The Bitcoin and cryptocurrency thread

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buksida
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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Mon Jul 02, 2018 10:07 pm

Asco looks into joint exchange
The Association of Securities Companies (Asco) is studying the possibility of establishing a joint cryptocurrency exchange between securities companies and plans to apply for an operating licence with the Securities and Exchange Commission (SEC).

Many securities firms that are Asco members are interested in operating digital asset and related businesses, including initial coin offering (ICO) portals and exchanges, as well as becoming brokers and dealers in digital asset trade, Pattera Dilokrungthirapop, chairwoman of Asco, told the Bangkok Post.

Interest in digital assets has been growing across the globe. Bitcoin's skyrocketing value last year heavily contributed to increasing investment appetite in digital assets.

Securities firms normally engage in the securities trading business, which is similar to digital asset trading, hence securities firms are ready to offer services and trading platforms to investors, Mrs Pattera said.

Under a securities business licence, securities firms can conduct some digital businesses, including becoming digital asset dealers and brokers, along with operating digital token e-wallets.

But such securities companies need to have the investors' property preservation system separated from the company's assets.

Regarding a plan to apply for a crypto exchange licence, at least a few securities firms will join together to obtain them to reduce operating costs and collaborate on sharing innovative technology, Mrs Pattera said.

"We are confident that investors will prefer trading with us, since we have been in the securities trading business for a long time," she said. "Investors can trust our trading system, which has secured asset preservation."

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

Post by buksida » Fri Jul 06, 2018 6:32 pm

SEC reveals framework for ICO portals and tokens

The Securities and Exchange Commission (SEC) has released a regulatory framework for issuing and selling digital tokens through initial coin offerings (ICOs) along with announcing the ICO portal process, effective from July 16.

Since the digital asset decree stipulates that ICO issuers have to be approved by ICO portals, ICO portals will have to be initially approved by the SEC.


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

Post by buksida » Fri Jul 20, 2018 2:19 pm

One of Korea's largest exchanges wants to open in Thailand ...

Bithumb Bounces Back With Expansion Plans in Japan and Thailand
Local media recently reported that Bithumb, one of South Korea’s most prominent exchanges, has announced plans to make a move on the Japanese and Thai markets.

In an exclusive with ZDNet Korea, Bithumb has announced that it plans to open operations in Japan and Thailand after receiving the required regulatory approval from local governments.

The exchange is currently working with the Japanese Financial Services Agency (FSA) and the Thai Securities and Exchange Commission to secure permission to operate in these markets. Bithumb has already established branches in the two countries, with Bithumb Thai currently holding 3 million Thai Baht (~$90,000 U.S. Dollars) to its name.

The Korean exchange gave ZDNet some reasoning for the move to Thailand, stating:

“Thailand is active in e-commerce and pin-tec industry, and the government is showing great interest in digital currency as it promotes smart city business.”

It is expected that Bithumb will open Thai operations prior to Japanese operations, with trading commencing as soon as the end of October.

https://www.newsbtc.com/2018/07/16/bith ... -thailand/

Looks like the tax crackdown didn't actually happen and the junta seems to have pulled another u-turn on crypto, probably due to pressure from some big players that actually know what they're doing and want the country to progress.
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Re: The Bitcoin and cryptocurrency thread

Post by Vital Spark » Sat Jul 21, 2018 12:18 am

Thank goodness the Thai government have come to their senses re. the ridiculous taxing. Feel sorry for the exchanges like Bx. though that have probably lost a lot of customers in the interim.

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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Sat Jul 21, 2018 3:55 am

Its not definite, just hasn't happened yet - I don't see logistically how they can calculate capital gains taxes from profits on digital currencies which can cross borders transparently and anonymously.
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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Mon Aug 06, 2018 7:45 pm

Bank of Thailand gives go-signal for financial companies to dabble in crypto activities
Thailand’s central bank, the Bank of Thailand (BOT) has released a circular outlining their policies on cryptocurrency activities. The circular effectively cancels out their previous rule banning banks and financial institutions from engaging in such activities, provided they abide by the newly released policies.

According to the Blognone, the BOT says that banks can now open subsidiaries for cryptocurrencies through which they can invest in and issue tokens, launch ICOs, offer crypto brokerage services, and run crypto-related businesses.

The BOT will be the governing authority that can approve any subsidiaries, but they expect the financial institutions launching them to oversee operations as well as risks, particularly with security, consumer protection, anti-money laundering (AML), and combating the financing of terrorism (CFT).

https://coingeek.com/bank-of-thailand-g ... ctivities/
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Re: The Bitcoin and cryptocurrency thread

Post by dundrillin » Mon Aug 06, 2018 10:13 pm

If I was going to buy some bitcoins what would be the best way to go about it?

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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Thu Aug 16, 2018 2:09 pm

Go back to the start of this thread and read on!
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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Thu Aug 16, 2018 2:10 pm

Bitcoin scandal spreads to banks, stock exchange

A "whale" investor in the Stock Exchange of Thailand (SET) and staff at up to three Thai banks are suspected of being complicit in a 797 million baht (US$24 million) scandal involving a foreign investor and the cryptocurrency bitcoin (BTC), police said Wednesday.

The three commercial banks were named as Bangkok Bank, Siam Commercial Bank and Kasikornbank. All handled transactions involving part of the swindled money, police said.

Police said several of the banks' employees failed to report money transfers of 2 million baht or higher, a serious violation of bank rules. Staff are required to inform the Anti-Money Laundering Office (Amlo) when sums of this value change hands.

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

Post by dundrillin » Thu Aug 16, 2018 3:47 pm

buksida wrote:
Thu Aug 16, 2018 2:09 pm
Go back to the start of this thread and read on!
I am thinking that a lot has changed recently regarding fraud in its various forms. Is it safe to buy crypto currencies anywhere? Seems a bit of a minefield at the moment.

Thanks anyway for reply.

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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Thu Aug 16, 2018 3:59 pm

Cryptos are perfectly safe to buy from legitimate exchanges or peer-to-peer. You have to do a little homework with regards to storing them safely if you have a lot, exchanges can and do get hacked but the major ones will have some form of protection.

Fraudsters and scammers are in all walks of life so with a bit of common sense you can avoid them.

If you want to have a little dabble and have a Thai bank account suggest you look at bx.in.th, Thailand's largest exchange. They have a 70% discount at the moment! :cry: :duck:
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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Thu Aug 16, 2018 8:52 pm

Thailand Opens To Crypto As SEC Approves Seven Exchanges
Nations across Asia have been pretty mixed with their approach to cryptocurrencies. Governments in the region tend to be more autocratic where the notion of free trade, decentralization, and power to the people is abhorrent to many of them.

Thailand, which is currently in the grips of a military dictatorship, is taking an unexpected favorable stance towards cryptos as the Securities and Exchange Commission announced their approval of several exchanges within the Kingdom.

According to yesterday’s Thai SEC announcement seven crypto exchanges have been approved for legal operations. The exchanges include BX Thailand (Bitcoin Co. Ltd), the country’s leading exchange which handles $2.3 million in trade volume per day. Additionally Bitkub Online Co. Ltd, Cash2coins Co. Ltd, TDAX (Group Co. Ltd), and Coin Asset Co. Ltd were approved for trading.

https://ethereumworldnews.com/thailand- ... exchanges/
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Re: The Bitcoin and cryptocurrency thread

Post by dundrillin » Thu Aug 16, 2018 11:25 pm

buksida wrote:
Thu Aug 16, 2018 3:59 pm
Cryptos are perfectly safe to buy from legitimate exchanges or peer-to-peer. You have to do a little homework with regards to storing them safely if you have a lot, exchanges can and do get hacked but the major ones will have some form of protection.

Fraudsters and scammers are in all walks of life so with a bit of common sense you can avoid them.

If you want to have a little dabble and have a Thai bank account suggest you look at bx.in.th, Thailand's largest exchange. They have a 70% discount at the moment! :cry: :duck:
Thanks for that,very helpful.

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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Wed Aug 22, 2018 2:32 pm

Bank of Thailand digital currency scheduled for 2019
The first phase of the Bank of Thailand's wholesale Central Bank Digital Currency (CBDC), which will be used for interbank fund transfers, is expected to be completely developed by the first quarter of next year, says the central bank.

The Bank of Thailand and eight commercial banks under Project Inthanon Phase 1 will design, develop and test a proof-of-concept prototype for domestic wholesale funds transfers by using wholesale CBDC, the central bank said in a release.

The eight participating banks are Bangkok Bank, Krungthai Bank, Bank of Ayudhya, Kasikornbank, Siam Commercial Bank, Thanachart Bank, Standard Chartered Bank Thai and HSBC.

The central bank, the eight banks and database firm R3 are exploring the implications and the potential benefits of distributed ledger technology (DLT) to enhance efficiency in the Thai financial market infrastructure.

https://www.bangkokpost.com/business/fi ... d-for-2019
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Re: The Bitcoin and cryptocurrency thread

Post by JWWhite » Sun Aug 26, 2018 6:10 am

Another Sign The Bitcoin Bubble Is Ending? China Launches An Unprecedented Crackdown On Cryptocurrencies…

Those that sold their cryptocurrencies at the peak of the market made a tremendous amount of money, but those that hold on to the bitter end are going to be gravely disappointed. For a while there, it seems like cryptocurrency prices were going to go up forever. 2017 was the best year for cryptocurrencies ever, and lots of investors were becoming millionaires on paper. But now the “Bitcoin bubble” has burst, and the losses are absolutely staggering. Unfortunately for crypto investors, it looks like things are about to go from bad to worse, because China has just launched an absolutely unprecedented crackdown on cryptocurrencies. Potential government intervention was always the “elephant in the room” for cryptocurrency enthusiasts, and now it is becoming a reality in a major way.
http://www.investmentwatchblog.com/anot ... urrencies/
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