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Stock Exchange of Thailand Unveils Plan to Enter the Crypto Space

January 18, 2019 |

Stock Exchange of Thailand Unveils Plans to Enter the Crypto Space

The Stock Exchange of Thailand is reportedly planning to launch a cryptocurrency exchange. The securities companies that are members of the exchange will also apply for cryptocurrency broker-dealer licenses with the country’s regulator. Thailand currently has three licensed crypto exchanges.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

SET Planning to Enter the Crypto Space

The Stock Exchange of Thailand (SET), the country’s national stock exchange, is reportedly planning to operate a cryptocurrency exchange that is separate from the stock exchange.

Stock Exchange of Thailand Unveils Plan to Enter the Crypto Space
Pakorn Peetathawatchai

Dr. Pakorn Peetathawatchai, President of the SET, revealed on Thursday that the bourse is preparing to test a digital exchange prototype in the second half of this year, Post Today reported. The Bangkok Post elaborated that the bourse aims to “open a new exchange and become an authorised digital asset exchange this year,” adding that details such as the back-office system and which wallet to use for token storage are being worked out.

Stock Exchange of Thailand Unveils Plan to Enter the Crypto Space

The news outlet reported Pattera Dilokrungthirapop, chairwoman of the Association of Securities Companies and vice-chairwoman of the SET’s board of governors, commenting:

The bourse wants to catch the growing investment trend of digital assets.

The SET is overseen by the Thai Securities and Exchange Commission (SEC) and currently operates under the legal framework laid down in “the Securities and Exchange Act, B.E. 2535 (1992),” its website details.

SET’s Members to Also Enter the Crypto Space

Dilokrungthirapop explained that the SET plans to cooperate with its members to set up the crypto exchange, noting that securities companies that are members of the SET also plan to apply for crypto broker-dealer licenses in order to trade on the SET’s new exchange. She was further quoted by the Bangkok Post as saying:

Securities firms are currently waiting for the SET to apply for a license. For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class.

Thailand’s cryptocurrency regulation went into effect in May, installing the country’s SEC as the main regulator of the crypto industry. The finance ministry has the authority to issue licenses to businesses wanting to operate crypto businesses.

Stock Exchange of Thailand Unveils Plan to Enter the Crypto Space

The ministry recently issued licenses to four cryptocurrency companies. Three of them are exchanges: Bitcoin Exchange Co. Ltd. (Bx), Bitkub Online Co. Ltd. (Bitkub), and Satang Corporation (Satang Pro). Coins Th Co. Ltd. is the only broker-dealer licensed. Meanwhile, three crypto exchanges have been rejected: Coin Asset Co. Ltd., Cash2coin Co. Ltd. and Southeast Asia Digital Exchange Co. Ltd. (Seadex).

What do you think of the Stock Exchange of Thailand entering the crypto space along with its brokers and dealers? Let us know in the comments section below.


Images courtesy of Shutterstock and the Thai SET.


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The post Stock Exchange of Thailand Unveils Plan to Enter the Crypto Space appeared first on Bitcoin News.

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Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 Exchanges

January 9, 2019 |

Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 Exchanges

Thailand has officially granted licenses to three cryptocurrency exchanges and one broker-dealer. Two exchanges have been rejected and one is still being reviewed. These seven companies have been temporarily allowed to operate in the country. Two of them will now begin closing down their businesses.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Four Crypto Licenses Granted

Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 ExchangesThe Thai Securities and Exchange Commission (SEC) announced on Tuesday the results of the applications for crypto business licenses. Seven companies applied for a license and have been allowed to operate their crypto businesses while the regulators reviewed their applications.

The country’s ministry of finance “has granted digital asset business licences to four applicants,” the Thai SEC detailed, noting that two applications have been rejected and one is still under review.

Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 ExchangesThree crypto exchanges and one broker-dealer have received licenses. The three approved exchanges are Bitcoin Exchange Co. Ltd. (Bx), Bitkub Online Co. Ltd. (Bitkub), and Satang Corporation (Satang Pro). The approved broker-dealer is Coins Th Co. Ltd.

Meanwhile, the license application filed by local crypto exchange Coin Asset Co. Ltd. is still being reviewed but the company is permitted to keep operating while the decision has not been made. The delay is due to “a change of company executives, which is material information for the consideration of the application,” the commission described.

Two Crypto Exchanges Closing

The applications for crypto exchange licenses filed by Cash2coin Co. Ltd. and Southeast Asia Digital Exchange Co. Ltd. (Seadex) have been rejected. The Thai SEC revealed:

The applicants failed to meet the approval criteria regarding important work systems.

The commission added, “For example, the systems for custody of client assets and know your customer (KYC) were inconsistent with the SEC’s acceptable standards, while the sufficiency of their IT security and cyber security systems could not be verified.”

Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 ExchangesThe two businesses have been notified of the closing down procedure by the Thai SEC.

The country’s ministry of finance is allowing both of them to continue operating until Jan. 14 “to ensure proper proceeding of related matters including notification to the clients regarding asset refunds or asset transfers to other digital asset operators according to the clients’ order,” the SEC noted. The two are required to return customer assets and notify the commission of the results. However, the regulator clarified:

The application rejection this time does not invalidate their right to apply for a digital asset business licence in the future as long as the application criteria are met.

What do you think of Thailand granting licenses to four crypto operators and rejecting two? Let us know in the comments section below.


Images courtesy of Shutterstock and the Thai SEC.


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The post Thailand Issues 4 Cryptocurrency Licenses, Rejects 2 Exchanges appeared first on Bitcoin News.

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More Crypto Exchanges Opening in Thailand, SEC Warns Approvals Needed

November 18, 2018 |

A growing number of companies are entering the cryptocurrency space in Thailand. However, they have not applied for approval from the Thai Securities and Exchange Commission (SEC), prompting the regulator to issue several warnings against unapproved operators.

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

Companies Entering Thai Crypto Space

More Cryptocurrency Exchanges Opening in Thailand, SEC Warns Approvals NeededSince Thailand enacted its cryptocurrency regulations in May, a growing number of companies have been launching crypto exchanges and issuing tokens in the country.

Q Exchange, a joint venture between Thai and South Korean companies, has been promoting its services in Thailand with a plan to open the first “cryptocurrency bank” in the country, Channel 3 News reported. The company aims for its Thai operation to be the crypto exchange hub of Asean countries, the media outlet detailed, and quoted the company’s general manager explaining:

The goal is to open exchange branches nationwide of more than 30 branches in 2018 and increase to 70 branches in 2019.

More Cryptocurrency Exchanges Opening in Thailand, SEC Warns Approvals NeededSouth Korea-based cryptocurrency exchange Coin25 announced on Tuesday that it has set up a subsidiary in Bangkok and “is operating more than 60 branches in Thailand and Laos,” Business Korea reported. However, this exchange only offers the trading of its own token.

Mrc Biz Ltd. has also been promoting an initial coin offering (ICO) in Thailand, the Thai SEC revealed on Friday. Another company, Corexfly, announced that it was launching an exchange in Thailand back in August. “Corexfly has concluded an agreement with Korean exchange B&C to establish Dabit exchange in Thailand,” the company’s website states.

Furthermore, South Korea’s two largest cryptocurrency exchanges, Upbit and Bithumb, have also unveiled their plans to open exchanges in Thailand.

SEC Issues More Warnings

More Cryptocurrency Exchanges Opening in Thailand, SEC Warns Approvals NeededAccording to Thailand’s cryptocurrency regulations, companies wanting to conduct crypto business in the country must gain approval from the SEC, the main regulator of the country’s crypto industry. So far, only six crypto exchanges and one dealer have been temporarily approved while their applications are being reviewed.

The six exchanges are Bitcoin Co. Ltd. (Bx), Bitkub Online Co. Ltd., Cash2coins, Satang Corporation (Tdax), Coin Asset Co. Ltd., and Southeast Asia Digital Exchange Co. Ltd. (Seadex). Currently, Coins Th. is the only company that has been temporarily approved to operate as a cryptocurrency dealer. No approvals have been granted to new exchanges or token issuers.

The SEC has issued several warnings against unauthorized crypto businesses and tokens. Recently, it warned investors about Db Holdings Plc. and nine unauthorized tokens.

More Cryptocurrency Exchanges Opening in Thailand, SEC Warns Approvals Needed
Rapee Sucharitakul.

Q Exchange Ltd. also received a warning, the Thai SEC announced on Tuesday. The commission explained that while the company has not been granted approval, it has been advertising and soliciting customers to buy and sell cryptocurrencies. The SEC has notified the exchange to stop advertising and selling investments in the country.

On Friday, the commission issued a warning against Mrc Biz Ltd. which has been promoting its ICO in Thailand without approval. The company has not submitted any applications to the SEC and has neither been approved to conduct crypto business nor issue tokens, the commission emphasized.

Rapee Sucharitakul, secretary-general of the Thai SEC, was quoted by Bangkok Biz News on Thursday saying that the commission expects the finance ministry to approve the applications of some companies to operate crypto businesses such as ICO portals, exchanges or dealers in December.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

What do you think of all these companies trying to enter the crypto space in Thailand? Let us know in the comments section below.


Images courtesy of Shutterstock, Thai SEC, and Khaosod.


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The post More Crypto Exchanges Opening in Thailand, SEC Warns Approvals Needed appeared first on Bitcoin News.

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South Korea’s Upbit to Launch Crypto Exchanges in Thailand and Indonesia

November 12, 2018 |

South Korean cryptocurrency exchange Upbit has reportedly started marketing new crypto exchanges in Thailand and Indonesia as part of its global expansion plans. The company recently launched an exchange in Singapore. Over 130 coins and 240 trading pairs will be offered on both of the new Upbit exchanges, according to their websites.

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

Latest Expansion Plan

South Korea’s Upbit to Open Exchanges in Thailand and IndonesiaUpbit, one of South Korea’s largest cryptocurrency exchanges, has been marketing new crypto exchanges in Thailand and Indonesia in their local languages, according to local media. The company has set up a website for each exchange.

Edaily reported Upbit describing on Friday that “Both countries appreciate the growth potential of the cryptocurrency industry.” The exchange was quoted by the publication as saying:

Thailand and Indonesia are very interested in blockchain and cryptocurrency, so we thought it would be a good thing to have an online presence before launch.

Upbit is operated by Dunamu Inc., an affiliate of Kakao Corp. which operates the country’s most popular chat app, Kakaotalk. Upbit is also affiliated with U.S.-based exchange Bittrex.

South Korea’s Upbit to Open Exchanges in Thailand and IndonesiaDunamu CEO Lee Seok-woo has been planning overseas expansion for his exchange. “From the outset of the Upbit business, the company had a blueprint to become a global foreign exchange, not limited to the domestic market,” the news outlet detailed.

Recently, Upbit officially launched an exchange in Singapore that supports Singapore dollars. The company plans for the new exchanges to support the baht in Thailand and the rupiah in Indonesia.

Upbit Thailand

“Prepare to meet Upbit Thailand soon” is the message displayed on the front page of the Thai Upbit website. The exchange also states that its service is in “closed beta” phase and is currently available only to a limited number of early registrants. There will be 131 coins listed and 241 trading pairs.

South Korea’s Upbit to Open Exchanges in Thailand and Indonesia

The Thai government enacted cryptocurrency regulations in May. It is currently evaluating a number of applicants wanting to operate in the crypto space. Six crypto exchanges and one dealer have been allowed to operate in the country while their applications are being reviewed since they were in business prior to the regulations. The central bank has also greenlighted commercial banks to create subsidiaries for cryptocurrency activities.

Upbit Indonesia

Upbit’s Indonesian website is less developed than its Thai counterpart. “Buy and sell the latest crypto assets from our partner, Bittrex, the premium exchange from the United States” is the translation of the message displayed on its front page. According to the website, 156 coins and 276 trading pairs will be supported.

South Korea’s Upbit to Open Exchanges in Thailand and Indonesia

In June, the Indonesian Futures Exchange Supervisory Board signed a decree to regulate cryptocurrencies as commodities.

Domestic Environment

Zdnet described last week that the expansion to Thailand and Indonesia is Upbit’s effort to increase its overseas user base, stating:

Upbit is experiencing difficulties in increasing users because it has not been able to issue a new real-name account since January of this year. Upbit has said it plans to step up its overseas expansion, starting with Southeast Asia.

South Korea’s Upbit to Open Exchanges in Thailand and IndonesiaThe South Korean government implemented the real-name system in January. However, banks have been reluctant to provide this service to crypto exchanges. So far, they have only offered the real-name conversion service to the country’s top four crypto exchanges, including Upbit.

“I am in a desperate situation which I can lose a great opportunity if I miss this period,” Edaily quoted Lee as saying. He further explained that while “the situation in Korea is not good due to various regulations,” competition is increasing. Lee emphasized:

If we wait for the domestic trading environment to improve, we will be left behind in the global market.

What do you think of Upbit launching crypto exchanges in Thailand and Indonesia? Let us know in the comments section below.


Images courtesy of Shutterstock and Upbit.


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The post South Korea’s Upbit to Launch Crypto Exchanges in Thailand and Indonesia appeared first on Bitcoin News.

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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…
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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.


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

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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.


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

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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.


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

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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.


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

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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.


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

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