The government of Thailand is preparing a new regulatory framework for cryptocurrencies like Bitcoin (BTC) in order to minimize risks and improve investor protection. The Bank of Thailand (BoT) will release a consultation paper in January that will define “red lines” for the crypto industry, governor Sethaput Suthiwartnarueput said in a Dec. 14 interview with The Bangkok Post. “We want to ensure that we strike the right balance between allowing financial innovation and managing risks,” the official stated. The new rules will provide adequate safeguards for consumers as “risks are under-appreciated” currently, Sethaput said. The central bank is cooperating with …

The Bank of Thailand has stated that it does not want commercial banks to be directly involved in the trading of crypto assets. The edict came from central bank senior director Chayawadee Chai-Anant on Dec. 7 who cited risks associated with high price volatility. "We don't want banks to be directly involved in digital asset trading because banks are (responsible) for customer deposits and the public and there is risk." The latest round of central bank suppression of digital assets comes at a time when commercial banks have been making investments in local cryptocurrency exchanges, according to a Bangkok Post …

A push in Thailand to boost gross domestic product (GPD) by targeting crypto digital nomads is coming closer to fruition according to local media. The Tourism Authority of Thailand (TAT) has been looking into launching its own utility token called TAT Coin since September as part of a planned “cryptourism” campaign. The initiative aims to attract crypto wealthy digital nomads and the TAT has been in discussions with the Stock Exchange of Thailand regarding TAT Coin’s issuance. According to a Nov. 24 report from the Bangkok Post, the infrastructure behind the TAT Coin is “ready” to go and is now …

Thailand’s oldest bank plans to become the majority shareholder of one the largest crypto exchanges in the country after a $536.7 million purchase. According to a Nov. 2 announcement, Siam Commercial Bank’s SCB X Group is expected to buy a 51% stake in Thailand-based crypto exchange Bitkub for 17.85 billion baht, or roughly $536.7 million, by the second quarter of 2022. The exchange said the deal is subject to approval from the Thai Securities and Exchange Commission, or SEC, and the country’s central bank. Arthit Nanthawittaya, CEO of Siam Commercial Bank, said the acquisition was based on the growth of …

Central Retail Corp., a leading firm in Thailand's retail industry, is testing a digital currency among its employees. After the sandbox phase is finished, the retail giant plans to extend the service to customers and the general public, according to a report by Bloomberg. The “C-Coin,” a blockchain-powered cryptocurrency, is being offered to 80,000 Central Retail Corp employees around the world as a reward for exceptional performance as a bonus to their usual salary. While holders can use C-Coin to pay for meals and buy items and services from Central Retail's partners using it, this is just a test project …

The rapid growth of mainstream attention toward cryptocurrencies has forced the hands of numerous governments to create their digital alternatives. Over the past few years, interest from various jurisdictions has been pointed towards central bank digital currencies (CBDCs) — digital versions of government-issued fiat. Given their capacity to use blockchain technology to facilitate a simplified fiscal policy — not to mention calibrate privacy features and even provide cross-border banking services to the unbanked — CBDCs continue to gain even more attention from various governments worldwide. Already, surveys show more than 80% of central banks are researching CBDCs, with some working …

The Tourism Authority of Thailand (TAT) is considering creating its own utility token to capitalize on the growing popularity of cryptocurrencies. Named after the agency’s acronym, the plan to launch TAT Coin will have to navigate through Thailand’s complex legal framework and regulations before coming to life. The Bangkok Post reported on Wednesday that the TAT is in discussions with the Stock Exchange of Thailand regarding its ambitions and how the transfer of value can be achieved without introducing the speculative aspects of trading. TAT Coin “would involve the transfer of vouchers into digital tokens that could help operators gain …

The Securities Exchange and Commission of Thailand has a license to an asset-backed token offering service based on the Ethereum blockchain. Fraction, a wholly owned subsidiary of the Hong Kong-based fintech firm Fraction Group, has received a license allowing it to list and trade tokens for fractional ownership of physical or digital assets, the firm announced Thursday. The license was granted through the Thai SEC’s official portal for initial coin offering established back in 2018. The license lays out the foundation for Fraction’s upcoming service for asset digitization and fractionalization, referred to as an initial fraction offering (IFO). The firm …

Thailand’s Securities and Exchange Commission has temporarily suspended the services of the local branch of crypto exchange Houbi and recommended revoking its operating license with the Ministry of Finance. With the suspension in place, Huobi has been given three months to return all assets to its clients. Huobi, which is branded as DSDack in Thailand, received the suspension order after failing to comply with local regulations related to its operations and management structure. According to the Thai SEC, Huobi was first informed about a breach of compliance during an investigation that started in February 2021. After its reported failure to …

Thailand's Bank of Ayudhya (BAY) — in which Mitsubishi UFJ Financial Group (MUFG) holds a 76.9% stake — participated in the latest funding round for the Asia-Pacific-focused crypto exchange Zipmex. The $41 million raise, which saw the participation of two publicly traded Thai media firms and overseas venture capital (VC) funds — in addition to BAY — accounts for the lion’s share of Zipmex’s total $52 million in funds raised to date. BAY’s corporate venture capital arm, Krungsri Finnovate, invests in startups across various fintech areas, including blockchain, lending, e-commerce and cross-border remittance. Commenting on the news of the Zipmex …

The Securities and Exchange Commission (SEC) of Thailand continues introducing new regulations for the cryptocurrency industry, citing investor protection concerns. On Wednesday, the Thai SEC proposed a set of additional regulations related to custody of investors' cryptocurrency holdings held by digital asset business operators. The newly proposed rules refer to custody of fiat money for digital asset accounts as well as cryptocurrency lending, or earning interest on crypto holdings. The SEC is specifically looking to prohibit crypto companies from using investor assets for the “benefit of another client or other persons,” or seeking benefits from both investors’ fiat money and …

The Bank of Thailand (BoT) has published the results of a new study into how to manage the implications of issuing a retail central bank digital currency (CDBC) for the country’s financial sector. As distinct from a wholesale CBDC, which is limited to use by financial institutions and intermediaries, a retail CBDC is widely available for use by the general public. The Bank of Thailand, like many other central banks worldwide, has been engaged in CBDC research and development and now plans to begin testing a CBDC next year. Unlike the BoT, not all these central banks have committed to …