Thailand

Thailand’s Securities and Exchange Commission (SEC) plans to introduce stricter regulations for crypto firms. Bloomberg reported on July 22, citing the SEC’s Secretary-General Ruenvadee Suwanmongkol. The decision to introduce sterner regulations comes after the recent crypto market downturn saw retail investors incur massive losses. According to Suwanmongkol: The extreme volatility of digital-asset prices has spurred the urgent need for improved supervision. Our main focus will be to provide more protection for small investors, some of whom are putting most of…

Leading crypto exchange Huobi has started winding down operations in its Thai branch. The exchange announced today, noting that the Thai Securities and Exchange Commission (SEC) revoked its license. As a result, Huobi Thailand plans to shut down operations on July 1, 2022. According to the announcement, the Huobi Thailand team has been trying to contact customers since September last year. The outreach sought to get customers to withdraw their funds from the platform. Additionally, the exchange has put up…

The Bank of Thailand will soon outline specific rules for the crypto industry to protect investors and the financial system. They will arrive in the form of a consultation on the “Financial Landscape” from the nation’s central bank next month. Thailand’s Rules On Crypto Central Bank Governor Sethaput Suthiwartnarueput explained the objectives of the forthcoming paper in an interview with Bloomberg on Monday. He said it would look for consensus regarding the “red lines” for the green finance and digital…

Thailand Securities and Exchange Commission has directed crypto exchange Bitkub to stop accepting new customers on their platforms. This directive comes after the exchange shut down temporarily in January due to the influx of new customers on its platform. Regulatory Demands Not Met By BitKub  Bitkub acknowledged the directive from the regulatory body and revealed in a statement that it would suspend the registration of new users. The development comes after the exchange suffered a major technical problem in January.…

Later on this year, Thailand's Stock Exchange, SET, plans to set up a digital asset trading platform that won't involve cryptocurrency trading. The forum will allow both individual and institutional trading of every type of digital token, except crypto. According to SET, the reason behind the removal of cryptocurrency is the uncertainty of how to curb money laundering. SET previously announced that the exchange will use blockchain technology for payment services. The technology will be provided by Kasikorn Business-Technology Group,…

Cross-border CBDC payments could soon be a reality. This follows the announcement by The central banks of Hong Kong and Thailand that they were on the cusp of jointly implementing a similar payments system. In an official communique released on 22 January, the two banks disclosed the results of Project Inthanon-Lionrock, a CBDC research project the two are cooperating in. The banks issued a joint press release and availed a 90-page report detailing the pros and cons of CBDC on…