Payment profusion Payment profusion
While cryptocurrency prices tend to hog the headlines, tech-based tokens are shifting their shape while gaining more mainstream interest, even among central banks
published : 28 Jun 2021 at 06:44
4 The exchange rates and logos of Bitcoin (BTH), Ether (ETH), Litecoin (LTC) and Monero (XMR) are seen on the display of a cryptocurrency ATM of blockchain payment service provider Bity at the House of Satoshi bitcoin and blockchain shop in Zurich on Friday. (Reuters photo)
The adoption of Bitcoin and other cryptocurrencies as a payment method for goods and services is gradually gaining traction among real-world entrepreneurs despite the inherent price volatility, including a recent dip.
Thailand requires in-person KYC for new digital currency exchange signups Business
New digital currency traders in Thailand will be required to physically present themselves when they open new accounts on exchanges. This is after the country’s regulators revealed a new stringent KYC process that is seeking to stamp out money laundering, scams and other illegal activities from the industry. The new regulations kick in starting September.
Currently, Thai exchanges conduct the onboarding process entirely online from the application, to the ID submission, verification and account opening. However, according to a report by the Bangkok Post this all changes in three months’ time. The Thai Anti-Money Laundering Office (AMLO) has mandated all exchanges to use the dip-chip machine for identity verification. This machine scans a chip embedded on the Thai national identity card, requiring the customer to be physically present.
April sees surge in retail cryptocurrency traders bangkokpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bangkokpost.com Daily Mail and Mail on Sunday newspapers.
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.