments section below.


Images courtesy of Shutterstock and Bank of Thailand.


Need to calculate your bitcoin holdings? Check our tools section.

The post Bank of Thailand Green-Lights Financial Companies for Crypto Activities appeared first on Bitcoin News.

Bitcoin News

Largest Movie Theater Chain in Thailand Going Crypto

July 30, 2018 |

Largest Movie Theater Chain in Thailand Going Crypto

Thailand’s largest movie theater chain, Major Cineplex, is reportedly integrating crypto payments to allow customers to pay for its services and products with cryptocurrency, including movie tickets and popcorn. Thailand recently began regulating crypto businesses. This week, the Thai Securities and Exchange Commission started accepting license applications from crypto operators.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Largest Cinema Chain in Thailand to Accept Crypto

Largest Movie Theater Chain in Thailand Going CryptoThe largest operator of movie theaters in Thailand is building a digital payment ecosystem in the country through a partnership with Swiss payment company Rapidzpay, the Nation Multimedia recently reported.

Founded in December 1995, Major Cineplex currently lists 143 theaters throughout Thailand on its website, 43 of which are in the greater Bangkok area. The group owns “678 screens, including 7 in Cambodia and 9 in Laos, and plans to expand to 1,000 screens by 2020,” Forbes reported in May last year.

Among the group’s properties is Thailand’s largest multiplex, the Paragon Cineplex, with 16 screens, 5,000 seats, and an Imax theater. It is located in one of Bangkok’s most prestigious shopping malls, the Siam Paragon, known for its luxury goods, floors of restaurants, an aquarium, an art gallery, a large bowling alley, a karaoke center, and a concert hall. It was also at the Paragon Cineplex that Major Group and Rapidzpay signed their partnership agreement.

Largest Movie Theater Chain in Thailand Going Crypto
Rapidzpay iOS app.

Merchants can use Rapidz point-of-sale system to accept cryptocurrencies as well as fiat currencies, the Nation detailed. “Major and Rapidzpay will integrate cryptocurrency payments into established payment gateways to make payment for Major products and services more seamless, secure and efficient.”

While Major Group has not announced which cryptocurrencies will be accepted, the coins supported in both the iOS and Android Rapidzpay apps currently include BTC, BCH, and LTC.

Chanya Tamrongweenichai, the director of marketing at Major Cineplex Group, was quoted by the Nation saying the group believes “Rapidzpay will expand to our other businesses and lead the change for Thailand’s financial ecosystem to be cashless,” noting:

You’ll be able to buy any services and products from us, such as movie tickets, popcorn and other different products with cryptocurrency.

Thailand’s Crypto Regulation in Effect

Largest Movie Theater Chain in Thailand Going Crypto
Rapee Sucharitakul.

Thailand’s cryptocurrency regulation recently went into effect with the Thai Securities and Exchange Commission (SEC) as the primary regulator of crypto businesses. The SEC announced last month that it will allow seven cryptocurrencies to be traded at exchanges in the country: BTC, ETH, BCH, ETC, LTC, XRP, and XLM.

The SEC’s Secretary-General, Rapee Sucharitakul, was quoted explaining this week that “the SEC is (now) open for application approval for operating a digital asset business, as the Finance Ministry’s announcement on digital asset licenses has come into force,” the Nation further detailed:

Rapidzpay is targeting a million active users in Thailand within its first year by attracting both existing and new crypto-enthusiasts who are looking for a simple and convenient platform to convert between fiat and cryptocurrency.

What do you think of Major Group adding crypto payments? Let us know in the comments section below.


Images courtesy of Shutterstock, Thai SEC, Rapidzpay, and Major Group.


Need to calculate your bitcoin holdings? Check our tools section.

The post Largest Movie Theater Chain in Thailand Going Crypto appeared first on Bitcoin News.

Bitcoin News

Major Korean Exchange Bithumb Expanding into Japan and Thailand

July 16, 2018 |

Major Korean Exchange Bithumb Expanding into Japan and Thailand

One of South Korea’s largest cryptocurrency exchanges, Bithumb, is expanding into Japan and Thailand. The exchange is working on obtaining regulatory approval from the financial regulators of both countries. The new locations are part of the exchange’s global expansion plan.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Expanding into Thailand

Major Korean Exchange Bithumb Expanding into Japan and ThailandBithumb is currently working on obtaining regulatory approval from the Thai Securities and Exchange Commission (SEC), local media reported Friday. The exchange is the second largest in South Korea at the time of this writing, with a 24-hour trading volume of about $ 358 million, behind only the Kakao-backed Upbit with a $ 582 million trading volume during the same time period.

The exchange has already established a Thai subsidiary, Bithumb (Thailand) Company Limited, with registered capital of 3 million baht (~US$ 90,000). Zdnet quoted the company explaining the reason for its expansion into the Thai market:

Thailand is active in e-commerce and the fintech industry, and the government is showing great interest in digital currency as it promotes smart city business.

Thailand has recently finalized its regulatory framework for cryptocurrencies and initial coin offerings (ICOs). Bithumb has been building its Thai website, the publication added, noting that it plans to start service in Thailand at the end of October.

Major Korean Exchange Bithumb Expanding into Japan and Thailand
Bithumb Thailand’s website. Photo: Zdnet.

Expansion into Japan

Major Korean Exchange Bithumb Expanding into Japan and Thailand
Bithumb Japan’s website. Photo: Zdnet.

Japan legalized cryptocurrency as a means of payment in April of last year. All companies seeking to operate an exchange in the country must obtain approval from the country’s top financial regulator, the Financial Services Agency (FSA). However, with the hack of Coincheck in January, the FSA has been strengthening its oversight of crypto exchanges and imposing a stricter exchange approval process.

Nonetheless, Bithumb is seeking approval from the FSA with a plan to open an exchange in Japan in February next year, the news outlet conveyed. The exchange also revealed that “it plans to set up an exchange that supports the largest number of coins in Japan,” the publication noted.

Global Expansion Plan

Major Korean Exchange Bithumb Expanding into Japan and ThailandEarlier this year, Bithumb announced that it is looking for partners for its global expansion. The exchange says it will work closely with overseas partners to launch platforms that are faster and more efficient for traders worldwide.

Projects which Bithumb will collaborate with potential partners include “cash (deposit/remittance/debit) management processing, the operation of an exchange platform, [and] marketing & promotion and customer service,” the exchange detailed. According to the announcement:

Bithumb is preparing exchange platforms for countries under the global expansion plan and we are looking for great and potential partners (corporation, entity or group) worldwide…The exchange platforms under final development stages are USD / JYP / EUR / CNY / INR / GBP / AUD / CAD / PHP / RUB and [there] will be more soon when there are any service demands.

According to Money Today, Bithumb has also established a subsidiary in Singapore and Britain. “We are considering establishing overseas subsidiaries in various countries such as the U.S. and Europe, but the time has not yet been determined,” the exchange clarified.

In April, the third largest crypto exchange in South Korea, Coinone, announced its expansion into Indonesia.

What do you think of Bithumb expanding into Thailand and Japan? Let us know in the comments section below.


Images courtesy of Shutterstock, Bithumb, and Zdnet.


Need to calculate your bitcoin holdings? Check our tools section.

The post Major Korean Exchange Bithumb Expanding into Japan and Thailand appeared first on Bitcoin News.

Bitcoin News

In Thailand, a Tearful Reunion Through Glass

July 11, 2018 |

“It’s like a rebirth.” That’s how a father is viewing his 11-year-old son’s rescue as part of a soccer team pulled by divers from a flooded cave in Thailand. “Everybody started to cry,” he adds of the moment Wednesday when family members were reunited at a hospital with some of…
Newser