Thailand Financial News

After the crashes of the crypto lending platforms that occurred in the summer of 2022, the Securities and Exchange Commission (SEC) of Thailand is planning to implement radical measures. The Thai SEC intends to prevent cryptocurrency platforms from offering or supporting services for digital asset depository.

 

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. 

Emerging markets are leading the cryptocurrency adoption index globally, says a Chainalysisreport. It adds that lower-middle income countries hold a majority of the positions in the top 20 countries in terms of crypto adoption.

While global adoption slowed down because of the chilling winds brought about by the crypto winter, emerging markets seem to be on fire in terms of crypto adoption as they surpass higher-income countries in an index that measures adoption. 

Thailand's Regulators have introduced tighter digital asset rules due to trading irregularities and the fall of a top acquisition involving a crypto exchange.

Thailand’s Securities and Exchange Commission (SEC) filed a police complaint against cryptocurrency exchange Zipmex. The complaint was filed after the exchange failed to deliver information related to transactions.

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.

Half a year after the military junta in Myanmar revealed its plans to launch a digital currency, the country’s government, ousted in a coup in 2021, voices its own intention to launch one using frozen national funds. 

Thailand’s Securities and Exchange Commission (SEC) will implement stringent advertising rules for cryptocurrency firms operating in the country by October 2022.

Thailand tightens rules on crypto advertising

Thailand’s Securities and Exchange Commission, or SEC, announced enforcement actions against the chief technology officer of crypto exchange Bitkub, who allegedly used insider information around the purchase of Bitkub Coin (KUB).

Cryptocurrency exchange Zipmex has requested meetings with the Securities Exchange Commission (SEC) and other concerned authorities in Thailand, Bloombergreported. Potential investors are also expected to attend these meetings as the exchange begins to execute a fund-raising plan.

 

 

Asian crypto exchange Zipmex has requested meetings with Thailand's Securities Exchange Commission (SEC) and other regulators to discuss the firm’s “recovery plan.”

 

Thailand’s oldest bank has scrapped plans it first announced in November 2021 to become the majority shareholder of crypto exchange Bitkub.

While other traders may be quick to take profits once they see gains, some are willing to hold on to their digital assets until they can pursue bigger goals, like a “mega yacht.” 

crypto tokens traded mixed on Tuesday after the US Fed turned hawkish amid renewed inflation worries, which spooked traders. Most crypto tokens have dropped up to 20 per cent in the last one week, following the release of US FOMC minutes, suggesting the bank would maintain its current inflation prescription of 75-basis point, interest rate hikes.Solana topped among the losers followed by Shiba Inu with a 2 per cent cut, whereas Cardani and Ethereum posted similar gains each. The global cryptocurrency market cap was trading marginally higher at the $1.02 trillion mark, almost unchanged in the last 24 hours. However, the total trading volume rallied over 18 per cent, close to $70.62 billion.What's cooking in IndiaThe interconnectedness between Indian equities market and crypto assets has increased nearly tenfold since the advent of the Covid-19 pandemic, the International Monetary Fund observed in a blog post and flagged the attendant risks.

International Monetary Fund (IMF) observed in a blog post and flagged the attendant risks. It said that in the past few years Asian countries led by India, Vietnam and Thailand witnessed a steep rise in crypto ownership, leading to a scenario where the correlation between equity market performance and crypto asset performance had increased, «This indicates a growing interconnectedness between the two asset classes that permits the transmission of shocks that can impact financial markets,» said the blogpost authored by Nada Choueiri, mission chief for India at the IMF, and her colleagues. «Accordingly, authorities in Asia are increasingly sensitive to the rising risks posed by crypto as adoption continues to spread. They have therefore dialled up their focus on crypto regulation.» According to the post, volatility correlations between Indian equities and crypto assets have increased threefold since the pandemic, suggesting a possible spillover of risk sentiment between the two asset classes. Therefore, any negative sentiment in crypto markets now has more impact on investor sentiment in equity markets and vice-versa.