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Thailand approves another Cryptocurrency Exchange, Willing to get own wallet.

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The Thailand Securities and Exchange Commission has affirmed another crypto exchange to legally work in the nation making it the 6th legal crypto exchange.

The Thailand Securities and Exchange Commission has affirmed another crypto exchange to legally work in the nation. There are presently six exchanges that have been conceded endorsement. In the mean time, the government is thinking about keeping up its own wallet with a specific end goal to seize cryptocurrencies from unlawful sources.

 

Another Crypto Exchange Affirmed

The Thailand Securities and Exchange Commission (SEC), Thailand’s principle crypto regulator, declared on Thursday, September 6, that another cryptocurrency firm has been endorsed to legally work in the nation.

Southeast Asia Digital Exchange Co. Ltd. (Seadex) has turned into the 6th legitimate crypto exchange in Thailand. Subsequent to looking into Seadex’s data and reasoning that the business existed before May 14 when the control produced results, the SEC conceded endorsement to the exchange.

The regulator permits crypto firms that were in business before the requirement of the crypto control to keep working while their applications are being audited, giving that they connected to endorsement before August 14.

A month ago, the regulator affirmed seven crypto firms, five of which were crypto exchanges.

Thailand Government Needs Its Own Crypto Wallet

Thailand Government Affirms Crypto Exchange, Needs Claim WalletTo battle crypto-related wrongdoing that is on the ascent, the Thailand government’s Enemy of Illegal tax avoidance Office (Amlo) is thinking about keeping up its own particular cryptocurrency wallet, the Country revealed for the current week.

Mr. Witthaya Neetitham, Secretary of Amlo, said at a course on cryptocurrency wrongdoing and the legitimate framework that authorities are talking about how to get and protect a wallet for Amlo “to hold or take digital money from unlawful sources.”

The publication clarified that there is presently “no law enabling the office to solidify or seize digital money, nor anyplace to keep it… therefore, Thailand experts can imprison or remove cybercriminals and reallocate their physical resources – however they can’t touch their digital assets.”

Refering to that prior this year the Innovation Wrongdoing Concealment Division of the Imperial Thailand Police and their Dutch partners captured a Moldovan associated with working a youngster porn site, Police Commander Ekkanit Natethong uncovered:

We discovered bitcoin in his e-wallet, yet needed to abandon it there in light of the fact that we don’t have any directions [to seize the crypto].

ID Difficulties in the Digital Age

Seven cryptocurrencies have been authorized in Thailand. Neetitham claims that “Amlo has measures to battle wrongdoings including [the] digital monetary standards authorized by the [Thailand] Securities and Exchange Commission.”

Regardless, he said “it was as yet hard to deal with cryptocurrency administrators who are outside the framework,” the news outlet passed on and cited him saying:

We can’t distinguish the cryptocurrency administrator or collectors when hoodwinked casualties exchange cash to the offenders.

Chartpong Chirabandhu, deputy director general of the Workplace of the Lawyer General’s Division of Extraordinary Prosecution, remarked that “a major issue with digital resources and other such confirmation is the trouble in finding the character of those executing.” He portrayed, “When we present the proof to [the] court, it regularly neglects to persuade the judges.”

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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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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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