thailand crypto Archives - Coin Engineer

Thailand’s SEC Launches Crypto Sandbox for Bitcoin Firms

Tanju Akbıyık — Mon, 12 Aug 2024 16:00:01 +0000

As Thailand is exploring the thin line between legal limitations and crypto innovation, its securities watchdog has set up a Sandbox for bitcoin companies.

The Sandbox is meant to “facilitate experiments and the development of innovations supporting the efficient provision of digital asset services in a real-life context,” Thailand’s Securities and Exchange Commission said on Friday.

Following the approval of the SEC Board to create the crypto Sandbox in March and a later public hearing in May, the Sandbox launches.

The Sandbox is meant for industry participants in six categories, including digital asset exchanges, brokers, dealers, fund managers, advisers, and custodial wallet providers, as the SEC specifically pointed out.

Applications are welcome in the Sandbox now. Based on their capital adequacy, work systems, and management structures, the Thai regulator said it will evaluate candidates’ qualifications.

Early this year, the Thai government took various crypto-positive actions. For instance, the Ministry of Finance apparently granted value-added tax exemptions for bitcoin trade in February. The Thai SEC changed pertinent rules in March to let professional investors make investments in American spot bitcoin exchange-traded funds.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Thailand’s SEC Launches Crypto Sandbox for Bitcoin Firms appeared first on Coin Engineer.

Thailand Proposes Regulation of Crypto P2P Purchases Amidst Escalating Fraud Concerns

Tanju Akbıyık — Thu, 11 Apr 2024 20:30:10 +0000

Thailand’s state authorities met on Tuesday, advocating for the regulation of peer-to-peer (P2P) cryptocurrency purchases as well as the thorough prevention of online fraud.

The conference was chaired by Prasert Jantararuangthong, minister for digital economy and society, and attendees included leaders from the Thai SEC, Bank of Thailand, Royal Thai Police, and Defense Ministry, among other key departments.

During the meeting, Minister Prasert encouraged the regulator to draft and amend existing crypto regulations to include oversight of the acquisition and sale of P2P cryptocurrency. “The move to regulate the P2P platform would not affect cryptocurrency traders on authorized exchanges,” he told the Bangkok Post.

The attempt to supervise crypto P2P aims to minimize the channel’s use by scammers for bad purposes. Prasert further stated that the focus is part of a “series of measures” for a comprehensive solution to combating online fraud. The minister also directed the SEC to investigate and propose further tightening the P2P channel of cryptocurrency exchange activity. If the regulator does not make headway in developing existing legislation, Prasert will notify the premier about a new crypto P2P regulatory plan.

Thailand Intensifies Battle Against Online Scams: Collaborative Efforts and Crypto Crackdown

Thailand has seen multiple fraud cases in which scammers posing as legitimate businesses request a peer-to-peer payment for a product. In November 2023, the Thai government established the Anti-internet Scam Operation Centre (AOC) to investigate cryptocurrency-related internet scams. Last year, the Binance exchange played an important role in assisting Thailand’s Royal Police in tracking down significant bitcoin scammers.

In one case, the Binance team assisted in tracking perpetrators behind a large-scale pig butchering scam and seizing 10 billion Thai Bhat ($277 million) in crypto assets. As a result, Thai Prime Minister Srettha Thavisin issued an order to state officials on April 1 to show concrete results from the fight on pervasive internet fraud within 30 days.

The conference ended with recognized parties reporting any pertinent cryptocurrency online fraud information to the AOC. Second, the central bank and the Thai Bankers’ Association are expected to take swift action after the reports are submitted.

Furthermore, the Royal Thai Police and the Defense Ministry are expected to make steps to dismantle unlawful telecom signal towers. The police might request neighbours’ assistance in reporting online crypto scams and suppress any contact center gangs, according to the conference.

The post Thailand Proposes Regulation of Crypto P2P Purchases Amidst Escalating Fraud Concerns appeared first on Coin Engineer.

Thailand’s Biggest Crypto Exchange Goes on Hiring Spree

Tanju Akbıyık — Mon, 01 Apr 2024 14:24:32 +0000

Ahead of its IPO on the Stock Exchange of Thailand in 2025, Bitkub, Thailand’s leading cryptocurrency exchange, is embarking on a significant hiring spree. The company aims to recruit 1,000 new employees by the time of its IPO launch.

Bitkub Capital Group Holdings, the parent company of Bitkub, is currently engaging financial advisers to facilitate its planned initial public offering on the Stock Exchange of Thailand (SET) in 2025. According to CEO Jirayut Srupsrisopa, the IPO is intended to generate fresh capital and enhance Bitkub’s standing in the market.

Despite experiencing a 6% reduction in staff numbers in both 2022 and 2023, Bitkub is actively expanding its workforce. Jirayut revealed that the exchange plans to double its current staff count of 2,000 to 4,000 by 2025.

Bitkub had first announced its intentions to launch an IPO in Thailand in a shareholder letter in 2023, though specifics were not disclosed at the time.

As the largest cryptocurrency exchange in Thailand, Bitkub holds 77% of the market share as of December 2023, based on data from HashKey. The exchange facilitates approximately $30 million in daily trading volumes.

Among other prominent crypto exchanges in Thailand are Upbit, Bitazza, and Zipmex. However, Zipmex ceased trading operations in November 2023 following regulatory pressures.

Thailand has witnessed significant growth in its crypto sector, with over 13 million crypto users reported in 2023, constituting about 18% of the total population. This number is projected to reach 17.7 million users by 2028, as per Statista data.

With increasing adoption, rival cryptocurrency firms are vying for market share in Thailand. Notably, Binance, a major global player, established its local subsidiary in January 2024 and plans to commence operations in the same year.

Moreover, Thailand’s Kasikornbank acquired a majority stake in the Satang crypto exchange in October 2023, underscoring the expanding landscape of crypto-related ventures in the country.

The latest revelations about Bitkub’s IPO plans follow its sale of a 9.2% stake in its crypto exchange unit, Bitkub Online, to tech holding company Asphere Innovations in July 2023, valued at 600 million baht or $16.5 million at the time.

Jirayut anticipates a surge in Bitkub Online’s valuation as trading volumes approach levels reminiscent of the last crypto bull market in 2021. Bitkub Online presently contributes approximately 80% of Bitkub Capital’s earnings.

In 2022, SCB X, a financial entity affiliated with Thailand’s largest bank by market value, scrapped its proposal to acquire a 51% stake in Bitkub Online worth 17.85 billion baht, citing heightened regulatory scrutiny.

You can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram ,YouTube and Twitter channels for the latest news and updates.

The post Thailand’s Biggest Crypto Exchange Goes on Hiring Spree appeared first on Coin Engineer.