The Bitcoin, Blockchain, and Cryptocurrency Thread

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Re: The Bitcoin and cryptocurrency thread

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Re: The Bitcoin and cryptocurrency thread

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Ahh now I understand!!
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Re: The Bitcoin and cryptocurrency thread

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Omise and ETDA Sign MoU to Improve Thailand’s Digital ID Program
Omise, the popular blockchain-oriented company, recently signed a Memorandum of understanding with ETDA. This Thai government agency will collaborate with Omise on building a national eKYC portal. It is the first venture of its kind to become available in Thailand. Both entities will focus on exchanging information, experience, and technical information.

This MoU was signed by both parties in Thailand earlier today. The new venture will primarily focus on coming up with new use cases for blockchain technology. Digital identity solutions are of great interest to ETDA. Given the country’s focus on digital society and economy, the infrastructure will need to evolve sooner rather than later. By partnering with Omise, a new digital identity authentication and verification platform will be built in the near future.

https://www.newsbtc.com/2018/02/19/omis ... d-program/
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Re: The Bitcoin and cryptocurrency thread

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Bangkok Bank halts TDAX activity
Bangkok Bank has become the first domestic financial institution to halt transactions involving trading of cryptocurrencies with the Thai Digital Asset Exchange on the grounds that TDAX's business operations are not in accordance with its business purpose registered with the Commerce Ministry.

https://www.bangkokpost.com/business/ne ... x-activity


TDAX puts brakes on new ICO trading
The Thai Digital Asset Exchange (TDAX) is postponing registration and trading of new initial coin offerings (ICOs) by two weeks as the exchange awaits a clearer regulatory framework from the Securities and Exchange Commission (SEC).

Although there are five or six ICOs in the pipeline, the exchange has decided to impose a two-week postponement because market participants expect the SEC to unveil its ICO regulatory framework soon, said Poramin Insom, TDAX's founder and chief executive.

https://www.bangkokpost.com/business/fi ... co-trading
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Re: The Bitcoin and cryptocurrency thread

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KTB shuts down crypto trade accounts

Krungthai Bank has become the second financial institution after the Bangkok Bank to terminate transactions involving cryptocurrencies trading with Thai Digital Asset Exchange (TDAX), following a Finance Ministry order.

As chairman of Krungthai Bank, Somchai Sujjapongse, permanent secretary of the Finance Ministry, ordered the state-owned financial institution on Monday to halt any transactions related to cryptocurrencies with TDAX through the bank's accounts.

https://www.bangkokpost.com/news/genera ... e-accounts
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Re: The Bitcoin and cryptocurrency thread

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That's slightly concerning. What would happen to any money tied up in Bx if the banks decide not to deal with them?

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Re: The Bitcoin and cryptocurrency thread

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Traders can still use bank accounts to deal with exchanges, but banks and financial institutions are not allowed to be involved. BX has the regulatory licenses that TDAX lacks so it is ok for now, the new framework for regulation should be released next month when things *may* become clearer.

To be safe it would be advisable not to leave too much on the exchange, and that applies to any exchange, not just Thai ones.
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Re: The Bitcoin and cryptocurrency thread

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Cryptocurrency to fall under 'Know Your Customer' rules

Regulations governing securities issuance, which requires underlying assets or service and Know Your Customer (KYC) rules, will be applied to the coming framework governing cryptocurrencies in an effort to protect investors, says Pornchai Thiraveja, an adviser to the Fiscal Policy Office (FPO).

Digital currencies with either underlying assets or services will be tradable to prevent losses from investment, he said. Issuers also need to be licensed in the event that they operate any services that require licences by law.

Trading cryptocurrencies will also have to comply with KYC, Mr Pornchai said.

The regulatory framework for virtual coins is expected to take shape by early March, he said.


https://www.bangkokpost.com/business/fi ... omer-rules


This doesn't affect BX which is already complying with KYC.
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Re: The Bitcoin and cryptocurrency thread

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Is that like the "Ignore your Customer" rule??
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Re: The Bitcoin and cryptocurrency thread

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Justice Ministry moves to regulate cryptocurrencies

https://www.bangkokpost.com/business/ne ... recent_box


The Justice Ministry aims to safeguard cryptocurrency traders from incurring heavy losses or falling prey to scammers by introducing measures to regulate the market.

Deputy Prime Minister and Justice Minister Prajin Juntong said the deputy permanent secretary for justice will propose the measures to the Finance Ministry, and announce them on Tuesday.

The Justice Ministry yesterday held a workshop on cryptocoins and regulatory measures, with the participation of heads of the relevant agencies, including Ruenvadee Suwanmongkol, director-general of the Legal Execution Department; Pol Lt Col Prawut Wongseenin, deputy chief of the Department of Special Investigation, as well as representatives from the Finance Ministry and the Securities and Exchange Commission (SEC).

ACM Prajin said measures drawn up at the meeting would be urgently proposed to the Finance Ministry, the Bank of Thailand and the SEC for consideration.

It is important to issue laws -- either acts or royal ordinance -- to regulate cryptocurrencies, he said.

The deputy premier also urged caution in using cryptocurrencies for business purposes, adding the government is seeking measures to regulate digital currencies to make sure people would not fall prey to swindlers. People should thoroughly check any cryptocurrency-related business they are about to invest in to shield themselves from losses, he said.

Kitipong Urapeepatanapong, chairman of Baker & McKenzie Bangkok, a multinational law firm, said measures should be rolled out to help prevent people from falling victim to pyramid scheme operators who claim to be investing in bitcoin and other virtual coins. Bitcoin is now traded in both domestic and international markets, he said, although there are as many as 1,500 virtual currencies now being traded.

He said if no regulatory measures are ironed out, cryptocurrencies could be used by money launderers, drug traffickers and others involved in illicit businesses.

New cyber crimes could also emerge in the future, such as stealing bitcoins from eWallets, he said.
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Re: The Bitcoin and cryptocurrency thread

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Experts throw weight behind SEC to handle digital assets

The Securities and Exchange Commission (SEC) has received endorsement from financial experts to regulate all aspects of digital assets and virtual fund-raising when a royal decree is enacted to that effect.

The Thai Fintech Association (TFA) supports the SEC in regulating all types of digital assets because the market regulator has been monitoring these developments and is equipped with a better understanding of this fund-raising method than other public organisations, said TFA chairman Korn Chatikavanij.

Mr Korn, a former finance minister, said the TFA has consulted and cooperated with the SEC, the Bank of Thailand and the Finance Ministry, arguing that Thailand should have proper rules and regulations to supervise all types of digital assets to reduce investment risks.

https://www.bangkokpost.com/business/fi ... tal-assets
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Re: The Bitcoin and cryptocurrency thread

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The end of Thailand's crypto industry? This will cause an exodus of traders and money ...

10% crypto levy mulled
A possible 10% capital gains tax on investment gains in cryptocurrencies will seek cabinet approval today, says a source at the Finance Ministry.

The Revenue Department will propose the cabinet amend the Revenue Code to pave the way for the tax-collecting agency to impose the 10% capital gains tax from investment gains in digital currencies, the source said.

The tax is part of a royal decree to comprehensively regulate cryptocurrencies and initial coin offerings (ICOs).

The dividend tax on equity investment will be applied to digital tokens, the source said.

Deputy Prime Minister Somkid Jatusripitak said last week the government would try its best to issue the new law to regulate ICOs and cryptocurrencies this month.

Virtual coins will be classified as digital assets, not currency, so the royal decree will empower the Securities and Exchange Commission (SEC) to regulate all aspects of virtual coins.

https://www.bangkokpost.com/business/ne ... evy-mulled
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Re: The Bitcoin and cryptocurrency thread

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BoT plans overhaul with blockchain

The Bank of Thailand plans to adopt blockchain technology for its bond issuance and wholesale central bank digital currency, an interbank payment system.

Blockchain technology would improve productivity and lower operating costs with higher security, said central bank governor Veerathai Santiprabhob at Bangkok Fintech Fair 2018 on Monday.

The central bank's bond issuance via blockchain technology would shorten the time for bond underwriting from around 15 days to a few days, he said.

The bank has a proof of concept to use blockchain for a wholesale central bank digital currency project called Inthanon. The project would improve the central bank's management of interbank baht settlement in the banking industry, keeping it in line with the direction of its counterparts across the world.

The central banks of Canada, England, and Singapore have already rolled out wholesale central bank digital currency services, while those of South Africa and Saudi Arabia are studying the project.

If the central banks can build up an ecosystem to link them across the world, it would open up a cross-border platform, said Mr Veerathai. The project would increase efficiency and slash interbank settlement costs.

https://www.bangkokpost.com/business/fi ... blockchain


There has been no further news on the crypto tax.
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Re: The Bitcoin and cryptocurrency thread

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More grist for the cryptocurrency regulators' mill. Bitcoin blockchain has been subverted by child porn. https://www.theguardian.com/technology/ ... al-content.
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Re: The Bitcoin and cryptocurrency thread

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No, There Isn’t Child Porn on the Bitcoin Blockchain
Anyone swiping through the tech news on their tablet this week may have been startled by an unsavory story. Child pornography (CP) is permanently encoded in the bitcoin blockchain accoriding to mainstream media reports, making anyone who downloads the blockchain guilty of accessing CP. Not only is this old news, but it’s fake news. Understanding why calls for taking a quick dip into bitcoin’s code.

https://news.bitcoin.com/no-isnt-child- ... lockchain/
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