Thailand is rapidly becoming one of the most crypto friendly nations in Southeast Asia despite still being in the grips of a military dictatorship. The Stock Exchange of Thailand (SET) has plans to apply for a digital license which will enable it to operate a cryptocurrency exchange.

Thai Bourse Eyes Crypto

The SET is keen to get on the growing trend of digital asset trading which is extremely popular in the region. According to Pattera Dilokrungthirapop, the chairwoman of the Association of Securities Companies and vice-chairwoman of the SET’s board of governors, the bourse plans to apply to become brokers and dealers for digital asset trading.

If the application is successfully Thailand’s stock exchange will become one of the first in the world to setup a separate crypto exchange according to the Bangkok Post. It is already a step ahead of other exchanges in the Kingdom as it has large capital and long established trust among investors.

The Finance Ministry is the authority for digital license issuance in the country while the SEC is the primary regulator.  The SET is not alone as the number of firms with an interest in setting up digital asset operations is growing.

“Securities firms are currently waiting for the SET to apply for a license. For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class,” added Pattera.

Bitkub Group, one of Thailand’s first officially approved crypto exchanges, has shown interest in partnering with the bourse on its upcoming digital asset exchange. The SEC recently granted digital asset business licenses to four crypto exchanges while two remained pending and one was rejected.

Rejected Exchange Aims to Reapply

In a related development one of those exchanges, Coin Asset Co, has plans to reapply for its license as assets on the platform took a nosedive following recent SEC rejection. Failing to meet SEC standards was cited as the reason for the failure to approve the license. This has spooked investors according to the Post leading to a dump of JFin coin, Thailand’s first ICO.

Coin Asset chief executive Sivanus Yamdee said “We are seeking a way to keep our digital asset exchange operating as the business cycle is moving towards a peak,” however the processing time for reapplication is four months.

Unlike in the US, regulators in the kingdom are on the right track and the SET showing an interest will be a huge boost for the crypto industry in the region.

*This post is credited to NewsBTC

The Thailand Securities and Exchange Commission (SEC) has decided to explain how already existing laws could be applied to crypto securities. Another thing to mention is that Thai companies that are planning to issue securities tokens abroad need to follow specific regulations. The information was released a few days ago by the Bangkok Post.

According to the Bangkok Post, regulators are still not sure how to deal with securities token offerings (STO). To be clear, these STOs are crypto tokens that are backed by real assets, including gold or real estate. While IPOs are regulated under the Securities Act, Initial Coin Offerings (ICOs) follow the Digital Asset Act.

However, the SEC has to issue licenses for ICOs if they want to raise money in Thailand. And this regulatory framework has barely got off the ground.

According to Tipsuda Thavaramara, the deputy secretary of the SEC explained that the regulator has to consider how to deal with STOs. The share of ownership, voting rights and dividends are some of the issues to take into account.

Apparently, if STOs share the same conditions to other securities, they would have to follow a similar process that IPOs follow. That means that they will be regulated by the SEC Act. Additionally, STO trading would fall under the Digital Asset Act just in case the fund-raising is carried out in the same way as for Initial Coin Offerings.

Tipsuda commented about these regulations:

“At the moment, we have not decided whether STOs fall under the SEC Act of the Digital Asset Act, but it depends on the STO’s conditions and the details in its white paper. The SEC will have to consider carefully how to respond to each STO.”

At the same time, Prinn Panichpakdi, the managing director of CLSA Securities Thailand, explained that STOs are popular and trendy in overseas markets and they would reach the Thai market in the near future. However, regulators in the country are not ready to issue digital asset licenses.

Prinn said that the environment is changing and that the SEC would have to see how to deal with companies that launch these products in other markets.

Regulatory issues around the world related to virtual currencies are not clear and are generating troubles among crypto companies and investors. Nevertheless, there are some countries such as Malta or Japan that are trying to be ahead of the market creating clear regulations and protecting investors from fraudulent activities.

*This post is credited to Bitcoin Exchange Guide

According to the latest statistics published by International Data Corporation (IDC), the global blockchain spending will continue its growth hitting 11.7 billion USD in 2022; Japan and Canada are the fastest growth. The development of blockchain technology is equally vibrant in Southeast Asia. Emerged as one of the region’s prominent innovation hubs, Vietnam understands vital contribution in which technology could add to the development of society and local businesses.

Founded by a group of professionals amid the booming of information technology (IT) start-up in Vietnam, Lina Network is well-posited itself in the field of blockchain technology, big data and artificial intelligence (AI). Since its inception, under the vision of Mr. Vu Truong Ca, Chairman and also an IT veteran, Lina Network has quickly expanded and developed into a promising advanced technology provider. In Oct 2018, Lina Network had launched the blockchain-based Supply Chain, a comprehensive solution helping enterprises find solution to the root causes of the problem. Lina Network sees Thailand as its important market foreseeing a strong growth in the blockchain technology market.

The partnership between Lina Network and Thai businesses has been established for many years. Many of Lina Network’s strategic partners are Thailand’s most prominent corporations such as Chok Chai, SAP Siam Food International, AIM THAI, Pumeesin 99 Co. Ltd, PP Company, Aonang Landmark and also large corporations from Japan like Universal Consultant, Komatsu Bussan, National Farmers, BSO, Smart-Agro, E-Solution.

To celebrate the relationship between Lina Network and Thai businesses, a special Event “Lina Concert – Passion of Rothschild” was organised on November 24th at the Le Méridien Hotel in Bangkok. The event was specially attended by Mrs. Baroness Charlotte de Rothschild, a British opera singer and a member of the Rothschild family in England, who have operated businesses in diverse industries including financial services, real estate, mining, energy and even charitable work, CEOs/ leaders of large corporations such as PTT, Siam Commercial Bank, global corporation representatives from New Zealand, India, U.S., Thailand…, local business people and Mrs. Baroness Charlotte de Rothschild’s friends.

This is the first time that a member of Rothschild family has accepted an invitation from a Blockchain company of Vietnam to attend an official event. At the intimate meeting before event, Baroness Charlotte De Rothschild had a brief conversation with LINA team about the projects and future plans.Ahead of the special performance by Mrs. Baroness Charlotte de Rothschild, guests were gathered to share insights on the application of blockchain technology platform in businesses.Many Thai businesses are satisfied with the results utilising Lina Network’s breakthrough products and services that help enhancing transparency, security, traceability, operational efficiency, speed as well as optimising cost.

Being a forerunner with sustainable finance platforms & core technology, Lina Network commits to bring its expertise, experience, solutions through breakthrough products to Thailand helping local businesses achieve operational efficiency, security enhancement and generating values.

“It was a great pleasure to welcome Charlotte De Rothschild to Thailand, for the first time ever”, said VũTrường Ca, chairman of the management board of Lina Network. “The event was a great success; the singing was just wonderful and everyone was thrilled to see Charlotte perform. This is such an opportunity for LINA Network to share our vision and commitment not only in Vietnam but also around the world. Moreover, the event enables us to convey LINA Network’s message about the opportunities brought by the Fourth Industrial Revolution”

Lina Network is a member of the Smart Links Swiss Group, a multinational corporation headquartered in Zurich, Switzerland. Based on the standard platform of Blockchain technology, Lina Network has been consistently improving the company’s key products to apply Blockchain in life, such as:Review Platform, Digital Identity, Supply Chain, Healthcare, Education.Lina promises to be a leading Blockchain Group trusted by multinational business partners and continues to lead the technology race not only in Asia but also the world.

After signing a contract of “Digital Identity on Blockchain” with the Laos government, Lina Network has also successfully cooperated with more than 30 corporations from Japan, Thailand, India and the US. … in applying Blockchain Supply Chain into the production process. LINA Network has also partnered with the world’s leading universities to open the Blockchain Research Institute to research, train and provide high-quality human resources for this industry.

*This post is credited to Bangkokpost

BLOCKCHAIN technology has already been identified as being fundamental to transforming Singapore’s financial service industry by the country’s central bank.

But, recent reports suggest that it’s not just the financial industry that is keen on utilizing technology.

Singapore’s Mass Vehicle Ledger (MVL), the protocol behind the blockchain powered ride-hailing platform TADA has entered into a partnership with Ethereum-based payment platform OmiseGo to develop the technology further.

Media reports claim that MVL and Bangkok based firm OmiseGo seek to develop a Proof-of-Concept (PoC) to determine if the decentralized OMG Network is a viable solution for MVL’s data storage needs.

TADA’s data will be stored on OmiseGo platform during the PoC.

The partnership will also launch a pilot cryptocurrency payments system at OmiseGo’s home base in Thailand.

Last month, MVL was granted a taxi provider license by Land Transport Authority of Singapore, which allowed the outfit to roll out TADA Taxi, an exclusive platform for cab drivers.

Over 2,000 Singaporean taxi drivers have signed on since and the company has set a target of 5,000 by year-end.

Much like its platform for private car-hailing, taxi drivers are not charged any form of commission or fees out of their fares by TADA. Instead, the drivers will be rewarded with “MVL Coins” for good reviews.

The platform also allows the drivers to cash out their earnings immediately.

MVL’s eventual plan is to get other automotive industry stakeholders onboard its platform.

These include automotive brands, insurance companies, petrol stations, among others, who would be able to sell their product on the platform with digital currency or fiat money.

These B2B partners are the ones that will be charged a commission for every sale made.

Taxi companies and other ride-services in the region have recently declared the interest in exploring blockchain technology.

Kuaidi Dache’s founder, Chen Weixing announced in May, a plan to establish a blockchain powered ride haling app, which will include delivery services.

The automotive industry, in general, had shown increased intent in integrating next-generation technologies such as artificial intelligence and blockchain as well.

Last June, IOTA, and Volkswagen unveiled a PoC that used IOTA’s Tangle system for autonomous cars at the Cebit Expo in Germany.

Daimler AG, maker of Mercedes Benz and Smart car also revealed its blockchain powered MobiCoin that it uses to reward its drivers for eco-friendly driving habits.

If these trends are any indication, the transportation sector may end up becoming the leaders in providing the world with viable blockchain technology solutions- something other industries have talked about for years, without any solid products to date.

*This post is credited to Techwireasia

Thailand’s Democrat Party, the country’s main opposition party has become the first major political party in the world to carry out primary elections entirely on a blockchain.

Using a live e-voting system powered by the Zcoin blockchain, the party successfully conducted its primaries which involved more than 120,000 voters between November 1 and November 9. In an election of many firsts, it also marked the first time that a major Thai political party selected its leader using input from the generality of party members ahead of the country’s first general election since the 2014 military coup.

Growing Influence of IPFS and Zcoin in Thailand

A few days ago, CCN reported that a Thai rap music video “Rap Against Dictatorship”, which turned into a viral sensation with more than 30 million views in two weeks became the first known piece of political resistance music to be stored using a blockchain following threats of government censorship against the YouTube video. Using IPFS, a decentralised file storage system, an unknown user saved a copy of “Rap Against Dictatorship” in a transaction on the Zcoin blockchain which is built on the Zerocoin protocol.

The Thai Democrat party took this concept a step further, using IPFS to revolutionise the process of maintaining election record integrity. Voters were able to take part in the process using either a mobile voting app that required photo ID submission or manual voting at physical voting stations operating on a Raspberry Pi system.

IPFS was then used to store encrypted data packets containing identification documents and voting tallies. The hashes were then stored on the Zcoin blockchain, guaranteeing their immutability and auditability to both the Thai Election Commission and Democrat Party candidates.

Speaking about the Democrat Party elections, Poramin Insom, Founder & Lead Developer of Zcoin said:

“I am very proud that Zcoin played a role in making Thailand’s first large scale e-vote, a reality, which saw greater voter participation and transparency. […] I believe we’ve achieved a huge milestone in our country’s political history and hope that other political parties or even the government not just in Thailand but in the region can look to using blockchain technology in enabling large scale e-voting or polling.”

Whereas previously a small group of around 250 MPs and party branch chairmen would select the leader of the party who would be the presidential candidate, the use of blockchain technology has now enabled more than 120,000 party members nationwide to make the decision for the first time.

Key Operating Details

In a keenly contested race with potentially huge implications for the country ahead of next year’s election, former Thai PM Abhisit Vejjajiva defeated his closest challenger Warong Dechgitvigrom, polling 67,505 votes to Warong’s 57,689. Prior to the election, Vejjajiva had spoken about the importance of opening up Thailand’s democratic process, and the success of the blockchain deployment is likely to have a significant impact on the wider electoral framework of Thailand and other countries with similar circumstances around the world.

Information from the Democrat Party reveals that encryption keys used in the voting process were split using a cryptographic method called Shamir’s Secret Sharing Scheme, which ensures that consensus is needed in order to decrypt the full set of voting data. Voter ID documents could only be decrypted by an accredited official from the Thai electoral commission or a representative of the Democrat Party in order to verify voter eligibility.

Most significantly, voting data could only be decrypted with full consensus agreement from all five parties concerned namely, three representatives of each candidate, the Thai Election Commission and the Democrat Party.

The voting activity spanning the November 1-9 voting period can be observed on the Zcoin blockchain explorer here.

*This post is credited to CCN

Cryptocurrencies and blockchain technologies have redefined the way payments, and settlements are now exchanging and being transferred throughout the world. Owing to their decentralized nature, virtual currencies including Ripple’s XRP are immune to challenges such as government bureaucracy and inflation to mention a few.

But everyone knows, cryptocurrency is a perfect medium for sending and receiving large sums of money from one part of the world to the other.

In recent time, the cryptocurrency market has been experiencing the emergence and introduction of new applications into the cryptocurrency ecosystem that allows merchants and users to trade, store, and exchange virtual currencies such as BTC and XRP.

Despite the progress that is being made in the cryptocurrency world, many governments and nations are still on the fence when it comes to incorporating and adopting blockchain technology.

However, Thailand seems to be going against the tides as it is eager to embrace the revolutionary technology while other countries such as the US are still trying to figure out the technology and how best they can implement it in their current operations.

Thailand is so much into blockchain technology and cryptocurrency that they are already plotting on how they can come up with their own central bank virtual currency(Ripple’s aim right from the beginning has been to make XRP a base currency for banks, so probably a pair made in heaven?).

Subsequently, Thai regulators have been making substantial progress since 2017; from permitting exchanges and ICOs to conduct their operations in the country to inaugurate a cryptocurrency license company.

The country has also caught the attention of international companies that are impressed by their clear-cut and decisive regulations governing foreign blockchain companies. Thailand is quickly emerging as an example worth emulating across Southeast Asia, and as a country worth the attention of cryptocurrency and blockchain startup founders as it is a fertile ground for the technology.

What is TOK Cryptocurrency Exchange?

TOK is a new cryptocurrency exchange service that generally attends as a wallet to hold virtual currencies as well as a mobile exchange. In addition to this, other attributes of TOK include:

A Multi-Blockchain Asset Supporter

What this says is that TOK is a platform that has the capabilities to serve as a wallet for any listed virtual currency users may decide to store in it. In addition to that, TOK has a trading capability that allows users to directly trade digital assets straight from the account/wallet with minimal security risks and conversion losses.

Mobile Exchange Capabilities

When using TOK, users have the full capabilities to exchange between virtual currencies and fiat currencies by merely using their smartphones and handheld devices. This means that whether users are working or on holiday, they can access their accounts/wallets and make the right deals at any particular time.

Offline Security Functionalities

TOK as an exchange platform is not only convenient, but it also has high-security capabilities that allow users to control how much digital assets they are storing offline. This functionality gives users the surety that their digital assets are safe and secure even when they do not access their digital assets for a long time.

No Trade Fees

Another major attribute of TOK as a platform is that they do not charge extra levy fees for transactions of any kind on their platform.

Thailand Cryptocurrency Exchange, TOK, Listing XRP

As a versatile decentralized chat application developed on Ethereum’s Blockchain, TOK is offering its users with classic attributes of a chat app as well as a user-friendly in-built cryptocurrency wallet.

A couple of days ago, Thailand based crypto exchange, TOK, announced to the world its operations towards listing Ripple’s default cryptocurrency, XRP, onto their platform. Starting November 13, 2018 (till yesterday), users could only deposit and withdraw XRP coinage on the TOK platform. But from today, users can begin trading XRP with BTC pair on the platform.

This move promises to have immense benefits for both entities as Ripple stands to become more popular in Thailand while TOK stands to enter into the league of exchanges trading the popular crypto, XRP.

*This post is credited to Globalcoinreport

The Thai branch of U.S. global IT company IBM will promote blockchain and artificial intelligence (AI) in order to turn the country into a major sales hub in the surrounding region, English-language daily news outlet The Bangkok Post reports Wednesday, Nov. 14.

According to the article, IBM is going to promote blockchain in collaboration with the country’s central bank, Bank of Thailand. A recent survey by IDC-IBM shows that global spending on blockchain will reach $9.7 billion by 2021.

Moreover, IBM is also discussing the possibility of blockchain education in local schools and universities, aiming to provide enough member of the workforce for the industry in the nearest future.

IBM concurrently plans to use Watson AI, a computer system equipped with AI and capable of answering questions by using its database, to find insights for different areas in the country, such as retail, education, finance, business, and energy.

Thai officials have recently started applying blockchain in different areas. In early October,  the Thai Ministry of Commerce revealed it started conducting feasibility studies on the use of blockchain in copyright, agriculture, and trade finance. And later in November, the local Revenue Department announced its plans to track tax payments using blockchain and maсhine learning.

As Cointelegraph previously reported, IBM is also actively promoting blockchain technology, elaborating decentralized solutions for different areas in numerous patents. In late August, the number of patents filed by IBM comprised 89, which made the U.S. corporation one of the biggest players in the area, surpassed only by China’s Alibaba with its 90 applications.

IBM has filed several more blockchain-related patents since then, including patents for a blockchain-driven platform for scientific research and another for the decentralized storage of trusted locations for augmented reality (AR) games.

*This post is credited to Cointelegraph

Thailand Gets Ready For Its First ICO Portal

The securities regulator of Thailand has affirmed that at least one Initial Coin Offering (ICO) portal will be opened in the country in November. Rapee Sucharitakul, the secretary general of Thai Securities and Exchange Commission (SEC) has affirmed that ICOs will possibly start to be regulated in the country by December.

It looks like the market for cryptos and ICOs in Thailand might just be starting to be on the right development track as regulation is started to be enforced in the country for these cases. Everything began with a royal decree back in May that was used to confirm the development of a framework for cryptos in the country. Now, the Thai SEC will regulate and oversee the whole process.

First, the companies will have to applicate for the new regulation and then they will have a 90 day to comply with the regulation created by the SEC, which is trying to diminish the risks of the markets in the country. Also, the SEC has affirmed that it will not amend the royal decree in any way.

However, the authorities are not necessarily pro-ICO yet. They affirm that ICOs are always very risky and that regulation will diminish the risks for the scam but that there are still issues to be solved.

At the current moment, there are six businesses trying to operate digital asset exchanges in the country: Bitcoin Co (bx.in.th), Bitkub Online Co Ltd (bitkub.com), Cash2Coins Co Ltd (cash2coins.com), Satang Corporation Co Ltd (tdax.com), Coin Asset Co Ltd (coinasset.co.th) and Southeast Asia Digital Exchange Co Ltd (seadex.io).

The two businesses trying to operate as digital asset dealers are Coins TH Co (coins.co.th) and Digital Coin Co Ltd (thaiwm.com).

Another platform that could receive some attention is J Ventures Ltd, a subsidiary of Jaymart Plc., which has been wanting to create its own decentralized digital lending platform for quite some time now.

By approving these entities and their businesses, the government and the regulatory agency hope to create a safe environment for the people who want to trade these assets free of legal trouble and uncertainty.

In somewhat related news, the country is now trying to use the blockchain technology in the validation of taxes paid by the citizens in an effort to speed up the tax refund process. This, the government believes, could be very beneficial for the whole process.

*The post is credited to Bitcoin Exchange Guide

Three defendants accused of defrauding a Finnish man of over 5000 BTC, worth $24 million at the time, have pleaded not guilty to money laundering charges. Prinya Jaravijit and his younger siblings Supitcha and Jiratpisit entered the pleas in a criminal court in their native Thailand, as reported by the Bangkok Post.

The case involved a fake crypto called Dragon Coin, which was apparently to be used for gambling purposes, as well as a software company called Expay Software Co. 21-year-old Aamai Otava Saarimaa invested his BTC between June and December 2017, and it was subsequently appropriated and laundered through a number of different wallets by the Jaravijit siblings’ parents.

The parents of the siblings face more serious charges, as they were the ones directly laundering the Bitcoin assets. Staff at three major Thai banks are also suspected of involvement in the fraud.

Most of the funds were used to buy real estate in various places around Thailand. The younger Jaravijit brother Jiratpisit, a 27-year-old TV actor also known as “Boom”, spent 43 million baht ($1.3 million) buying land in the Chatuchak district of Bangkok

The victim no longer wished to press charges after his funds were returned to him, but Thai law enforcement is going ahead to get a conviction. The next court date is set for December 24, when evidence and witness lists will be examined in preparation for the trial.

*This post is credited to Chepicap 

The Thai Securities and Exchange Commission (SEC) has issued a warning about investing in nine digital tokens and Initial Coin Offerings (ICOs), which have not been accredited by the regulator, news outlet Bangkok Post reported Oct. 26.

The SEC reportedly initiated an investigation into digital tokens and ICOs being promoted on social media platforms for investment, and found nine cases wherein promoted digital assets had not been authorized by the market regulator.

Per the SEC, the alleged digital assets and ICOs have neither filed an application for the SEC’s approval, nor have they met the necessary qualifications and had smart contracts assessed by ICO portals. The SEC said that those who have invested in the alleged assets should be wary of associated investment risks.

The SEC reportedly reiterated a warning about Ponzi schemes that persuade people to invest in digital assets by promising investment returns generated from tokens. “Information disclosure for investment decision-making is also inadequate, while these digital assets might not have sufficient liquidity to trade and cannot be converted into cash,” the regulator added.

In August, the SEC said that almost 50 ICO projects expressed interest in becoming certified following the Finance Ministry’s announcement to introduce ICO regulations. The authorization process takes up to five months as upon submission of an application, the SEC will transfer the document to the Finance Ministry within 90 days. After that, the Ministry has 60 days to make a decision whether to approve a license.

Later that month, the SEC approved seven businesses to conduct cryptocurrency operations as part of the formalization of the country’s domestic market. The move forms part of a package of “transitional” rules governing crypto businesses operating in Thailand prior to the first tranche of regulations that came into force May 14.

The 100-section law defines cryptocurrencies as “digital assets and digital tokens,” and brought them under the regulatory jurisdiction of the SEC. Thai Finance Minister Apisak Tantivorawong reportedly assured that the new measures are not intended to prohibit cryptocurrencies or ICOs.

*This post is credited to CoinTelegraph