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   527

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.  

Cryptopia to Resume Trading Temporary

Trading lasted few hours and has been stopped, and the company itself has not made any announcements on this matter
18 March 2019   37

Hacked cryptocurrency exchange Cryptopia temporarily resumed trading on this Monday, according to information from the order book on its website. To date, trading has been stopped, and the company itself has not made any announcements on this matter. The total volume of transactions on the exchange, which ceased trading services about two months ago, in the last 24 hours amounted to a little more than 10 BTC.

In a message not related to today's test launch of trades, the exchange announced that it would send letters to all clients affected by the hacker attack. A copy of the letter is available on the Cryptopia website. In it, the exchange describes the circumstances of the hacking and its further actions.

The company also confirmed that it will pay damages to affected users. Customers who kept cryptocurrency stolen from the exchange will see in their accounts withdrawal records without transaction identifiers, reflecting the extent of the damage. They will get Cryptopia Loss Marker (CLM), which are records in the database of payments due to them.

According to the announcement, the company expects to proceed with the payment of compensation and resume trading until the end of the month after the completion of the necessary legal procedures.