The Securities and Exchange Commission (SEC) of Thailand is working to better protect cryptocurrency investors by introducing new rules for crypto custody services. Thai SEC on Jan. 17 issued regulations requiring virtual asset service providers (VASP) to establish a digital wallet management system to guarantee efficient custody. The new rules target crypto custodians, or VASPs that provide crypto storage services. The regulations include three major requirements, including provision of policy and guidelines for overseeing risk management of digital wallets and private keys. The rules require VASPs to communicate with regulators regarding such policies and provide action plans to ensure compliance. …

Bank of Thailand (BOT) has disclosed plans to allow virtual banks to operate in the country for the first time. Financial firms will be able to provide services by 2025, a Bloomberg report shows. The ‘Consultation Paper on Virtual Bank Licensing Framework’ has been published by the central bank, and applications shall be available later in 2023, allowing virtual banks to act as financial services providers. The move focuses on boosting competition and Thailand's economic growth. The BOT will issue three different licenses for interested companies by 2024. There are at least 10 parties interested in granting permissions, the report …

The cryptocurrency exchange Zipmex is the focus of a new probe by the Securities and Exchange Commission (SEC) of Thailand for a breach of local rules. A Bloomberg report revealed that local authorities are looking into an activity that they believe may be in violation of business rules for digital asset service providers. This includes its offerings of certain digital asset products According to the Thai SEC, Zipmex has until Jan. 12 to clarify whether it has been functioning as a “digital-asset fund manager without permission” in Thailand. If true, the firm would have needed to obtain a permit prior …

Thailand joins the growing list of countries that are seeking to revise their crypto regulation in the aftermath of the FTX collapse. And, as most of these countries do, it intends to tighten the guidelines for the industry and focus on investor protection. According to the report from the Bangkok Post, published on Dec. 13, the Thai Securities and Exchange Commission (SEC) is preparing more stringent regulations on digital assets “to mirror the global market.” To justify such a decision, the SEC representatives reportedly nodded on the failures of FTX, Three Arrows Capital, the TerraUSD, Celsius Network and the local …

After weeks of negotiations on a potential buyout of Zipmex, venture capital fund V Ventures has reportedly reached a deal to acquire the embattled cryptocurrency exchange. V Ventures, a subsidiary of Thoresen Thai Agencies (TTA) public company, is looking to purchase a 90% stake in Zipmex crypto exchange, Bloomberg reported on Dec. 2. The VC fund is about to acquire Zipmex for about $100 million in digital assets and cash, anonymous sources familiar with the matter claimed. Citing a court hearing on Friday in Singapore, the report says that Zipmex was offered $30 million in cash and the rest in …

The financial technology associations for Thailand and Hungary have signed a bilateral Memorandum of Understanding (MOU) to support the introduction of blockchain technology to their respective financial sectors. The MOU, signed by the Thai Fintech Association (TFA) and the Hungarian Blockchain Coalition on Oct. 25, will see the two associations “share experiences, best practices and explore areas potentially beneficial for direct cooperation,” according to a Facebook post by the Embassy of Hungary in Bangkok. TFA president Chonladet Khemarattana said that e-commerce, mobile payments, and digital currencies are growing rapidly in Thailand and that international cooperation is needed to further develop …

The Bank for International Settlements (BIS) has released the full details of its mBridge pilot project to use central bank digital currencies (CBDCs) for foreign exchange. Commercial banks in four jurisdictions made cross-border transfers using CBDCs and distributed ledger (blockchain) technology in the project, which was heralded as a success. Twenty commercial banks in Hong Kong, China, the United Arab Emirates and Thailand used the custom-made mBridge Ledger platform and CBDCs issued by their respective central banks to conduct payment and foreign exchange payment-versus-payment transactions on behalf of their corporate clients between August 15 and September 23. Over $12 million …

Thailand’s largest crypto exchange Bitkub has come under regulatory scrutiny from the country’s Securities and Exchange Commission (SEC) over falsifying and creating artificial trading volume on its platform. Thai SEC ordered legal action against the crypto exchange and two individuals alleging the crypto platform was involved in wash trading, a process where investors buy and sell the same assets at the same time in order to manipulate the market by inflating volumes. The latest enforcement action against the leading Thai crypto exchange would be the second penalty for the crypto exchange within three months. Bitkub Capital Group Holdings Chairman Sakolkorn …

A multi-jurisdictional Central Bank Digital Currency (CBDC) pilot has been marked “successful” by the Bank for International Settlements (BIS) after a month-long test phase that facilitated $22 million worth of real-value cross-border transactions. The central banks of Hong Kong, Thailand, China and the United Arab Emirates (UAE) took part in the pilot program along with 20 commercial banks from those regions. More than $12 million worth of value was issued onto the test platform, which facilitated 164 foreign exchange transactions and cross-border payments between the participating firms totaling over $22 million worth of value according to a Tuesday LinkedIn post …

By the end of last week, the federal agencies presented the results of their six-month-long work on the principal directions for digital assets regulation in the United States. The resulting first-ever crypto framework, published on the White House website, may not contain many surprises or exact details, but, as a part of President Joe Biden’s executive order, it will undoubtedly affect the policymaking decisions to come. Perhaps the most important section of the framework is dedicated to central bank digital currencies (CBDCs). It revealed that the administration has already developed policy objectives for a U.S. CBDC system, but further research …

The Securities and Exchange Commission (SEC) of Thailand is preparing to take radical measures in the aftermath of crypto lending platforms’ crashes experienced in Summer 2022. Thai SEC plans to prohibit crypto platforms from providing or supporting digital asset depository services. The announcement, published on the official webpage on Sept. 15, reports that the SEC has opened a public hearing on the matter and will be collecting opinions until Oct. 17. In principle, the regulator intends to ban any staking and lending services from the “digital asset business operators” to protect traders and the general public from the “risks of …

Thailand’s Securities and Exchange Commission, or SEC, has accused crypto exchange Zipmex and its co-founder Akalarp Yimwilai of non-compliance with local laws and referred the matter to the police. In a Wednesday announcement, the Thai SEC alleged Zipmex had not provided information on digital wallets and crypto transactions in compliance with the country’s Digital Assets Act. The regulator claimed that both Akalarp and the exchange forwarded incomplete information outside of an approved timeframe without providing a “reasonable cause” or excuse. “Such actions by Zipmex and Mr. Akalarp are considered to be non-compliance with the competent official's orders, which is an …