Thai Central Bank Defends Cryptocurrencies

Thai Central Bank Defends Cryptocurrencies

In the high-profile Thai crypto fraud case involving an actor, Thailand’s central bank has clarified that the fraud is not related to cryptocurrency trading, but a general misuse of money. Thailand has recently legalized seven cryptocurrencies, authorized seven crypto firms, and the Bank of Thailand has green-lighted commercial banks’ subsidiaries for crypto activities.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Bank of Thailand’s Clarification

Thai Central Bank Defends Cryptocurrencies
Mr. Veerathai Santiprabhob.

The current high-profile fraud case involving over 5,564 BTC has received much attention in Thai media. It involves a well-known soap actor and model, Jiratpisit Jaravijit, also known as “Boom”.

The Thai News Agency reported on August 20 that the Bank of Thailand (BOT) Governor, Mr. Veerathai Santiprabhob, has clarified that this fraud case is not about crypto trading. He pointed out that, as far as he knows, the scheme was not dependant on using cryptocurrencies. He emphasized that in this case:

The money is used for the wrong purpose. It is not a fraud that occurred during crypto trading.

Mr. Veerathai continued to warn investors that crypto investing is risky due to price volatility, reminding them that they should understand the risks and only invest what they can afford to lose.

Further Development of the Case

This case involves a Finnish bitcoiner and his partner being duped into investing in fraudulent investments including tokens called dragon coins, as news.Bitcoin.com previously reported.

Thai Central Bank Defends CryptocurrenciesAccording to local media, the Thai police’s Crime Suppression Division (CSD) summoned eight scam suspects on Thursday. They were Boom, members of his family, two businessmen and a former soldier, the Bangkok Post detailed.

The publication also reported that “a ‘whale’ investor in the Stock Exchange of Thailand (SET) and staff at up to three Thai banks are suspected of being complicit” in the fraud. Three of the country’s largest banks – Bangkok Bank, Siam Commercial Bank and Kasikornbank – were named. “All handled transactions involving part of the swindled money,” the publication noted and quoted the police explaining:

Police said several of the banks’ employees failed to report money transfers of 2 million baht [~US$61,040] or higher, a serious violation of bank rules. Staff are required to inform the Anti Money Laundering Office (Amlo) when sums of this value change hands.

Thai Central Bank Defends CryptocurrenciesThailand has recently enacted its cryptocurrency regulations. The country’s main crypto regulator, the Thai Securities and Exchange Commission (SEC), has authorized seven crypto firms, five of which are crypto exchanges, to legally operate in the country. The regulator is also reviewing other applications. The seven cryptocurrencies that can be legally traded for the Thai baht are BTC, ETH, BCH, ETC, LTC, XRP, and XLM.

In addition, the SEC has revealed that about 50 initial coin offering (ICO) projects are seeking to launch, five ICO portals plan to open for business, and 20 crypto exchanges have applied for a license. Meanwhile, the Bank of Thailand has green-lighted subsidiaries of commercial banks to engage in crypto activities.

What do you think of the Bank of Thailand’s action? Let us know in the comments section below.


Images courtesy of Shutterstock and the Bank of Thailand.


Need to calculate your bitcoin holdings? Check our tools section.

The post Thai Central Bank Defends Cryptocurrencies appeared first on Bitcoin News.

Thailand: Stockbroker Indicted in $24 Million Bitcoin Fraud Pleads Innocence as Victim

Prasit Srisuwan, a well known Thai stock investor who has been roped into the ongoing probe over a $24 million bitcoin fraud case has denied being a party to the fraud. The Bangkok Post reports that Srisuwan told a press conference that he is in fact a victim of a fraudulent transaction which left a

The post Thailand: Stockbroker Indicted in $24 Million Bitcoin Fraud Pleads Innocence as Victim appeared first on CCN

Thailand Bitcoin Fraud Case Ropes in Bank Staff and Prominent Stock Investor

The investigation into the Thailand bitcoin fraud case involving a Finnish national who lost 5,564 bitcoins to Thai fraudsters has now widened its reach to include a stock investor and bank employees. According to the Bangkok Post, Prasit Srisuwan, an investor at the Stock Exchange of Thailand, as well as employees of three Thai commercial … Continued

The post Thailand Bitcoin Fraud Case Ropes in Bank Staff and Prominent Stock Investor appeared first on CCN

Thailand: Bitcoin Fraud Case Ropes in Bank Staff and Prominent Stock Investor

The investigation into the Thailand bitcoin fraud case involving a Finnish national who lost 5,564 bitcoins to Thai fraudsters has now widened its reach to include a stock investor and bank employees. According to the Bangkok Post, Prasit Srisuwan, an investor at the Stock Exchange of Thailand, as well as employees of three Thai commercial … Continued

The post Thailand: Bitcoin Fraud Case Ropes in Bank Staff and Prominent Stock Investor appeared first on CCN

Only Seven Crypto Firms Authorized to Legally Operate in Thailand

Only Seven Crypto Firms Authorized to Legally Operate in Thailand

The Thai Securities and Exchange Commission (SEC) has announced the names of seven cryptocurrency firms that have been authorized to legally operate in the country. Five of them are crypto exchanges; two are cryptocurrency dealers.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Seven Crypto Firms Authorized

Only Seven Crypto Firms Authorized to Legally Operate in ThailandThe Thai SEC has announced the names of the cryptocurrency firms that have been authorized to operate in the country while their applications are being reviewed by the regulators. Seven firms, consisting of five crypto exchanges and two dealers, have been granted temporary approval to operate until their applications are either approved or denied.

Crypto exchanges that have been authorized are Bitcoin Co. Ltd. (BX), Bitkub Online Co. Ltd., Cash2coins Co. Ltd., Satang Corporation (Tdax), and Coin Asset. The two approved dealers are Coins TH Co. Ltd. and Digital Coin Limited (Thai WM).

Only Seven Crypto Firms Authorized to Legally Operate in ThailandRecently, Coin Asset unveiled a crypto ATM that can handle six cryptocurrencies and multiple fiat currencies. Coins TH was launched in 2014 by Filipino remittance company Coins.ph.

Mr. Rapee Sucharitakul, Secretary-General of the Thai SEC, explained that cryptocurrency investing carries high risks. The Commission urges anyone being approached to invest in cryptocurrencies or crypto projects to first check whether those companies have been approved to legally operate in the country.

Why Seven? Two More Being Reviewed

Thailand’s crypto and initial coin offering (ICO) regulations went into effect on May 14. The Thai SEC, the main regulator of the country’s crypto industry, started accepting applications for licenses to operate crypto businesses in the country last month. News.Bitcoin.com reported last week that about 20 exchanges, 50 ICO projects, and five ICO portals have indicated interest in applying with the SEC.

Only Seven Crypto Firms Authorized to Legally Operate in ThailandCryptocurrency firms that were operating in the country prior to May 14 could apply for a temporary license while their actual applications are being reviewed by the regulators. They had 90 days, until August 14, to apply.

On August 15 the SEC revealed that the seven companies above have applied and been granted temporary approval to operate until the regulators have either approved or rejected their applications.

In addition, the SEC is currently verifying two more crypto firms that claim to be in business prior to the enforcement of the regulations.

Other than the nine companies mentioned above, all other firms seeking to operate a crypto business in Thailand must obtain approval from the ministry of finance and the SEC before commencing a crypto business.

What do you think of the Thai SEC granting temporary approval to seven crypto firms while reviewing their applications? Let us know in the comments section below.


Images courtesy of Shutterstock and Thai SEC.


Need to calculate your bitcoin holdings? Check our tools section.

The post Only Seven Crypto Firms Authorized to Legally Operate in Thailand appeared first on Bitcoin News.

Messaging firm Line launches a dedicated crypto fund

Messaging company Line is continuing to burrow deep into the crypto space after it announced the launch of a $10 million investment fund.

The fund will be operated by Line’s Korea-based blockchain subsidiary Unblock Corporation, which is tasked with research, education and other blockchain-related services. The fund will be called Unblock Ventures and it’ll initially have a capital pool of $10 million but Line said that is likely to increase over time.

The company said the fund will be focused on early-stage startup investments, but it didn’t provide further details.

Line is listed in Tokyo and on the NYSE. This fund makes it one of the first publicly traded companies to create a dedicated crypto investment vehicle. The objective, it said, is “to boost the development and adoption of cryptocurrencies and blockchain technology.”

Line claims nearly 200 million users of its messaging app, which is particularly popular in Japan, Taiwan, Thailand and Indonesia. The company also offers a range of connected services that include payment, social games, ride-hailing, food delivery and more.

This marks Line’s second major crypto move this year following the launch of its BitBox exchange last month. It isn’t available in the U.S. or Japan right now but Line envisages closes ties with its messaging service and other features further down the line.

These moves into crypto come despite some serious downturn in the valuation of the space this year following record highs in January which saw the value of one Bitcoin touch nearly $20,000 and Ethereum, among others, surged. In the months since then, however, many cryptocurrencies have seen their valuations decline. This week, Ethereum dropped below $300 in what is its first major price crisis. Bitcoin has, for many years, risen and fallen although January’s valuations took the extremes to a new level.

Note: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.

High-Profile Thai Crypto Case: Bitcoiner Lost Over 5,500 BTC – Ringleader Fled to US

High-Profile Thai Crypto Case: Bitcoiner Lost 5,500+ BTC - Ringleader Fled to US

A high-profile crypto case involving a well-known actor and model has come to public attention in Thailand following the enforcement of the country’s crypto regulations. Over 5,564 BTC were reportedly stolen from a bitcoin millionaire. The alleged ringleader has fled to the U.S. Thailand’s main crypto regulator is cooperating with the police on the case.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

High-Profile Crypto Case

High-Profile Thai Crypto Case: Bitcoiner Lost 5,500+ BTC - Ringleader Fled to US
Actor Jiratpisit Jaravijit a.k.a. “Boom”.

A high-profile crypto fraud case has recently gained public attention in Thailand following the implementation of the country’s cryptocurrency regulations. The case involves a well-known, 27-year-old soap actor and model, Jiratpisit Jaravijit, also known as “Boom”.

The actor, his sister, brother, and six others allegedly defrauded a 22-year-old Finnish bitcoin millionaire out of 5,564.4 BTC, the Bangkok Post reported.

According to police, Aarni Otava Saarimaa and his business partner were “lured into buying shares in three companies and investing in a casino and new cryptocurrency known as Dragon Coins but had seen no returns at all on the money they put in,” the publication elaborated, adding:

They also talked the victims into believing the Dragon Coins would be used at a casino in Macao, which they took them to visit to add weight to their claim. After receiving the bitcoins from the victims, the gang sold the cryptocurrency and transferred the money into various bank accounts.

Arresting the Gang

Boom was arrested last week at a filming location in Bangkok’s Chatuchak district after police found that he received part of the swindled money; he was later released on bail, the news outlet detailed.

High-Profile Thai Crypto Case: Bitcoiner Lost 5,500+ BTC - Ringleader Fled to US
Prinya Jaravijit, Boom’s brother.

His brother and the alleged ringleader, Prinya Jaravijit, already fled the country to the U.S. via South Korea. The Thai police’s Crime Suppression Division (CSD) which is investigating the case is asking U.S. authorities to help track him down. Boom’s sister will be turning herself in on Wednesday, according to INN News.

The CSD learned of this case in January when Saarimaa’s Thai business partner, Chonnikan Kaeosali, filed a complaint, the Bangkok Post conveyed. The Finnish bitcoiner was approached by the fraudsters in June last year.

High-Profile Thai Crypto Case: Bitcoiner Lost 5,500+ BTC - Ringleader Fled to USLed by deputy commander Pol Col Chakrit Sawasdee, the CSD began gathering evidence to request arrest warrants for Boom, his siblings and six other suspects. “The Jaravijit siblings face charges of money laundering after investigators found they had purchased a number of plots of land recently,” the publication described, adding that they are likely to face fraud charges too.

“This case is complicated. We had to carefully examine documents and trace the money trail. We collaborated with Amlo [the Thai Anti-Money Laundering Office] and it took us almost seven months to get approval for the arrest warrants for the first group,” Pol Col Chakrit was quoted by the news outlet. He elaborated:

A total of 51 bank accounts have been frozen and 14 plots of land worth 176 million baht [~US$5,291,403] have been frozen as the investigation into the scheme proceeds…The money needs to be frozen and brought back to the victims.

Thai SEC’s Warning

High-Profile Thai Crypto Case: Bitcoiner Lost 5,500+ BTC - Ringleader Fled to USAs the case unfolds, the Thai Securities and Exchange Commission (SEC), the main regulator of cryptocurrencies in the country, issued a statement warning the public of crypto-related frauds.

On August 9, Voice TV reported that Mr. Rapee Sucharitakul, Secretary-General of the Thai SEC, commented that Boom’s case may be a violation of the country’s new crypto regulations or a criminal act. Nonetheless, the SEC will collaborate with the police on the case, he confirmed.

High-Profile Thai Crypto Case: Bitcoiner Lost 5,500+ BTC - Ringleader Fled to US
Rapee Sucharitakul.

The SEC also urged the public to be cautious when approached to invest in cryptocurrencies or crypto-related projects, emphasizing that some schemes do not involve real investments.

For initial coin offering (ICO) tokens, the regulator revealed that currently no permit has been granted to any token issuers or ICO portals.

Companies already operating crypto businesses prior to May 14 that have applied for a temporary license by August 14 are allowed to keep operating temporarily until further notice. New businesses must obtain approval prior to starting crypto operations, the regulator clarified.

What do you think of this Thai crypto fraud case? Let us know in the comments section below.


Images courtesy of Shutterstock, Thai SEC, Instagram, and Mgr Online.


Need to calculate your bitcoin holdings? Check our tools section.

The post High-Profile Thai Crypto Case: Bitcoiner Lost Over 5,500 BTC – Ringleader Fled to US appeared first on Bitcoin News.

Thailand Police Seek More Arrests in $24 Million Bitcoin Fraud

Thailand’s Crime Suppression Division (CSD) has sought arrest warrants of six more people in an ongoing $24 million Bitcoin scam case. The law enforcement agency has confirmed that among the six wanted individuals, two are siblings of the famous Thai actor Jiratpisit Jaravijit. One of them is the elder brother of Jaravijit, Prinya Jaravijit, while … Continued

The post Thailand Police Seek More Arrests in $24 Million Bitcoin Fraud appeared first on CCN

Crypto Friendly Policies Rapidly Drawing Companies to Thailand

Crypto Friendly Policies Rapidly Drawing Companies to Thailand

Soon after Thailand adopted its regulations for cryptocurrencies and initial coin offerings (ICOs), companies reportedly pile up to apply for licenses to operate in the country. According to the Thai Securities and Exchange Commission, about 50 ICO projects are seeking to launch, five portals plan to open for business and 20 crypto exchanges have applied for a license.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Preliminary Surge – 20 Exchanges, 50 ICOs

Crypto Friendly Policies Rapidly Drawing Companies to ThailandThailand’s regulatory framework for cryptocurrencies and ICOs went into effect on July 16. The Thai Securities and Exchange Commission (SEC), the main regulator of the country’s crypto industry, began accepting applications for crypto licenses on July 24.

On Wednesday, the SEC revealed the number of companies that have applied for various licenses or are interested in applying, local media reported.

According to Mr. Rapee Sucharitakul, the SEC secretary-general, about 50 projects have shown interest in issuing tokens. Five companies are interested in becoming ICO portals, three of which have already applied. As for crypto exchanges, citing that “license approvals are being processed,” the Bangkok Post quoted him saying:

There are also around 20 companies that have applied for licenses to operate as digital asset exchanges.

Coin Asset’s ATM

Among companies that have applied for a license is Coin Asset, a six-month-old Thai crypto exchange with about 10,000 users. The exchange currently processes approximately 2-3 million baht (~US$60,186 – $90,279) daily, CEO Suvanus Yamdee told Prachachat Turakij newspaper.

Crypto Friendly Policies Rapidly Drawing Companies to Thailand
Coin Asset’s ATM.

The company has a 90-day temporary license to operate an exchange while its application with the SEC is being reviewed, the publication noted.

The exchange has also applied for a license to operate crypto ATMs, which it unveiled last week. Claiming that the ATM is the first of its kind among Asean countries, Mr. Suvanus explained that it supports multiple fiat currencies – the baht, euros, yuan, and dollars. With a minimum transaction amount of 100 baht (~$3), the ATM allows customers to buy and sell BTC, BCH, ETH, LTC, XMR, and DASH.

If approved, the team plans to install the ATMs at Thailand’s major international airports, Suvarnabhumi and Don Mueang, as well as in Chiang Mai.

Bright Crypto Future

Crypto Friendly Policies Rapidly Drawing Companies to ThailandWhen a company files for a crypto business license in Thailand, the “market regulator will forward documents to the finance ministry within 90 days,” the Bangkok Post described. The finance ministry will make a decision within 60 days.

Applicants must meet a number of criteria such as being a listed firm in Thailand and having the required paid-up capital, the news outlet explained. “The directors, executives and company shareholders must also have SEC approval.”

Thuntee Sukchotrat, the CEO of Jibex, a local exchange backed by IT company J.I.B. Computer Group, was quoted saying:

I believe that investors will invest in digital assets instead of stocks in the future…The investment ratio of ICOs to stocks will be on par within two years.

This week, the country’s central bank also green-lighted subsidiaries of financial institutions for crypto activities.

Do you think many more crypto companies will apply for licenses in Thailand? Let us know in the comments section below.


Images courtesy of Shutterstock and Prachachat Turakij.


Need to calculate your bitcoin holdings? Check our tools section.

The post Crypto Friendly Policies Rapidly Drawing Companies to Thailand appeared first on Bitcoin News.

Thailand: 20 Companies Have Applied for Crypto Exchange Licenses

Following a new licensing system for the cryptocurrency sector in July, Thailand’s Securities and Exchange Commission (SEC) has fielded nearly two dozen applicants looking to operate domestic cryptocurrency exchanges. Thailand SEC secretary-general Rapee Sucharitakul has revealed that as many as 20 companies have applied for licenses to operate cryptocurrency exchanges within a month after a

The post Thailand: 20 Companies Have Applied for Crypto Exchange Licenses appeared first on CCN

Bank of Thailand Green-Lights Financial Companies for Crypto Activities

Bank of Thailand Green Lights Financial Companies for Crypto Activities

Thailand’s central bank has announced the rules under which financial institutions, including commercial banks, and their subsidiaries can engage in cryptocurrency activities. They include securities, asset management, and insurance firms. This follows the country’s crypto regulatory framework that went into effect last month.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

New Circular, New Rules

Thailand’s central bank, the Bank of Thailand (BOT), issued a circular dated August 1 to all financial institutions in the country, informing them of its new crypto policies.

Bank of Thailand Green Lights Financial Companies for Crypto Activities
Part of the Bank of Thailand’s August 1 circular.

Citing that the country now has a regulatory framework for cryptocurrencies and initial coin offerings (ICO), the BOT canceled its previous circular issued in February. At that time, the central bank asked financial institutions to refrain from getting involved in certain types of crypto activities.

In its new circular, the Bank of Thailand outlines the conditions under which financial institutions and their subsidiaries can now engage in activities involving cryptocurrencies and digital tokens.

The rules can be divided into two broad categories: those that apply to financial institutions and those that apply to their subsidiaries.

Rules for Subsidiaries

Bank of Thailand Green Lights Financial Companies for Crypto ActivitiesWithin a financial institution’s group of companies, there are usually subsidiaries offering financial products and services such as brokerage, asset management, insurance, and life insurance. These companies have their own regulatory bodies. For example, brokerage firms comply with the Thai Securities and Exchange Commission (SEC) whereas insurance firms comply with the Thai Office of Insurance Commission (OIC).

The BOT says these companies are now permitted to engage in crypto businesses including issuing digital tokens and investing in cryptocurrencies, providing they follow the rules set by their respective regulators.

Bank of Thailand Green Lights Financial Companies for Crypto ActivitiesNew subsidiaries wanting to engage in crypto activities, however, must apply for approval from the BOT through their parent companies. They will be considered on a case-by-case basis.

The parent companies must be responsible for overseeing and managing the overall risks associated with the proposed crypto activities for the whole group and at individual subsidiaries. The central bank explains that they must also ensure that the subsidiaries follow regulatory guidelines including anti-money laundering (AML), combating the financing of terrorism (CFT), IT security, and consumer protection.

Rules for Financial Institutions

Bank of Thailand Green Lights Financial Companies for Crypto ActivitiesThe rules for financial institutions, which include commercial banks, are much more strict.

Citing that the crypto industry is still young and therefore difficult to clearly assess and manage associated risks, the BOT believes that customer confidence and the country’s financial system as a whole could be affected by financial institutions holding cryptocurrencies. It then proceeded to list four areas that financial institutions must not engage in.

Firstly, they cannot issue digital tokens or provide any service selling them. Secondly, they cannot invest in digital assets which includes “both tokens and cryptocurrencies,” the BOT specifies.

Bank of Thailand Green Lights Financial Companies for Crypto ActivitiesThey also must not engage in crypto businesses, including as exchanges, brokers, or dealers. Lastly, they cannot solicit or give advice on crypto investments to anyone that is not an institutional or accredited investor as defined by the SEC.

However, according to Krungthep Turakij publication, financial institutions can issue or invest in cryptocurrencies for the purpose of developing or improving their services to customers by applying for the regulatory sandbox.

What do you think of the Bank of Thailand’s latest crypto rules? Let us know in the comments section below.


Images courtesy of Shutterstock and Bank of Thailand.


Need to calculate your bitcoin holdings? Check our tools section.

The post Bank of Thailand Green-Lights Financial Companies for Crypto Activities appeared first on Bitcoin News.

SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM Unveiled

SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM Unveiled

Japan’s SBI Group is reportedly planning to create a crypto derivatives platform. In South Korea, Huobi is taking an aggressive approach and expects to achieve a 30% crypto market share. Meanwhile, a Thai crypto exchange has unveiled an ATM that supports four cryptocurrencies.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

SBI Plans Derivatives Platform

SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM UnveiledSBI Crypto Investment, a subsidiary of Japanese financial services group SBI Holdings, has acquired a 12% stake in North Carolina-based Clear Markets, Nikkei reported Tuesday.

While the acquisition price was not disclosed, the news outlet estimates that the stake “is likely worth about 1 billion yen ($9 million),” elaborating:

Although digital currencies are more volatile than other asset classes, a derivatives market for them that can hedge against risk remains undeveloped. SBI Crypto therefore wants to build a platform that will allow institutional investors to smoothly trade these instruments.

Last month, SBI Virtual Currencies, the crypto exchange unit of SBI Holdings, opened its Vtrade service to the public following a limited launch in June. The exchange currently supports XRP, BCH, and BTC, but plans to add ETH in the near future.

Thai Multi-Crypto ATM

SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM UnveiledThai cryptocurrency exchange Coin Asset unveiled its crypto ATM at the Hybrid Summit on July 28 and 29, according to Prachachat Turakij newspaper.

CEO Sivanus Yamdee explained that the ATM allows customers to purchase and sell BTC, ETH, LTC, and BCH in amounts as low as 100 baht (~US$3). The company plans to add more coins in the future based on demand from customers. The ATM also allows withdrawals in Thai baht.

The machine has a large touch screen and prints out a receipt after each transaction.

Coin Asset has reportedly applied for a license with Thai Securities and Exchange Commission; the agency began accepting applications last week.

Huobi Plans to Achieve 30% Korean Market Share

SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM UnveiledChinese exchange Huobi is planning to aggressively pursue the Korean market, according to Asia Economic news outlet. The exchange launched its trading platform in Korea in March.

At the Huobi Carnival 2018 event on August 2 in Seoul, Kim Young-chul, head of the Strategic Planning Division of Huobi Korea, announced the company’s long-term strategy. He said:

The number of members has grown rapidly to 200,000 members within two months after the opening of the virtual currency exchange…We aim to achieve 30% market share in the next year.

In addition, Kim revealed that Huobi Korea will conduct various blockchain-based businesses alongside its exchange business. It will also actively recruit talented people. In February, Huobi Korea announced that it was looking for an “Innovation Business Team Leader,” a position with a minimum annual salary of 100 million won (~$88,596). “This policy will continue…We will hire more talented people in the industry,” Kim detailed.

What do you think of SBI’s derivatives platform, Huobi eying 30% market share in Korea, and the Thai crypto ATM? Let us know in the comments section below.


Images courtesy of Shutterstock, SBI Group, Huobi Korea, and Coin Asset.


Need to calculate your bitcoin holdings? Check our tools section.

The post SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM Unveiled appeared first on Bitcoin News.

Largest Movie Theater Chain in Thailand Going Crypto

Largest Movie Theater Chain in Thailand Going Crypto

Thailand’s largest movie theater chain, Major Cineplex, is reportedly integrating crypto payments to allow customers to pay for its services and products with cryptocurrency, including movie tickets and popcorn. Thailand recently began regulating crypto businesses. This week, the Thai Securities and Exchange Commission started accepting license applications from crypto operators.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Largest Cinema Chain in Thailand to Accept Crypto

Largest Movie Theater Chain in Thailand Going CryptoThe largest operator of movie theaters in Thailand is building a digital payment ecosystem in the country through a partnership with Swiss payment company Rapidzpay, the Nation Multimedia recently reported.

Founded in December 1995, Major Cineplex currently lists 143 theaters throughout Thailand on its website, 43 of which are in the greater Bangkok area. The group owns “678 screens, including 7 in Cambodia and 9 in Laos, and plans to expand to 1,000 screens by 2020,” Forbes reported in May last year.

Among the group’s properties is Thailand’s largest multiplex, the Paragon Cineplex, with 16 screens, 5,000 seats, and an Imax theater. It is located in one of Bangkok’s most prestigious shopping malls, the Siam Paragon, known for its luxury goods, floors of restaurants, an aquarium, an art gallery, a large bowling alley, a karaoke center, and a concert hall. It was also at the Paragon Cineplex that Major Group and Rapidzpay signed their partnership agreement.

Largest Movie Theater Chain in Thailand Going Crypto
Rapidzpay iOS app.

Merchants can use Rapidz point-of-sale system to accept cryptocurrencies as well as fiat currencies, the Nation detailed. “Major and Rapidzpay will integrate cryptocurrency payments into established payment gateways to make payment for Major products and services more seamless, secure and efficient.”

While Major Group has not announced which cryptocurrencies will be accepted, the coins supported in both the iOS and Android Rapidzpay apps currently include BTC, BCH, and LTC.

Chanya Tamrongweenichai, the director of marketing at Major Cineplex Group, was quoted by the Nation saying the group believes “Rapidzpay will expand to our other businesses and lead the change for Thailand’s financial ecosystem to be cashless,” noting:

You’ll be able to buy any services and products from us, such as movie tickets, popcorn and other different products with cryptocurrency.

Thailand’s Crypto Regulation in Effect

Largest Movie Theater Chain in Thailand Going Crypto
Rapee Sucharitakul.

Thailand’s cryptocurrency regulation recently went into effect with the Thai Securities and Exchange Commission (SEC) as the primary regulator of crypto businesses. The SEC announced last month that it will allow seven cryptocurrencies to be traded at exchanges in the country: BTC, ETH, BCH, ETC, LTC, XRP, and XLM.

The SEC’s Secretary-General, Rapee Sucharitakul, was quoted explaining this week that “the SEC is (now) open for application approval for operating a digital asset business, as the Finance Ministry’s announcement on digital asset licenses has come into force,” the Nation further detailed:

Rapidzpay is targeting a million active users in Thailand within its first year by attracting both existing and new crypto-enthusiasts who are looking for a simple and convenient platform to convert between fiat and cryptocurrency.

What do you think of Major Group adding crypto payments? Let us know in the comments section below.


Images courtesy of Shutterstock, Thai SEC, Rapidzpay, and Major Group.


Need to calculate your bitcoin holdings? Check our tools section.

The post Largest Movie Theater Chain in Thailand Going Crypto appeared first on Bitcoin News.