The Securities and Exchange Commission of Thailand has launched a public consultation on proposed cryptocurrency investor qualification rules. According to an official announcement Thursday, the Thai SEC is now seeking public comments on proposed qualifications for crypto investors including certain income and trading experience requirements. As part of the initiative, the Thai SEC is planning to hold a live hearing through its Facebook page on March 24. The public consultation will continue until March 27, the authority said. According to a proposed consultation paper, the regulator is planning to set solid limits on cryptocurrency trading in Thailand, including requiring local …

Several major banks across Asia have joined forces to construct a cross-border central bank digital currency, according to a joint announcement issued on Feb. 23. Dubbed the Multiple Central Bank Digital Currency Bridge, or m-CBDC, the project sees the Hong Kong Monetary Authority, the Bank of Thailand, the Central Bank of the United Arab Emirates and the Digital Currency Institute of the People's Bank of China combine to create a CBDC prototype using distributed ledger technology. Building upon the “Inthanon-LionRock” research project started in 2019, the latest phase of the exploration into CBDCs will develop a proof-of-concept to “facilitate real-time …

In its latest effort to revive the Kingdom’s pandemic-battered tourism industry, Thailand’s tourism authority is targeting cryptocurrency holders from Japan. The Tourism Authority of Thailand (TAT) wants to establish the country as the first to go out of its way to welcome cryptocurrency holders, specifically those from Japan which it views as a regional hub of crypto activity. The authority has conducted a feasibility study on implementing cryptocurrency payments at tourism destinations. Thailand has been angling for well-heeled tourists ever since the collapse of the industry in the first quarter of 2020 when Asian nations began closing their borders in …

A major financial regulator in Thailand is looking to determine qualifications for cryptocurrency traders to ensure investor protection. The Securities and Exchange Commission of Thailand has scheduled a public hearing this month to address specific requirements for investors who want to open a crypto trading account, local news agency The Bangkok Post reported Monday. By initiating the new qualification system, the Thai SEC intends to ensure that new retail investors moving into crypto trading have sufficient financial resources to absorb risks from the highly volatile prices of crypto. The Thai SEC’s secretary-general, Ruenvadee Suwanmongkol, hinted that Thailand’s upcoming crypto investor …

Thailand’s booming cryptocurrency trading market is causing some concern for government officials. According to Bloomberg, Arkhom Termpittayapaisith — the country’s finance minister — has warned that the ongoing crypto speculative mania could have dire implications for Thailand’s capital market. The finance minister issued the warning while addressing a capital market conference on Thursday. As part of his remarks, Termpittayapaisith highlighted the massive surge in trading activity that saw crypto volume on Thailand’s regulated exchanges reach 65 billion baht (about $2.17 billion) in January. In December 2020, the total trading volume recorded was about 19 billion baht ($630 million) — roughly …

Siam Commercial Bank — Thailand's oldest bank, established by royal charter back in 1907 — is cementing its reputation as a strong backer of innovative financial technologies. The institution's venture arm, SCB 10X, has today announced a new $50 million fund that will be dedicated to investments in global blockchain, decentralized finance and digital asset startups in their early and growth stages. The fund is just the latest of Siam Commercial Bank's forays into the blockchain and fintech space. The institution has previously partnered with Ripple on a blockchain-powered mobile app and worked with Azimo to use RippleNet for cross-border …

Bitkub, Thailand’s largest cryptocurrency exchange, resumed its services on Saturday following a brief period of shutdown enforced by the country’s Securities and Exchange Commission. The shutdown followed a number of brief service outages that occurred due to large spikes in traffic when the price of Bitcoin (BTC) broke 1 million Thai baht ($33,340) earlier this month. The psychologically significant figure brought a huge influx of new investors to the site, which struggled to cope with the volume. The SEC ordered the exchange to cease activities and revise operational procedures to improve reliability, with a deadline of Jan. 23. Bitkub complied …

Crypto exchange Upbit is entering the Thai market at a fortuitous time when the kingdom’s most popular exchange, Bitkub, remains suspended by government regulators. According to reports in local media, a joint-venture crypto exchange between Upbit APAC and a group of Thai billionaires launched operations on Wednesday, Jan. 20. It follows the regulatory suspension of the country’s most popular trading platform Bitkub on Monday, which had a reported 97% share of the market before its closure. Upbit Thailand is owned by CP Group heir and owner of Fortune magazine Chatchaval Jiaravanon, and two other high profile business magnates, Somphote Ahunai …

The Stock Exchange of Thailand, or SET, is planning to launch a digital asset trading platform in the second half of 2021, but it will not include cryptocurrencies. The headline in The Bangkok Post “Digital asset trade imminent" appears at first glance to be bullish for the industry in the region but the report notes the bourse does not want to include cryptocurrencies: “The SET says cryptocurrencies do not meet its product qualifications and could facilitate money laundering, while causing harm to the bourse's image as a ‘high trust’ exchange.” The exchange has laid out three criteria for listing asset …

Thailand's tax collection agency will use blockchain technology to streamline tax payments next year. The Excise Department will use blockchain to improve its revenue collection in lieu of actually raising taxes as the Thai economy still makes a gradual recovery. According to a report by the Bangkok Post, director-general Lavaron Sangsnit underscored that new policies should not affect the domestic economic recovery and that raising taxes could stunt the still fragile situation. The government aims to collect 530 billion baht ($17.5 billion) for the fiscal year 2020, 3.3% less than the 548 billion baht ($18 billion) collected in 2019. In …

Despite the ongoing COVID-19 pandemic, some global events have chosen to move forward as planned. Instead of canceling, they are working to limit close contact between attendees through the introduction of new technologies. One such solution involves a cashless payment system powered by blockchain. Mystic Valley, one the largest music festivals in Thailand, will be issuing its own token for cashless payments during its upcoming three-day event. According to a Thursday announcement, Mystic Valley organizers partnered with local cryptocurrency exchange Bitazza and blockchain startup Fuse.io to mint its own crypto token, MYST. The new token is designed to provide all …

Thailand’s Securities and Exchange Commission has revised its net capital rules regarding digital assets. According to a Nov. 18 report by The Bangkok Post, the Thai SEC now allows firms dealing with digital assets to include the value of those assets when calculating their net capital funds. The new rules follow a surge in volume on Thai exchanges. The Bangkok Post states that, following the United States presidential election, the Stock Exchange of Thailand saw one-day trading value hit $5.5 billion while futures contracts on the Thailand Futures Exchanges increased to 1 million per day. The new rules aim to …