Thailand-based multinational energy conglomerate PTT and blockchain energy nonprofit Energy Web Foundation (EWF) are jointly building a blockchain-based renewables platform. According to a press release shared with Cointelegraph on Sept. 11, the parties are developing a regional solution based on the Energy Web Chain. The new product will also be compliant with the International Renewable Energy Certificate (I-REC) Standard, which certifies renewable energy sources. I-REC certificate demand Energy producers can apply for I-REC tracking certificates from an issuer appointed by a government or trade organization. Once the tickets are submitted to a central registry, energy suppliers and purchasers can prove …

A 48-year old Thai man who called himself the “cryptocurrency wizard” has been arrested in Bangkok over his alleged role in a 500 million baht ($16.3 million) crypto exchange fraud. The Bangkok Post reports on Sept. 5 that police nabbed Mana Jumuang, who has been under an arrest warrant since Aug. 23, while he was playing soccer in Bangkok’s Huai Khwang district yesterday. A $16.3 million scheme with victims across 10 countries According Pol Maj Gen Jiraphop Phuridet, commander of the Bangkok police’s Crime Suppression Division, Jumuang is accused of being part of a Thai-Vietnamese criminal group that targeted victims …

Thailand’s leading cryptocurrency exchange Bitcoin Co. Ltd. (BX.in.th) is closing down all of its trading operations. The exchange announced its decision to discontinue trading on Sept. 2. The official website of the exchange states: “Bitcoin Co. Ltd. has decided to discontinue offering digital exchange services and wallet services at our BX.in.th website in order to focus on other business opportunities.” Customers need to withdraw their funds before Nov. 1, 2019. The five-year-old exchange, which was regulated by the Thai Securities and Exchange Commission, will not seek to hold a Digital Asset Exchange license for the year 2020 and has therefore …

Thailand’s Customs Department intends to use IBM’s Tradelens blockchain solution to track shipping in Thai ports. According to an announcement published on Aug. 28 on the Thai Customs Department’s official website, the country plans to use Tradelens, a blockchain logistics system. Local news outlet Bangkok Post reported the next day that the platform is expected to streamline operations by managing shipment tracking and information sharing. Thailand’s push for innovation The Tradelens platform is the joint project of transport giant AP Moller-Maersk and IBM. The decision to adopt it in the country is reportedly part of a broader Thailand 4.0 modernization …

Thailand’s securities regulator has warned the public about scam entities posing as legal digital currency trading firms operating overseas. Investor losses are not known The Thai Securities and Exchange Commission (SEC) has discovered a new crypto scam where investors are lured into operating with companies outside the country, local English-language news outlet Bangkok Post reported on Aug. 25. The regulator has become aware of several fraudulent companies involved in the case, including an alleged scam operating under the name FX Trading Corporation, which is not authorized to trade in digital currencies. The Thai SEC stated that the amount of losses …

Money transfer service Xendpay has joined Ripple’s global network RippleNet to support international transactions. Going beyond the U.S. dollar Ripple announced the news on Aug. 20. Per the news release, RippleNet will allow Xendpay to provide money transfer services beyond the United States dollar. Xendpay will use Ripple’s pre-existing network of banks and other financial partners to facilitate money transfers via other forms of currency — especially Ripple’s XRP. New capabilities with RipplePay As stated in the announcement, Xendpay previously had trouble transferring anything other than dollars in foreign markets. Offering a smaller currency involved establishing direct partnerships with local …

Privacy-focused cryptocurrency Zcoin is now available for spending in Thailand at any merchant registered with the Thai QR code system through Satang App. According to an announcement published by Zcoin on Aug. 15, over 50 million users of Satang App can now use Zcoin at local merchants both in-store and online by scanning a QR code. The system instantly settles transactions and allows merchants to be paid in Thai Bhat via regulated exchange Satang Pro. Although the development is an important step in the mainstream adoption of digital currencies, Zcoin noted in its announcement that: “One common problem with convincing …

London-based bank and financial services firm Standard Chartered has completed its first cross-border blockchain letter of credit transaction in the oil industry with Thai state-owned oil giant PTT Group. On-chain letter of credit Standard Chartered announced that it has successfully executed a pilot letter of credit (LC) transaction for PTT Group, PTT International Trading Pte Ltd and IRPC Public Company Limited over the Voltron blockchain platform in a press release published on its website on Aug. 7. Per the release, oil companies are often reliant on letters of credit as a form of short-term trade finance because of the significant …

A Thai regulator announced that the regulator will amend regulation to prevent crypto use for illicit activities, English-language local news outlet BangkokPost reports on Aug. 5. AMLO to focus on cryptocurrencies Per the report, Acting Secretary-General of the Thai Anti-Money Laundering Office (AMLO), Pol Maj Gen Preecha Charoensahayanon, stated that cryptocurrencies will be used for money laundering. For this reason, he reportedly announced that AMLO will also focus on amending existing anti-money laundering regulations to prevent the use of digital currencies for illegal activities in the near future. Data sharing requirements for exchanges Charoensahayanon intends to start with changing the …

Huobi’s Thailand-based subsidiary has sealed the country’s fifth official license to operate a fully-regulated digital asset exchange. An official July 24 announcement from Huobi Group shared with Cointelegraph — the operator of Singapore-based flagship exchange Huobi Global — revealed that Huobi Thailand is expected to launch in Q3 2019, offering both regulated crypto-crypto trading and fiat on-ramps. Global expansion Huobi Thailand will use Huobi Group’s Huobi Cloud platform — a product launched in the summer of last year to facilitate the construction of digital asset exchanges on the basis of Huobi’s existing platform. The resource supports the Group’s global expansion …

Bank of Thailand governor Veerathai Santiprabhob said that the institution is open to discussing Facebook’s Libra stablecoin with the company, Chinese state-run press agency Xinhuanet reported on July 19. Per the report, Santiprabhob made his remarks at the Bangkok FinTech Fair on July 19, pointing out that Facebook had already contacted the central bank many times. He also noted that the institution had established a new team to study Libra’s whitepaper, but their analysis will take time. “We are not going to rush into a decision of Libra as yet,” Santiprabhob reportedly said, continuing to emphasize the importance of security: …

Facebook’s long-awaited stablecoin Libra could face a difficult roll out in Thailand due to the coin’s uncertain legal status in the country, an expert told the Bangkok Post on July 9. Fiscal Policy Office legal officer Sumaporn Manason argued that Libra will likely run up against difficulties entering Thailand as the cryptocurrency does not fall under any of local financial legislation. Sumaporn stated: “The cryptocurrency does not fit under the Bank of Thailand's Currency Act because it does not have the characteristics of legal tender as stipulated by law. These characteristics refer to a banknote or coin having value in …