Thai Bank Closes Account of Local Crypto Exchange

Another bank in Thailand is terminating crypto transactions of a local crypto exchange TDAX
27 February 2018   443

The state-owned Krungthai Bank shut down bank account of a cryptocurrency exchange. This is the second bank which is terminating crypto transactions of Thai Digital Asset Exchange (TDAX). The first was Bangkok Bank, which decided to terminate TDAX’s accounts with the bank last week.

According to Somchai Sujjapongse,  the permanent secretary of the Finance Ministry and chairman of Krungthai Bank, on Monday he personally ordered bank to terminate any transactions related to cryptocurrencies with TDAX through the bank’s accounts.

The move followed a Bank of Thailand request that financial institutions cooperate by refraining from making or being involved in cryptocurrency transactions, as the regulatory framework supervising digital currencies remains unclear.

Somchai Sujjapongse

The chairman of Krungthai Bank

At the moment, TDAX still has bank accounts with two other financial institutions: Kasikornbank (Kbank) and Siam Commercial Bank (SCB).

Korea May Issue New Crypto Regulation Soon

Ass reported, during the period from July 13 to 26 members of political parties will present their proposals on regulating the sphere of cryptocurrencies
12 July 2018   170

In the coming days, the National Assembly of South Korea, presumably, will consider a number of legislative initiatives related to the regulation of the cryptocurrency.

As reported by The Korea Times, during the period from July 13 to 26 members of a number of political parties of the country will present their proposals on regulating the sphere of cryptocurrencies, the ICOs and blockchain.

According to the source, among others, the representative of the ruling Democratic Party Pak Jon-ji and representative of the leading opposition party "Free Korea" Chun Tae-ou will present their bills.

It is expected that many bills will be considered these days, but it is unknown exactly how the process will proceed. The Korea Times notes that members of the National Assembly "remain mostly scattered" when discussing the problem of cryptocurrency.

In any case, this initiative should serve as a catalyst for a new debate on the status of the country's cryptocurrency, whose population shows an increased interest in this market.

Another member of the National Assembly will hold another event this month, which can also affect the fate of the country's exchanges. The representative of "Free Korea" Song Hy-kun will participate in the debate with the Korean Agency for Internet and Security regarding the safety of local crypto exchanges. The event is organized in the light of the recent hacking of Coinrail and Bithumb.