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Adoption: Three Cryptocurrency Exchanges Granted License in Thailand

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Three cryptocurrency exchanges have been grated licensing in Thailand by the Ministry of Finance. The exchanges namely BX, Bitkub and Satang Pro.

Three cryptocurrency exchanges have been grated licensing in Thailand by the Ministry of Finance. The exchanges namely Bitcoin Exchange Co. Ltd. (BX) Bitkub Online Co. Ltd. (Bitkub) and Satang Corporation (Satang Pro) were granted working licenses from the government. The ministry has also granted a working permit to Coins TH Co. Ltd, a crypto broker, and dealer.

 

Coin Asset Exchange Under Review:

Apart from the above-mentioned exchanges in Thailand, the government is also reviewing a cryptocurrency exchange licensing request from Coin Asset Exchange (Coin Asset Co). The request has been put on hold as the ministry has noticed some deformity in their management.

 

Two Exchange Licenses denied by Thailand:

The SEC has also denied licensing requests from two other cryptocurrency exchanges namely Cash2Coins (Cash2Coins Co. Ltd) and Seadex (Southeast Asia Digital Exchange Co. Ltd). The reason for the request being denied was the lack of cybersecurity and IT security in their management. Thus, the government has ordered the companies to stop their operations and notify their users about the same before the 14th of January so that the users are able to withdraw their funds from the exchange.

 

Thailand: An Upcoming Crypto Hub

More and more cryptocurrency related businesses are moving towards Thailand as the government is acting quite supportive of such business activities. Thailand had earlier approved ICO and cryptocurrency regulations in the country and even legalized seven top cryptocurrencies in the country which includes BTC and ETH. With neighboring countries such as China and India putting a strict ban on cryptocurrencies and related activities, people are moving towards crypto friendly nations such as Thailand which can soon become a hub for blockchain and cryptocurrency.

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Stock Exchange of Thailand moving towards Cryptocurrency

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The Stock Exchange of Thailand or the SET is working out for applying for a digital license in order to run a cryptocurrency exchange.

The Stock Exchange of Thailand or the SET is working out for applying for a digital license in order to run a cryptocurrency exchange. With continuous regulations, Thailand is set to become the cryptocurrency hub in Southeast Asia.

 

Stock Exchange of Thailand: Interested in Crypto

As more and more people are moving towards adoption of cryptocurrencies, institutional investors are getting attracted too. As such there not many specific institutional platforms for trading cryptocurrencies and thus the stock exchange of Thailand is planning to introduce one for the institutional investors. If the financial regulators in Thailand approve the licensing, it would be a great step ahead for the crypto industry.

Pattera Dilokrungthirapop, who is a member of the board of directors of the Stock Exchange of Thailand, the exchange is getting ready to invade into the cryptocurrency market by presenting brokerage services for crypto trading.

She also said they believe that cryptocurrencies will grow massively in the future as more and more investors gain an understanding about them. She added that securities firms are curiously waiting for the Stock Exchange of Thailand to apply for the digital license.

 

Thailand: A cryptocurrency hub

Thailand is steadily moving ahead in the crypto space with regulatory clarity unline other surrounding countries such as China and India who are moving away from crypto adoption. Thailand is all set to become a captivating place for cryptocurrency and blockchain businesses with the government of the country also promoting blockchain technology. Last year, Thailand also legalized some cryptos such as bitcoin, litecoin, ethereum and more while the securities and exchange commission of the country has also given clear regulations in relation to initial coin offerings. Around 2 weeks back, the Ministry of Thailand had also granted licensing to three new cryptocurrency exchanges to operate in the country,

 

What are your thoughts on the future of cryptocurrencies in Thailand and how the Stock Exchange of Thailand moving towards cryptocurrencies will help the overall crypto industry? Tell us in the comments section below.

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Cryptopia cryptocurrency exchange hacked: Millions Stolen

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Cryptopia, the New Zealand based cryptocurrency exchange was allegedly hacked on 14th January. The hackers were able to steal cryptocurrencies worth millions of dollars. According to the exchange, the local police authorities and New Zealand’s unit of high tech crimes are looking into the matter.

 

Cryptopia Hacked!

Cryptopia informed its users about the incident in a tweet yesterday explaining that the exchange had suffered a security breach which led to the loss of funds due to hacking. Cryptopia exchange was later put into maintenance while the team was trying to assess the damage. The exchange shall remain in maintenance mode and trading will be suspended until the issue has been resolved. The website of the exchange itself is offline.

On 13th January 19,391 ETH (Ethereum) worth around $2.5 million and 48,029,306 CENNZ tokens (Centrality) worth around $1.18 million were transferred from Cryptopia exchange to unknown wallets. However, the owner of the wallet is not yet confirmed. It could be the exchange itself or the hackers.

 

Here are the details of the transactions:

Transaction 1: 19,391 ETH

https://etherscan.io/tx/0x8a7c2b34f23eee02401e7c3fa1ea2ce8d3132e7ca3811d673ca35898c9535aae

Transaction 2: 48,029,306 CENNZ

https://etherscan.io/tx/0x31a58df14ea3420878267e2b9cdd242d983b5298ef48c5cd9a799ed10605f393

 

Crypto Reputation:

The increasing number of exchange hackings has led to spreading of negative reputation of cryptocurrencies. People are starting to lose hopes in crypto exchanges. Last year, CoinCheck, a Japenese cryptocurrency exchange was hacked which led to around $500 million of funds being stolen. If such incidences continue to occur, the newcomers in the crypto space will lose confidence over cryptocurrencies and hence the whole cryptocurrency market will have to suffer.
Prominent people in the crypto industry are calling out for people to opt for decentralized exchanges which are much more safer in comparison to the Centralized ones.

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DX.Exchange: Buy Securities on Blockchain: Google, Apple, Tesla, Nvidia etc.

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A new exchange launching in Europe called DX Exchange is coming out of a very innovative way to offer securities on the blockchain.

A new exchange launching in Europe called DX Exchange is coming out of a very innovative way to offer securities on the blockchain. You can now buy the ten top stock listed on the NASDAQ which are Alphabet, Apple, Amazon, Facebook, Microsoft, Tesla, Netflix, Baidu, Intel, and Nvidia. There are also going to be offering stocks quite soon from the New York Stock Exchange, the Tokyo Exchange, and the Hong Kong Exchange. They starting off with these top 10 because they are supremely massive.

 

How will DX Exchange Work?

Basically, DX Exchange will buy the stocks and then they are going to issue ERC20 tokens which represent the holding of those stocks and then they are going to be selling those on their exchange. So this will allow basically for people to invest in these real-world stocks and then be entitled to those same real-world dividends from those stocks and be able to move in and out of them easily. This is really exciting in terms of opening up more liquidity to come into the stock markets and more liquidy coming into the crypto markets overall.

 

Advantages of having stocks represented as ERC20 tokens:

24X7 trading: Keeping in mind that the stock markets are open from 9 AM to 4 PM, Monday to Friday, Public holidays off etc, the crypto markets have been a real revolution in terms of 24X7 markets. This will yet again bring traditional into the non-traditional.

A fraction of a share: With all the shares tokenized, getting fractions of shares will be made possible. If you cannot afford a full stock of Apple, you can easily buy a half or quarter stock from DX Exchange.

Store stocks on Ethereum wallets: Tokenization of stocks will let you store your stocks on your Trezor, Ledger wallet, MyEtherWallet or others. You no longer have to trust some unknown broker.

 

DX Exchange: An EU Regulated Security Tokens Exchange

DX Exchange is the first EU regulated security tokens exchange and this step will allow us to see more official security token licensed crypto exchanges coming on board in the coming years. The exchange also offers crypto to crypto trading, fiat to crypto trading, fiat onboarding, deposits and withdraws using credit cards, no trading fees and much more. So overall, it is not only a robust sounding cryptocurrency exchange but offers the ability to invest in stocks on top of that. This trend will continue and we will see more and more exchanges offering securities and traditional investments to investors to access wider liquidity, 24X7 markets etc.

Overall, this is a very positive development for the crypto space. What do you think about DX Exchange? Tell us in the comments section below.

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