Bank of Thailand’s Project Inthanon

Bank of Thailand’s Project Inthanon

Thailand central bank to generate own cryptocurrency, announces Project Inthanon built on top of Corda.

Thailand is acknowledging the impact of technological advances on financial services. The Bank of Thailand (BoT) is dipping its toes in the ocean of cryptocurrency. BoT is in the helm of Project Inthanon, a project that accredits the central bank to issue its own digital currency. The use of this cryptocurrency will first be restricted to interbank transfers. Different local banks are cooperating to make this project an effective reality.

Project Inthanon will run on Corda, a Distributed Ledger Technology built by R3. Project Inthanon Phase 1 is anticipated to be finalized next year.

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The Stock Exchange of Thailand (SET) Looks to Gain a Crypto Trading Digital License

Thailand is making a considerable effort to become a crypto friendly country. In fact, the country has been able to become one of the most friendly nations to crypto in its region lately due to its legislation. Now, the Stock Exchange of Thailand (SET) has decided that it should apply for a digital license in the country in order to also operate a crypto exchange as well as its traditional stock exchange services. The SET wants to surf on the crypto wave and cryptos are very popular there, so now is the time. Pattera Dilokrungthirapop, the chairwoman of the Association of Securities Companies, which acts as the vice chair of the SET, too, was one of the people spearheading the idea of broker dealing digital assets, too. According to Pattera, digital assets will grow a lot in the future, so now is the time to prepare the field and to get more understanding about how they work because the companies that get the head start now will be benefited in the future. The group has stated that it will apply soon and, if the license is actually acquired by them, this could become the first stock exchange in the country to have a crypto business as well, which would put it way ahead of the other exchanges, as the company has a lot of capital and it is well established and trusted in the country. In fact, the company is not alone as many other companies are also very interested in acquiring a digital asset license with the Finance Ministry now. One of the first officially approved exchanges in the country, Bitkub Group, was one of the first to actually show some interest in partnering with the company, too, so it looks like the company is on a great course. Exchanges Apply And The Rejected Ones Reapply Crypto is becoming such a great business in Thailand that many companies are applying for licenses and the ones who actually get rejected instead of having their way decided to reapply again in most cases. Coin Asset Co is one of these companies. Its first try was not successful, so the company is now focused in getting up to the SEC standards in order to have a shot, as the license is needed to be able to work legally in the country. The CEO of Coin Asset Co, Sivanus Yamdee, has confirmed that the company is seeking a way to keep their business moving towards the peak and that they will reapply again in four months. By looking at Thailand, one could say that the country is on the right track as the government has actually took its time to create a comprehensive framework that will help companies to work in Thailand, unlike all the trouble that is happening in the United States and Europe right now with regulation issues.
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Business-As-Usual For Thailand Crypto Asset Exchanges Despite SEC Shutdown Directive

Business-As-Usual For Coin Asset Despite SEC Shutdown Directive Thailand’s’ Securities and Exchange Commission (SEC) recently gave out its verdict after reviewing one of the latest applications for cryptocurrency exchange, Coin Asset Co. Ltd. The commission has banned Coin Asset Company from operating its exchange. They have been issued with directives to shut down the business and refund all its clients. The exchange firm has been functional all this time while its request was still in review. According to The Bangkok Post, the commission also informed Coin Asset’s CEO, Sivanus Yamdee that should his firm wish to apply for a new license; it would take a minimum of four months to process it. The CEO confirmed that his firm will be meeting with the SEC to discuss how they can continue with their operations. He was also quoted saying that Coin Asset Co. Ltd cannot withstand an extended processing time. Therefore, it is looking for ways to stay in business because the firm is progressing to greater heights and maintaining client loyalty would not be easy. He went on to state that with approximately 10,000 customers on board, the daily volume of trading is about 91 million baht which is equivalent to $2.87 million. Other achievements worth mentioning were the unveiling of its crypto ATMs in August 2018. He also cited that Jfin coin, which is Thailand’s first initial coin offering was launched by Jay Mart Plc, which is listed on the Thailand Stock Exchange. The chief strategy officer for Coin Asset, Arnon Saksri allegedly said that closing down its operations isn’t an option. Saksri was quoted by Bangkok Post saying that, closing Coin Asset was not an option. He stated that in as much as the SEC wants to improve and maintain investor confidence in the way crypto businesses are handled; it has to find the correct way of doing it. Why Coin Asset Was Banned In a statement issued by Thai SEC, the reason why Coin Assets application was rejected was due to a change in the firm’s management. This greatly affected the way in which the important work systems would flow. For instance, the systems responsible for KYC (know your customer) and safekeeping of clients assets were not in line with Thai Anti-Money Laundering Office standards. The regulator also stated in detail that out of four directors in charge of regulating important work systems, only one is remaining, the rest have resigned. After The Ban Coin Assets still insists on the safety of its security system. They have complied with 2013 international standards: ISO/IEC 27001. Moreover, their KYC procedures are connected to banks in Thailand that have complete anti-money laundering practices in place. Coin Asset shall continue operating till January 21st and customers have until February 14th to withdraw their funds. This allows ample time for clients to be notified on matters regarding, asset transfers to other operators or refunds. The SEC has also ordered the firm to report the results of the successful return or transfer of assets to the clients.
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