Thailand Finance Ministry to Regulate Cryptocurrencies by the End of This Month

Despite the fact that many countries ban cryptocurrencies or take serious measures, Thailand is still positively and aims to safeguard against illegal activities
02 February 2018   445

According to finance permanent secretary Somchai Sujjapongse it is not acceptable to allow Bitcoin transactions without warnings and directions from the regulators. He believes that the Bank Of Thailand and Securities and Exchange Commision should issue warnings that cryptocurrencies are not regulated.

In his opinion, the government can benefit from using blockchain technology and should not ban it, that is why the working panel should work rapidly over the next month in order to make a decision of how to regulate crypto.

At the moment the most liberal countries in Southeast Asia which lean towards crypto trading are Japan and Singapore. India is the opposite. Cryptocurrencies transactions are not allowed for illegal activities there and the government will take measures to eliminate such activities.

The only cryptocurrency exchange in Thailand is BX Thailand. It lists 11 cryptocurrencies for trade and has the daily trade volume of around $16 million.  

Bitfinex to Launch New Improved Fiat Deposit System

New system of deposists supports 4 popular currencies and requires KYC procedure completion
17 October 2018   93

Bitfinex Cryptocurrency Exchange has introduced a new system for fiat currencies deposits: the US dollar (USD), the British pound (GBP), the Japanese yen (JPY) and the euro (EUR). Now, the users who have completed the KYC procedure will create an application, indicating the deposit amount and currency, and the platform representatives will consider it within 48 hours.

Then, if approved, users will be sent the recipient's bank data, and the deposit itself will be credited to the account within 6-10 business days.

In this case, the minimum threshold of $ 10,000 was not abolished.

Earlier, Bitfinex had an anomalous growth of Bitcoin to the level of $ 7,788, which was associated with the possible collapse of Tether.

Nevertheless, the USDT price also stabilized, and representatives of the issuer said that the tokens were fully secured.