Hong Kong and Thailand’s central banks have stepped closer to implementing a joint central bank digital currency (CBDC) for cross-border payments. On Jan. 22, the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) officially announced the outcomes of a joint CBDC research project called Project Inthanon-LionRock. Alongside publishing a joint press release, the banks have issued a detailed 90-page report providing an exhaustive analysis of the potential risks and benefits of CBDCs for real-time money transfers, liquidity management, regulatory compliance, and other aspects of finance. Inthanon-LionRock project was initiated in May 2019 After the HKMA and the …

Thailand’s securities regulator has granted a coveted digital assets exchange license to Asia-Pacific crypto-fiat trading platform Zipmex. According to a press release shared with Cointelegraph on Jan. 20, Thailand’s Ministry of Finance and the Thai Securities and Exchange Commission (SEC) approved Zipmex for the license, which places strict regulatory requirements on applicants. To secure the license, hopefuls must prove they have robust finances — with shareholder equity of at least 50 million baht (~$1.65 million) — and operate at a high standard in their IT and cyber security systems. Under Thai law, licensed digital assets operators that are granted a …

A human rights lawyer representing victims of an alleged cryptocurrency pyramid scheme in Thailand is taking their case to the country’s Department of Special Investigation (DSI). The Bangkok Post reported on Jan. 16 that roughly 20 victims, whose losses are alleged to total 75 million baht (~$2.5 million), are seeking to go beyond the investigations of local police in Thailand’s Krabi province given the gravity of the case. The DSI, a department of the Thai Ministry of Justice, works independently of the Thai Royal Police force and is tasked with the investigation of “special cases,” such as those involving organized …

Singaporean Mark Cheng was recently kidnapped in Thailand and tortured for a $740,000 ransom in Bitcoin (BTC), the South China Morning Post and others report on Jan. 14. After transferring all his available funds of $46,000, he allegedly made a daring escape as his captors prepared to murder him. Cheng was on a business trip to Thailand with associate Kim Lee Yao Wei when a group of masked men grabbed them and put them in a nearby truck, Cheng told Singapore Chinese publication Lianhe Wanbao. Cheng also implicated Thai actor Chano Pemberger as the owner of the pickup truck where …

Thai Stellar-based blockchain startup Lightnet has raised $31.2 million to boost cross-border payments in Southeast Asian countries. The Bangkok-headquartered firm has completed a Series A funding round led by major financial conglomerates in the region, Singaporean United Overseas Bank (UOB) and South Korea’s Hanwha Investment & Securities, Business Insider Malaysia reports Jan. 10. Stellar blockchain is used to replace “inefficient” payment systems like SWIFT Implementing the Stellar blockchain, a major blockchain protocol that is used to operate eponymous cryptocurrency Stellar Lumens (XLM), Lightnet has a brave plan to replace established payment systems like SWIFT in Southeast Asian market, the report …

Major cryptocurrency exchange Binance added support for Australian dollars (AUD) and Thai baht. Binance announced support for the national currencies in separate releases on Jan. 7. Thai digital asset exchange Satang Corporation will process Thai baht transfers, while Australian dollar transfers will be facilitated by Banxa, a company specialized in internationally compliant fiat-to-crypto gateways. Satang’s fiat processing service is integrated into Binance’s trading platform by means of a recently launched application programming interface that allows users to deposit and withdraw baht directly to their accounts. Satang CEO and co-founder Poramin Insom said that the collaboration will help the adoption of …

Thailand, one of the most-visited countries in the world, will soon apply blockchain to its Electronic Visa On Arrival (eVOA). Thailand’s new blockchain-powered eVOA system intends to speed up and protect the digital visa application process and will soon be available for five million visitors from 20 countries. eVOA operator partners with Australian travel firm for the blockchain-enabled service The upcoming eVOA feature is a joint effort of Australian travel company ShareRing and Gateway Services, an entity that owns the license to process eVOA for Thailand, according to a press release shared with Cointelegraph on Dec. 19. According to the …

Thai immigration officials have arrested 24 Chinese nationals who were running an alleged cryptocurrency scam call center in the Rama III neighborhood of Bangkok. According to an official announcement on Dec. 2, the Immigration Bureau of the Royal Thai Police arrested 24 individuals, seized 61 laptops, 424 mobile phones and several routers. The Immigration Bureau further states that the head of the operation would hire employees on three-month contracts, wherein all their expenses were paid including a 5,000 yuan ($710) monthly salary. After arriving, workers would surrender their passports to the head of the operation. Employees would work shifts from …

The Excise Department in Thailand is poised to introduce a new way of refunding overpaid taxes to oil exporters by using blockchain technology. On Nov. 25, director-general Patchara Anuntasilpa told the Bangkok Post that the Thailand Excise Department will change its current tax refund practice by introducing a blockchain-based tax payback system, which it hopes to implement by the middle of 2020. One of three blockchain-based pilots Patchara explained that the future tax payback system will require oil exporters to pay excise tax and claim overpaid taxes after they have shipped the fuel. Blockchain technology will make it more efficient …

Lawmakers in Thailand plan to reform cryptocurrency laws after voicing concerns that they have made the country uncompetitive. As local English-language news outlet Bangkok Post reported on Nov. 25, Thailand’s regulator, the Securities and Exchange Commission (SEC) wants to reconsider its crypto policy in 2020. SEC must be “flexible” on crypto The reason, it says, lies in poor uptake of its certification and licensing scheme by cryptocurrency businesses. Since it came into power last year, only five companies have completed certification, and of those, just two have launched. Now, amendments are on the table, but the SEC has not yet …

After initially seeking to ban Bitcoin in 2013, Thailand has since developed a permissive regulatory apparatus for digital currencies and cryptocurrency fundraising methods. Thai financial services firm Seamico Securities recently announced that it has received approval from the country’s Securities and Investments Commission (SEC) to operate its subsidiary, SE Digital, as a regulated initial coin offering (ICO) portal. In doing so, SE Digital obtained permission to launch the first legitimate ICO in Thailand, with the company announcing that it hopes to raise between 2 billion and 3 billion Thai baht (between around $66 million and $99 million) through the token …

SE Digital, a subsidiary of major financial services firm Seamico Securities, has been confirmed as the first initial coin offering (ICO) portal operator to be approved by Thailand’s securities regulator. According to an Oct. 11 report from The Bangkok Post, SE Digital plans to launch Thailand’s first investment token, with a target transaction size of 2-3 billion baht or roughly $65,800,000-$98,700,000. Moreover, Seamico Securities’ strategic investor, Elevated Returns, has reportedly applied to the Thai Securities and Exchange Commission (SEC) for a Digital Assets Exchange License to launch a new trading venue that would provide a secondary market for such tokens …