The Thai Securities and Exchange Commission (Thai SEC) has updated the list of cryptocurrencies suitable for use in initial coin offering (ICO) investments and trading pairs. An official Thai SEC statement reported the development on Feb. 28. Until now, Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Stellar (XLM) could be used for the purposes mentioned above when complying with regulation in Thailand. In this statement, the commission informs the public that Bitcoin Cash (BCH), Ethereum Classic (ETC) and Litecoin (LTC) have been added to the list. Lastly, the statement also specifies that the presence of any given crypto asset in …

Thailand’s National Legislative Assembly has officially allowed the issuance of tokenized securities on blockchain, major newspaper The Bangkok Post reports on Friday, Feb. 22. The government will amend the Securities and Exchange Act, according to the article. As soon as the changes come into effect later in 2019, tokenized securities such as stocks and bonds can be officially issued on blockchain. The Thai Securities and Exchange Commission (Thai SEC) will issue additional rules so that crypto platforms can seek a securities depository license. According to Thai SEC deputy secretary Tipsuda Thavaramara, the regulator will also allow businesses that operate as …

Victims of an alleged cryptocurrency mining scam have filed claims against the suspected perpetrator with the Technology Crime Suppression Division in Thailand, the Bangkok Post reports on Feb. 18. Per the report, 30 people have filed a complaint with police, stating that they were fooled into an alleged investment scam called “CryptoMining.Farm.” This purportedly led the loss of 42 million baht ($1.34 million). Local authorities reportedly suspect that a total of 140 individuals were affected by the scam. CryptoMining.Farm, which has offices registered in both Bangkok and Chiang Mai, supposedly promised investors an annual return of 70 percent in addition …

Top five Cryptocurrency exchange OKEx has launched support for Thai baht-crypto trading on its client-to-client (C2C) platform, a press release shared with Cointelegraph on Feb. 14 reveals. According to the press release, currently only Bitcoin (BTC), Tether (USDT), Ethereum (ETH) and Litecoin (LTC) can be traded with the Thai baht on the exchange’s peer-to-peer platform. The exchange first announced that it would be adding support for the fiat currency in a post on Jan. 23. The post was also dedicated to recruiting merchants for the new market. In the same press release, the crypto exchange also announced that it had …

Finablr, a global payment platform and foreign exchange operator based in the United Arab Emirates, has joined Ripple’s (XRP) RippleNet blockchain network, a press release reveals on Feb. 11. Finablr's network brands, UAE Exchange and payment platform Unimoni, will use the blockchain-based platform provided by Ripple to complete real-time transactions to Thailand. The firm also reported it has plans to expand the services to other countries in future. As per the press release, the first partner in the service major Thai bank, Siam Commercial Bank, letting UAE Exchange and Unimoni customers globally send money to Thailand. The bank has been …

The Thai Ministry of Finance has issued digital asset business licenses to four crypto-related firms, according to a notice published by the country’s Securities and Exchange Commission (SEC) Jan. 8. According to the announcement, the licenses were issued by the finance ministry “under the recommendation of the SEC Board.” The four companies that received a license are digital asset exchanges Bitcoin Exchange Co., Ltd., Bitkub Online Co., Ltd., and Satang Corporation, and cryptocurrency brokerage firm Coins TH Co., Ltd. Another application to operate a digital assets exchange — filed by Coin Asset Co., Ltd — is reportedly under consideration, due …

The National Electronics and Computer Technology Center (NECTEC) of Thailand has developed blockchain technology for e-voting, the Bangkok Post reports on Jan. 2. NECTEC is a statutory government organization that operates under the purview of the National Science and Technology Development Agency and the Ministry of Science and Technology. The organization chiefly promotes the development of computing, electronics, IT and telecommunications. The technology reportedly can be deployed in tandem with traditional voting as Thais become more technologically literate. According to NECTEC, once 5G is eventually adopted, all votes will be connected with the new technology. Chalee Vorakulpipat, the head of …

Thailand’s securities regulator is planning a public hearing with the aim of loosening rules that form a “barrier” to initial coin offerings (ICOs), local English-language news outlet Bangkok Post reported Dec. 20. Thailand — which issued a royal decree to regulate its domestic cryptocurrency markets in May — had revealed its intention to license its first ICO portal in November and an ICO itself this month. Now, rules for issuers to begin fundraising may become less strict, although there will be caps on participation. “The proposed guideline is an attempt to find greater equilibrium in the regulatory process and reduce …

Thai cryptocurrency exchange Satang Corp. plans to raise nearly $10 million in a security token offering (STO), despite the recent market meltdown, Asia-focused business publication Nikkei Asian Review reported Dec. 4. Satang’s plans are reportedly supported by the Government of Thailand in a bid to make the country a blockchain center and develop a regulatory framework for digital currencies and blockchain. According to the exchange’s CEO Poramin Insom, the STO will be conducted in the first quarter of 2019. Satang reportedly plans to use the $9.9 million it raises to develop an e-wallet that enables users to make payments, as …

Thailand’s Revenue Department is testing blockchain to track value-added tax (VAT) payments, English-language media outlet Bangkok Post (BP) reports Dec. 3. Ekniti Nitithanprapas, director general of the Thai Revenue Department, said that the department “wants to use blockchain technology to prevent VAT refund fraud.” According to the BP, the nation is “on the path to becoming the first country to use the distributed ledger for tax probes if the technology is adopted.” The article cited Nitithanprapas explaining that “blockchain is expected to help verify VAT invoices” and “root out fake invoices for VAT claims,” defining “adoption of new technologies” as …

The deputy secretary of the Thai Securities and Exchanges Commission (Thai SEC) has declared that Thai-related Security Token Offerings (STOs) launched in an international market break the law, English-language daily Bangkok Post reports Nov. 29. The aforementioned article states that deputy secretary Tipsuda Thavaramara “said the regulator will have to consider how to deal with STOs for issues such as share ownership, voting rights and dividend.” There still confusion about how to regulate these kind of offerings, Thavaramara reportedly declared: “At the moment, we have not decided whether STOs fall under the SEC Act or the Digital Asset Act, but …

The governor of the Bank of Thailand (BoT) has said that it will take three to five years for countries to switch from using cash to using digital currencies. The bank governor’s comments were reported by the Thai News Agency (TNA), a subsidiary of the Thai state-owned public broadcaster, Nov. 17. The central bank’s governor, Dr. Veerathai Santiprabhob, stated that digital currency would not replace fiat currency right away “because of complication[s], a readiness of people and an efficiency of technology.” Although the BoT has not issued a central bank-backed digital currency (CBDC) yet, the Thai central bank is “now …