Last week, Austria became the latest government to successfully trial blockchain platforms to issue government bonds. The trial follows in the footsteps of the Australian and Thai governments, both of whom developed blockchain bond issuing platforms earlier this year. Government bonds are debt securities which represent an important way to support government spending and are widely considered to be one of the most risk-free investments available. Government bonds also make up a large proportion of the secondary market, with a total value of $22.116 trillion across the world as of September 2018. In spite of their importance, the process of …

Thailand’s fourth largest bank, Kasikornbank, has recently joined the blockchain-based Visa B2B Connect program for cross-border payments, local newspaper The Nation reported Thursday, September 20. According to The Nation, Kasikornbank is the “first” bank in the country to use the technology, setting the stage for a more widespread use of blockchain in the country’s banking sector. Suripong Tantiyanon, Visa’s country manager in Thailand, expressed his opinion on the partnership, noting that Visa B2B will support developments in “security, governance, and distributed ledger technology.” According to senior vice president for Kasikornbank Siriporn Wongtriphop, using blockchain for international payments will help his …

Thailand’s Anti-Money Laundering Office (AMLO) is considering creating its own digital wallet to investigate crypto-related cybercrime, local news outlet The Nation wrote Monday, September 3. The matter was discussed at a local seminar cryptocurrency crime within the current legal system. According to Witthaya Neetitham, secretary for AMLO, the regulator wants to adapt to the new technology by making it possibly for the government to confiscate crypto involved in fraud. “We have discussed launching our own ‘AMLO Wallet’ to hold or confiscate digital currency from illegal sources,” he said. Under existing legislation, Thai officials can only jail or extradite those who …

The Bank of Thailand (BoT) has revealed plans to develop a wholesale Central Bank Digital Currency (CBDC) that will use R3’s Corda platform, in a press release published August 21. A CBDC is a digital currency issued by a central bank whose legal tender status depends on government regulation or law. The “wholesale” variant of CBDC limits its use to financial institutions and markets, as opposed to a “retail CBDC” for the general public. R3’s Corda, for its part, is a distributed ledger technology (DLT) platform that has been designed to work within the financial service sector and uses a …

Thai regulators announced Thursday, August 16, that they have so far approved seven business entities to conduct cryptocurrency operations as part of the formalization of the country’s domestic market. In a statement, Thailand’s Securities and Exchange Commission (Thai SEC) confirmed Bitcoin Co. Ltd. (BX), Bitkub Online Co. Ltd., Cash2coins Co. Ltd., Group Co. Ltd. (TDAX), and Coin Asset Co. Ltd. were able to operate as legal cryptocurrency exchanges. In addition, the regulator approved two cryptocurrency dealers: Coins TH Co. Ltd. and Digital Coin Co. Ltd. (ThaiWM). The move forms part of a package of “transitional” rules governing crypto businesses operating …

Thai police have detained 27-year old actor Jiratpisit "Boom" Jaravijit in an alleged $24 million cryptocurrency scam, Bangkok Post reported August 9. Jiratpisit is reportedly one of the seven suspects in the alleged crime, including his older brother and sister. On July 26, the Criminal Court awarded a warrant for his arrest following a complaint from a Finnish man that he had fraudulently lured foreigners into investing 797 million baht (nearly $24 million) worth of cryptocurrencies. Jiratpisit has been detained on charges of money-laundering activity, which he denies. The alleged cybercrooks reportedly promised to purchase shares in companies that invested …

The Thai Securities and Exchange Commission (SEC) says they have seen increased interest in licenses to operate initial coin offerings (ICOs) following the Finance Ministry's announcement to introduce ICO regulations, the Bangkok Post reported August 8. The SEC secretary-general Rapee Sucharitakul told the Bangkok Post said that almost 50 ICO projects have expressed interest in a becoming certified, but it remains unclear whether all of them will be issued the proper credentials to raise funds. Rapee added that three out of five ICO portals interested in applying for licenses have already filed with the SEC. Additionally, around 20 companies that …

The Bank of Thailand (BoT) has recently allowed local banks to set up subsidiaries for dealing with cryptocurrencies, local Thai source Blognone reported August 3. According to a regulatory announcement published by the BoT on August 1, Thai banks can now issue digital tokens, provide crypto brokerage services, run crypto-related businesses, and invest in cryptocurrencies through subsidiaries. However, the recent announcement has reaffirmed that all banks and other financial institutions are still banned from direct dealing with cryptocurrencies. While banks are now allowed to establish crypto-dealing branches, those branches are prohibited from offering crypto-related services to its customers and the …

The Thai Bond Market Association (TBMA) will deploy a blockchain-powered solution on its registrar service platform, local news agency Bangkok Post reports July 28. The new registrar service platform, which is scheduled to be introduced this year, intends to provide a faster bond certificate issuance and, in turn, boost the liquidity of the secondary market, according to TBMA president Tada Phutthitada. While market liquidity has been growing, the issuance of bond certificates still remains slow, which may cause serious limitations to the growth of corporate bonds in the secondary market. According to Mr. Tada, the platform will reduce the bond …

The Governor of the Bank of Thailand (BoT), said that the bank is considering blockchain technology for various applications during a speech at the the Bloomberg ASEAN Business Summit on July 12. The central bank’s governor Dr. Veerathai Santiprabhob stated that the bank was specifically reviewing blockchain applications for cross-border payments, supply chain financing, and document authentication. According to Dr. Santiprabhob, using blockchain for cross-border payments would “improve regional financial connectivity and facilitate smoother cross-border financial services.” The BoT’s Governor also sees blockchain playing an important role in reducing fraud and protecting financial information: “Adoption of modern technologies like biometrics …

In an announcement July 4, Thailand has confirmed its long-awaited ICO regulations will come into effect July 16, cementing the fundraising instrument’s status in the country. In summary comments, the Thai Securities and Exchange Commission (SEC) finalized details of how ICOs will operate going forward. The new regulation will take the form of a two-tier vetting procedure, with accredited “ICO portals” in charge of selecting applicants to pass to the SEC for a final screening. “Once approved by an ICO portal, the SEC will begin to consider applications for the issuance and sale of digital tokens for ICOs,” a rough …

The Association of Thai Securities Companies (ASCO) is considering establishing a joint cryptocurrency exchange, with plans for several firms to apply together for a crypto exchange license, local news outlet Bangkok Post reports July 2. Pattera Dilokrungthirapop, ASCO chairperson, told the Bangkok Post that several Thai securities firms will apply for a joint crypto operating license with the Thai Securities and Exchange Commission (Thai SEC) in order to reduce costs and share technologies. With just a securities business license, firms can become digital assets brokers and dealers, as well as operate digital token e-wallets. However, the securities firms must adequately …