News
Binance and its Thai partner Gulf Innova have secured digital asset operator licenses in Thailand to launch a new crypto exchange.
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Thailand News
Thailand is a country in Southeast Asia with an area of 513,000 kilometers and a population of 68 million. Thailand has an emerging economy and is currently going through industrialization. However, Thailand is one of the major economies in Southeast Asia — second after Indonesia in terms of GDP. Thailand’s economy is based on computer components, the automotive industry, petroleum and agriculture. Bitcoin is legal in Thailand, though Thailand’s cryptocurrency exchanges and financial institutions are under some regulations. Thailand’s Bitcoin exchanges can only exchange digital currencies for Thai baht and need a Business Development Department license to perform such operations. Initial Coin Offerings are totally legal in Thailand and the SEC of Thailand even encouraged the funding of businesses with ICOs, but all those operations should be performed with the execution of all regulatory requirements.
- News
The country’s next general election will be held on May 14, at which time all 500 seats in Thailand’s House of Representatives will be up for grabs.
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The latest proposal by the SEC of Thailand follows a series of regulatory changes targeting the digital asset market in the country.
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Thailand’s securities regulator believes that crypto firms should not be allowed to deploy users’ deposits and provide lending services.
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The government of Thailand expects that investment token offerings could generate more than $3.7 billion in the next two years.
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The Thai securities regulator now requires crypto custodians to have a contingency plan in case of unforeseen events.
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By allowing virtual banks, Thailand seeks to boost competition and economic growth.
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The cryptocurrency exchange is the subject of a probe by local monetary authorities in Thailand for a potential breach of local rules for digital asset service providers.
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Thailand’s chief regulator highlights the importance of tighter control over cryptocurrency-related advertisements.
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Zipmex reportedly plans to use crypto assets received from the acquisition to unlock frozen customer accounts on the platform by April 2023.
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The pact between the two nations’ financial technology associations will see cooperation on technology, including blockchain, to power their respective financial industries.
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The Bank for International Settlements is on a roll with its third publication within days detailing how commercial banks in four jurisdictions transferred funds using CBDCs.
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2022 has proven to be a regulatory disaster for Thailand’s largest crypto exchange as it has faced multiple enforcement actions and fines worth hundreds of thousands of dollars.
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Over $12 million in value was issued in the pilot with commercial and central banks in Hong Kong, Thailand, the UAE and China taking part.
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The industry didn’t take the document well, as the policymakers’ focus on security and enforcement is all too visible.
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