Tag: Thailand

Thai Political Party Proposes $300 Digital Currency Stimulus

by Blockchain News

The Pheu Thai Party, Thailand’s political opposition, has announced a proposal to give every citizen of the country nearly $300 in digital currency should the party win the upcoming election. The plan was announced at a campaign event on April 5, where one of the party’s candidates for prime minister, Srettha Thavisin, described the initiative as a blockchain-based stimulus project aimed at boosting the local economy. The proposed stipend of 10,000 Thai baht, or roughly $292 at the time of publication, would be given to every Thai resident who is 16 years or older.

Thailand’s next general election will take place on May 14, with all 500 seats in the country’s House of Representatives up for election. Current Prime Minister Prayut Chan-o-cha, a member of the United Thai Nation Party, is eligible to hold his position until 2025 if selected, following a decision from Thailand’s Constitutional Court regarding his term limit.

The proposed crypto project could potentially cost the government between $14 billion to $18 billion, given that Thailand’s population is over 70 million, with around 50-60 million people over 16 years old. While cryptocurrency exchanges and trading are generally allowed in Thailand, the country’s Securities and Exchange Commission has been considering a ban on staking and lending services and has established stricter rules for crypto custody providers. Additionally, the country’s central bank has warned crypto investors about stablecoins pegged to the baht.

Thavisin’s proposal to distribute funds equally to residents is similar to the universal basic income initiative proposed by United States presidential candidate Andrew Yang in the 2020 elections. Yang’s proposal involved giving all eligible people in the United States $1,000 every month.

If the Pheu Thai Party wins the upcoming election and follows through with its proposal, it could potentially have significant impacts on Thailand’s economy and the adoption of blockchain-based digital currencies in the country. However, the proposal also raises questions about the feasibility of such a large-scale distribution of digital currency, as well as the potential risks and challenges that may arise in the implementation process.

Source

Tagged : / / / / /

Thai Political Party Proposes Digital Currency Stimulus

by Blockchain News

The Pheu Thai Party, a major political party in opposition to the current prime minister’s party, has proposed a significant stimulus project using blockchain technology in Thailand. At an April 5 campaign event, the party announced plans to provide all Thai residents over the age of 16 with a stipend of 10,000 Thai baht, or roughly $300, in digital currency. The party’s candidate for prime minister, Srettha Thavisin, touted the initiative as a way to help the local economy, and said that blockchain technology would be used to facilitate the distribution of funds.

The plan is similar to the universal basic income initiative proposed by U.S. presidential candidate Andrew Yang in the 2020 elections, which aimed to provide eligible people in the United States with $1,000 every month. The Pheu Thai Party’s initiative would provide a one-time payment of $300 to roughly 50-60 million Thai residents over the age of 16, which could cost the government between $14 billion and $18 billion.

Thailand’s Securities and Exchange Commission has been considering a ban on staking and lending services, and has established stricter rules for crypto custody providers, despite crypto exchanges and trading generally being permissible in the country. Additionally, the country’s central bank has warned investors about stablecoins pegged to the baht. However, the Pheu Thai Party’s digital currency stimulus project has the potential to boost adoption of cryptocurrencies in Thailand, and could pave the way for further developments in the country’s blockchain industry.

Thailand’s next general election is scheduled for May 14, with all 500 seats in the country’s House of Representatives up for grabs. Current Prime Minister Prayut Chan-o-cha is eligible to hold his position until 2025, following a decision from Thailand’s Constitutional Court regarding his term limit. The Pheu Thai Party’s proposal could have a significant impact on the election, and could influence voters to support the party’s pro-crypto stance.

Source

Tagged : / / / / /

Thailand SEC Eases ICO Restrictions

by Blockchain News

Thailand’s Securities and Exchange Commission (SEC) has announced plans to ease restrictions on retail investments in initial coin offerings (ICOs) to boost digital investments in the country. In an official announcement on March 30, the regulator indicated its willingness to lift the limit of 300,000 baht ($8,800) for asset-backed ICOs per person, paving the way for more significant investments in real estate and infrastructure-backed ICOs.

The move comes amid growing interest in digital investments in Thailand, particularly in the real estate sector. The SEC’s decision to ease restrictions on retail investment is expected to encourage more participation from investors and promote greater innovation in the digital investment space.

Currently, ICOs in Thailand are only permitted for institutional and high-net-worth investors, who are required to meet strict criteria for investment. The SEC’s decision to expand the scope of retail investments in ICOs is a significant step towards greater inclusivity and accessibility in the digital investment space.

Thailand’s ICO market has been growing in recent years, driven by the government’s commitment to promoting digital investments and the country’s thriving tech startup scene. The government has been working to create a regulatory framework that supports the growth of the ICO market while protecting investors’ interests.

The SEC’s move to lift the restrictions on retail investment in asset-backed ICOs is expected to stimulate further growth in the sector. The regulator has been closely monitoring the ICO market and has taken steps to prevent fraud and protect investors. The SEC’s decision to ease restrictions is a positive sign for the ICO industry, indicating that the regulator is committed to promoting innovation and growth in the digital investment space.

In conclusion, Thailand’s Securities and Exchange Commission’s decision to ease restrictions on retail investment in ICOs is a significant step towards greater inclusivity and accessibility in the digital investment space. The move is expected to encourage more participation from investors and promote innovation in the sector. With the government’s commitment to promoting digital investments and the SEC’s efforts to create a supportive regulatory framework, Thailand’s ICO market is poised for further growth in the coming years.

Source

Tagged : / / / / /

Thailand SEC Considers Ban on Crypto Staking and Lending

by Blockchain News

The Thai SEC’s potential ban on crypto staking and lending activities is part of the country’s broader efforts to regulate its rapidly growing digital asset industry. The SEC has been actively working to establish clear guidelines for crypto businesses operating within Thailand’s borders.

In a statement released on March 8, the SEC announced that it is seeking public comments on a draft regulation that would prohibit VASPs from offering any type of staking or lending services. This move follows the regulator’s decision to postpone its implementation of a new licensing rule for VASPs until June 2021.

The proposed regulation would require VASPs to obtain permission from the SEC before offering any new services or expanding their existing offerings. This would give the SEC greater control over the types of services offered by VASPs operating within Thailand’s borders, ensuring that they comply with the country’s legal and regulatory framework.

The Thai SEC’s proposed ban on staking and lending services has sparked concern among some members of the country’s digital asset industry. Some industry experts believe that the ban could stifle innovation and growth in the industry, making it more difficult for VASPs to compete with their international counterparts.

Others, however, argue that the ban is necessary to protect investors from the risks associated with these types of services. Staking and lending involve the use of complex financial instruments that can be difficult for novice investors to understand, increasing the potential for fraud and other forms of misconduct.

Regardless of the outcome of the SEC’s public hearing, it is clear that Thailand’s regulators are taking a proactive approach to regulating the country’s digital asset industry. As the industry continues to evolve and grow, it is likely that we will see more regulatory measures put in place to protect investors and ensure the long-term stability of the market.

Source

Tagged : / / / / /

Thailand Waives Taxes on Investment Tokens

by Blockchain News

Thailand’s government is taking further steps to benefit from the growth of the digital asset industry by waiving taxes on investment tokens. According to Reuters, Thailand’s cabinet has agreed to exempt companies that issue investment tokens from corporate income tax and value-added tax (VAT). This move is expected to encourage companies to access alternative ways of raising capital in addition to conventional methods like debentures.

Deputy government spokesman Rachada Dhnadirek announced the news on March 7, stating that the government expects investment token offerings to generate 128 billion Thai baht ($3.7 billion) over the next two years. However, the state estimated potential losses of tax revenues at 35 billion baht ($1 million).

Thailand has been taking several steps to clarify local crypto-related taxation rules. In early 2022, authorities suggested adopting a 15% capital gains tax for investors, but the government subsequently scrapped the plans and exempted crypto traders from the 7% VAT on authorized exchanges a few months later.

Local regulators were also working to implement wider crypto regulations last year. In March 2022, Thailand’s Securities and Exchange Commission banned the use of cryptocurrencies for payments. The Thai SEC is also continuing to work on stricter crypto regulations to protect investors. In January 2023, the financial regulator introduced new rules for crypto custody services, requiring all crypto custodians to have a contingency plan in case of unforeseen events.

Thailand’s tax waiver on investment tokens is a significant move that could help drive growth in the country’s digital asset industry. It will provide companies with an alternative means of raising capital and encourage further investment in the sector. Additionally, this move may attract more foreign investment to Thailand’s digital asset industry, as investors seek out countries with favorable regulatory and tax environments.

The tax waiver is just one of several steps taken by the Thai government to support the development of its digital asset industry. As the sector continues to grow, it is likely that more initiatives will be introduced to help drive its expansion.

Source

Tagged : / / / / /

Thai SEC Bars Crypto Staking & Lender Services after Zipmex’s Bankruptcy

by Blockchain News

Thailand’s Securities and Exchange Commission (SEC) on Thursday announced a ban on crypto firms from offering staking and lending services to investors in the country.

The move comes a few months after Thai-based crypto exchange Zipmex ran into financial difficulties due to a severe liquidity crisis following a sharp selloff in markets that started in May with the collapse of two paired tokens, Luna and TerraUSD.

Centralized crypto exchanges offer different staking and lending options, thus allowing customers to earn interest on their idle digital assets. But the Thai SEC has now imposed a ban that prohibits companies from providing such services.

According to the announcement, Thailand’s regulators held a meeting on September 1 and discussed the liquidity troubles facing several foreign crypto companies in the country.

Authorities, therefore, approved a decision to ban crypto firms from offering interest-based services to customers as a way to help safeguard investors from liquidity risks. The SEC also believes that the decision will clarify misconceptions surrounding the regulatory status of crypto staking and lending services.

Domino Effect When Crypto Collapsed

The collapse of a multibillion-dollar cryptocurrency called Terra caused a massive bloodbath in the crypto market in May. As a result, several crypto firms, mainly lending platforms, became bankrupt, thus making it impossible for customers to access their deposited funds.

From Celsius to Three Arrows Capital, several major industry players have lost massive funds to the 2022 crypto plunge triggered by the cascading effect of the LUNA/UST crash.

On July 20, Zipmex, a crypto exchange headquartered in Singapore, which also operates in Thailand, Indonesia, and Australia, suspended withdrawals, citing reasons “beyond its control” like volatile market conditions and the resulting difficulties of key business partners.

Although the distressed crypto exchange resumed partial withdrawals shortly after a temporary suspension, its actions caught the attention of Thailand’s authorities.

In late July, the Thai SEC quickly launched a probe into the exchange, seeking reasons for the suspension. Zipmex later said it had $53 million exposure to troubled crypto lenders Celsius Network and Babel Finance.

Celsius and Babel Finance are among several crypto players that have fallen into difficulties in recent months.

Thai watchdog worked with law enforcement to look into potential losses among the public after Zipmex suspended withdrawals.

The SEC also created an online forum to collect data from affected Zipmex customers to take legal action against the platform.

Last week, the SEC filed a police complaint against Zipmex and Akalarp Yimwilai, a co-founder of the company, and the CEO of its Thai unit, for failing to meet the deadline for sharing required transactional information.

Image source: Shutterstock

Source

Tagged : / / / / /

Huobi to Delist Monero and Privacy Tokens on Regulatory Account

by Blockchain News

Huobi Global has unveiled its plans to delist privacy tokens, counting Monero (XMR), Dash (DSH), Decred (DCR), Firo (FIRO), Verge (XVG), Zcash (ZEC) and Horizen (ZEN) as the digital assets that will be affected.

M2.jpg

The delisting process starts today as all deposit support for the cryptocurrencies has been halted. Huobi said its users who still have some funds in any of these digital assets would have up to September 19 to liquidate their positions into their spot wallets.

According to the exchange, any user who did not exit their respective trade position by then will see the trades automatically closed for them by the Huobi and credited into their spot wallet.

The delisting of these privacy coins can be attributed to mounting regulatory pressures and the failure of the coins to comply with their internal compliance policies. Effectively, the delisting of these tokens is supported by the exchange’s Token Management Rules of which Article 17(16) provides for delisting if “The token is a privacy token, does not support offline signatures, or its node source codes are not open-sourced”.

While Huobi, one of the major global digital currency trading platforms, did not ascertain whether the crackdown moves on the privacy coins were based on its compliance efforts from a request from a regulatory body in the regions it currently plies its trade, the firm sure wants to stay on the good books of these market watchdogs.

Huobi has faced some backlash from some regulators in the past year and has been asked to move its business away from Thailand. Despite this, the exchange has been making targeted efforts to enter the US market, with its subsidiary receiving the Money Service Business license from the Financial Crimes Enforcement Network (FinCEN), as reported by Blockchain.News back in July.

With the scrutiny on privacy coins building up, Huobi believes it’s high time it delisted the coins.

Image source: Shutterstock

Source

Tagged : / / / /

Thai Regulators Make Moves to Tighten Crypto Rules

by Blockchain News

Thailand’s Regulators have introduced tighter digital asset rules due to trading irregularities and the fall of a top acquisition involving a crypto exchange.

This move has affected Thailand’s mission to become the top digital assets trading centre in Southeast Asia.

Cryptocurrencies in Thailand gained heightened popularity after the country became the first in the region to implement digital-asset legislation in 2018. Following this, the country’s Securities and Exchange Commission licensed six platforms as exchanges, including Bitkub Capital Group Holdings Co. and Zipmex Thailand. 

However, the trust in the local crypto market has been under scrutiny following a recent case of insider trading by a Bitkub executive, who was later fined 8.5 million baht ($233,459) by the SEC, and a police complaint earlier this week against Zipmex and its chief executive officer also added to the doubt towards cryptos.

Thailand’s local cryptocurrency instability has been compounded by the global crypto rout.

According to Bloomberg, “the stricter oversight, experts said, has compounded the blows from beyond Thailand: the plunge in Bitcoin, Ether and other tokens, as well as meltdowns of crypto lender Celsius Network Ltd., broker Voyager Digital Ltd. and hedge fund Three Arrows Capital.”

The SEC is planning to enhance the supervision of digital assets to enhance investor protection through a working group.

“Most investors and market players are extremely deflated with negative headlines almost every day,” said Nares Laopannarai, secretary-general of the Thai Digital Asset Association. “Rising regulatory risks will make it harder to restore the excitement in the market, which has already been hit by weakening global sentiment.”

The country’s SEC has also announced on Sept 1, the tightening of cryptocurrency firms’ advertising rules, Blockchain.News reported.

In an emailed statement, the SEC told various crypto-related companies operating in the country that ads for digital assets must include clear and visible warnings about the risks of investing in cryptocurrencies.

The SEC tightened rules after discovering that some ads contain no warnings about crypto risks while other promotions feature only positive information.

According to a report from Bloomberg, active trading accounts in the country have fallen to 246,000 in August – which is a third of the tally in January.

Last month, SCB X Pcl cancelled its 18 billion baht plan to purchase a majority of Bitkub Online. The financial group, whose major shareholder is Thailand’s royal family, said that the exchange operator’s ongoing issues with regulators were the reason behind the cancellation.

“The collapse of digital-asset prices has wiped out a vast amount of wealth among Thai investors,” said Karin Boonlertvanich, executive vice president at Kasikornbank Pcl. “The realization of bubble-price risk will scare those people for quite some time to come.”

According to data from the SEC, the country has witnessed a slump in the trade of cryptocurrencies on licensed exchanges to 64 million baht in August – a number that has gone down since December 2020.

However, some companies have continued to believe in cryptocurrencies. Companies such as Thailand’s biggest private power producer, Gulf Energy Development Pcl, continue to bet on the growth of the crypto market as their plans for expanding into digital-asset businesses to diversify earnings have doubled down. The company, controlled by Thailand’s second-richest person, Sarath Ratanavadi, is seeking licenses from the SEC to operate a digital asset exchange and brokerage in partnership with Binance Holdings Ltd.

“We are confident about the potential for cryptocurrencies and digital assets as the world moves further and further into blockchain technology and related ecosystems,” Yupapin Wangviwat, Gulf Energy’s chief financial officer, said in an interview last month. “Tokens with underlying assets will complement the transformations of most companies.”

Image source: Shutterstock

Source

Tagged : / / / / /

Thailand Tightens Crypto Advertising Rules after Crypto Zipmex Bankrupted

by Blockchain News

Thailand’s Securities & Exchange Commission (SEC) announced Thursday that it has tightened cryptocurrency firms’ advertising rules.

In an emailed statement sent on Thursday, the SEC told various crypto-related companies operating in the country that ads for digital assets must include clear and visible warnings about the risks of investing in cryptocurrencies.

The SEC tightened rules after discovering that some ads contain no warnings about crypto risks while other promotions feature only positive information.

The regulator’s details of the tighter crypto advertising regulations include:

·     Advertisements must not feature false, misleading or exaggerated claims

·     Warnings of risks must be clear and easy to notice

·     The ads must feature balanced views, mentioning both positive and negative factors

·     And crypto firms must limit advertising to official channels like their websites

Recently, the authorities announced their plans to provide more protections for retail investors.

The enforcement of the new advertising rules by the SEC comes after Zipmex, a locally licensed crypto exchange, and its regional parent company, Zipmex Pte, headquartered in Singapore, halted withdrawals in July due to a liquidity crisis after their exposure to troubled Babel Finance, and Celsius Networks went sour.

Zipmex, a crypto exchange that operates in markets such as Singapore and Thailand, halted withdrawals as the fallout from a series of defaults spread further into the industry.

The Asian platform encountered financial difficulties stemming from dealings with troubled crypto lending firms Babel Finance and Celsius Network Ltd.

The second-largest digital assets exchange in Thailand has been fined $1.92 baht by the local regulator, according to the statement published on Security and Exchange Comission, due to a failure to abide by the standards of professional ethics under the Royal Decree on Digital Asset Trade 2018.

Zipmex ran into financial troubles due to its $48 million exposure to Babel and $5 million with Celsius.

Efforts to Improve Consumer Protection

The latest move by Thailand makes it join countries such as the U.K. and Singapore in seeking to protect retail investors in the wake of a $2 trillion selloff in digital asset markets.

In January, the U.K. government strengthened cryptocurrency ads’ rules to bring them in line with other financial assets.

The U.K. financial watchdog, the Financial Conduct Authority (FCA), said the rules would increase consumer protection and also encourage innovation.

In March last year, The U.K. Advertising Standards Authority (ASA) banned what it termed a “socially irresponsible” Bitcoin ad and sent warnings to a group of crypto firms about crypto promotions.

In January this year, the regulator banned two ads by Crypto.com, stating that the firm was encouraging people to purchase Bitcoin with credit cards.

Meanwhile, in January, Singapore’s financial regulator, the Monetary Authority of Singapore, restricted digital asset players from promoting crypto services in public spaces, leading to the removal of advertisements in MRT stations and the dismantling of Bitcoin ATMs.

The regulator is now considering further measures to discourage retail investors from accessing crypto.

Image source: Shutterstock

Source

Tagged : / / / /

Thailand Tightens Crypto Advertising Rules after Crypto Zipmex Bankrupt

by Blockchain News

Thailand’s Securities & Exchange Commission (SEC) announced Thursday that it has tightened cryptocurrency firms’ advertising rules.

In an emailed statement sent on Thursday, the SEC told various crypto-related companies operating in the country that ads for digital assets must include clear and visible warnings about the risks of investing in cryptocurrencies.

The SEC tightened rules after discovering that some ads contain no warnings about crypto risks while other promotions feature only positive information.

The regulator’s details of the tighter crypto advertising regulations include:

·     Advertisements must not feature false, misleading or exaggerated claims

·     Warnings of risks must be clear and easy to notice

·     The ads must feature balanced views, mentioning both positive and negative factors

·     And crypto firms must limit advertising to official channels like their websites

Recently, the authorities announced their plans to provide more protections for retail investors.

The enforcement of the new advertising rules by the SEC comes after Zipmex, a locally licensed crypto exchange, and its regional parent company, Zipmex Pte, headquartered in Singapore, halted withdrawals in July due to a liquidity crisis after their exposure to troubled Babel Finance, and Celsius Networks went sour.

Zipmex, a crypto exchange that operates in markets such as Singapore and Thailand, halted withdrawals as the fallout from a series of defaults spread further into the industry.

The Asian platform encountered financial difficulties stemming from dealings with troubled crypto lending firms Babel Finance and Celsius Network Ltd.

Zipmex ran into financial troubles due to its $48 million exposure to Babel and $5 million with Celsius.

Efforts to Improve Consumer Protection

The latest move by Thailand makes it join countries such as the U.K. and Singapore in seeking to protect retail investors in the wake of a $2 trillion selloff in digital asset markets.

In January, the U.K. government strengthened cryptocurrency ads’ rules to bring them in line with other financial assets.

The U.K. financial watchdog, the Financial Conduct Authority (FCA), said the rules would increase consumer protection and also encourage innovation.

In March last year, The U.K. Advertising Standards Authority (ASA) banned what it termed a “socially irresponsible” Bitcoin ad and sent warnings to a group of crypto firms about crypto promotions.

In January this year, the regulator banned two ads by Crypto.com, stating that the firm was encouraging people to purchase Bitcoin with credit cards.

Meanwhile, in January, Singapore’s financial regulator, the Monetary Authority of Singapore, restricted digital asset players from promoting crypto services in public spaces, leading to the removal of advertisements in MRT stations and the dismantling of Bitcoin ATMs.

The regulator is now considering further measures to discourage retail investors from accessing crypto.

Image source: Shutterstock

Source

Tagged : / / / /
Bitcoin (BTC) $ 27,943.49 0.14%
Ethereum (ETH) $ 1,912.21 0.66%
Litecoin (LTC) $ 92.74 1.37%
Bitcoin Cash (BCH) $ 115.09 1.63%