Regulator to shift oversight of ICOs to Securities Act
Measure will remove regulatory overlap
published : 9 Feb 2021 at 09:11
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The Securities and Exchange Commission (SEC) plans to transfer oversight of initial coin offerings (ICOs) for investment and utility tokens to the Securities Act in order to remove regulatory overlap and promote digital assets.
Nopnuanparn Pavasant, director of the Fintech Department at the SEC, said the Digital Assets Decree will be amended along with the SEC s Securities Act to ensure that Thailand s regulations regarding digital assets trading are in line with international standards.
The amendments will transfer the supervision of investment tokens and utility tokens that are not readily exchangeable for services and products, previously regulated under the Digital Assets Decree, to the Securities Act.
Upbit upsets crypto balance of power
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Venture takes off as Bitkub upgrades
published : 22 Jan 2021 at 05:36
6 Peeradej Tanruangporn, centre right, chief executive of Upbit Thailand, with Mr Somphote, left, Mr Chatchaval, centre left, and Mr Preecha, right.
Upbit Thailand, a joint-venture digital asset exchange between Upbit APAC Pte and a group of Thai billionaires, launched operations on Wednesday following a rocky week for the country s leading cryptocurrency platform Bitkub, which temporarily shut down to fix some issues at the request of the regulator.
The new venture is considered timely by some analysts as investors are flocking to bitcoin and cryptocurrency following a surge in prices over the past few months.
Upbit launches in Thailand just days after regulators suspended Bitkub As Thailand’s leading crypto exchange remains suspended, billionaire backed rival Upbit enters the scene. 5204 Total views News
Crypto exchange Upbit is entering the Thai market at a fortuitous time when the kingdom’s most popular exchange, Bitkub, remains suspended by government regulators.
According to reports in local media, a joint-venture crypto exchange between Upbit APAC and a group of Thai billionaires launched operations on Wednesday, Jan. 20. It follows the regulatory suspension of the country’s most popular trading platform Bitkub on Monday, which had a reported 97% share of the market before its closure.
Bitkub told to fix platform issues
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Investor confidence dips on shutdown
published : 20 Jan 2021 at 06:30
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Thai cryptocurrency exchange Bitkub Online temporarily shut down its desktop trading platform on Tuesday following an order from the Securities and Exchange Commission (SEC) giving the company five days to fix issues with its platform which had crashed three times this month due to spikes in activity.
After being closed for 16 hours, its mobile application platform reopened for trading at 17.25.
The situation has raised fears among investors that they may lose their money if the site shuts down for good or cannot handle trading volumes, says an industry veteran who requested anonymity.
Cryptocurrencies total market cap soars to B4bn
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Digital exchanges enjoy rapid surge
published : 11 Jan 2021 at 04:30
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Cryptocurrencies total market capitalisation in Thailand soared to nearly 4 billion baht on Friday, or around 6% of the Stock Exchange of Thailand s (SET) 2020 daily average trade, backed by the continuous price surges of bitcoin and other digital currencies.
Bitcoin s euphoric rally endured as it topped 1.24 million baht or US$40,000 on Friday, while ethereum soared, reaching an all-time high of 39,168 baht.
According to data from the Securities and Exchange Commission (SEC), bitcoin s average trading volume surged from 460 million baht during Dec 22-27 to over 553 million during Dec 28-Jan 2.