A new blockchain-as-a-service platform launched in China

Chinese government-backed Research Institute has presented their blockchain-as-a-service platform for data storage and verification
27 March 2018   814

Nowadays everybody tries to move to blockchain it seems. And the Chinese are going even further with this notion. Recently China Banknote Blockchain Technology Research Institute has debuted the new system called Blockchain Registry Open Platform (BROP for short). It's a platform for identity and supply-chain tracking utilizing blockchain-as-a-service (BaaS) approach.

Of course, it's not the first BaaS platform ever developed, with several other companies having their own flavor of the same thing. But in the case of BROP the significant difference lies in the developer's official connections. The Research Institute is quite strongly tied to Chinese government and has a luxury of their backing on such projects.

The aim of the new platform is to build the environment for a trustworthy collaboration. It is achieved by establishing verifiable digital identities, storing trusted data on the blockchain and providing digital vouchers which would verify agreement rights on the blockchain.

It can be used to store data and provide track record for the changes made. Also developers have presented plans to utilize their project to make public services more optimized and transparent for the government and the users.

Thai Watchdog to Issue License to Zipmex

About 30 crypto-exchanges have already applied for licenses to the local Securities and Exchange Commission
20 January 2020   72

According to a press release distributed on January 20 with the Cointelegraph, the Thai Ministry of Finance and the Thai Securities and Exchange Commission (SEC) approved Zipmex for a license that imposes strict regulatory requirements on applicants.

In order to obtain a license, applicants must prove that they have reliable financial sources - with a share capital of at least 50 million baht (about 1.65 million dollars) - and that they work at a high level in their IT and cybersecurity systems.

Under Thai law, licensed digital asset operators that are licensed are classified as financial institutions and must fulfill reporting obligations in the area of ​​anti-money laundering.

According to a press release, about 30 crypto-exchanges have already applied for licenses to the Securities and Exchange Commission. Interestingly, the applications of the two exchanges have already been rejected on the basis of insufficient KYC.

The license was introduced as part of the country's regulatory framework for digital assets, which led to the launch of the first ICO in October 2019.

The operator has secured a partnership with the public company AEC Securities Public Company in Thailand, which specializes in securities, brokerage services and investment banking, in order to attract both retail and institutional investors in the country.

With a license, the Zipmex Exchange expects to begin operations in Thailand earlier this year, having previously launched platforms in Australia, Singapore and Indonesia.

Digital currencies and securities are emerging asset classes for both the banked and unbanked. It is an interesting time in our financial history, and I’m glad Thai regulators are working with exchanges to build regulatory frameworks for these new technologies to operate within.

 

Dr. Sathit Limpongpan

Zipmex CEO

Despite the fact that the authorities initially tried to ban Bitcoin in 2013, the Thai government has taken a more active and pragmatic approach to the cryptography sector over the past year.

As reported, last January, the Thai Securities and Exchange Commission issued licenses to 4 cryptocurrency firms: Bitcoin Exchange Co., Bitkub Online Co. and Satang Corporation, as well as TH digital currency brokerage and dealer company.

These events were followed by an amendment to the country's law on securities and exchanges, adopted in February 2019, which legalized the issue of token securities using blockchain technology.