Thailand Government to Regulate Crypto

The regulatory framework for cryptocurrencies is expected to be finalized within a month
08 February 2018   874

According to Thailand’s Finance Minister Apisak Tantivorawong, the government will not ban crypto trading because the regulators cannot stop the use of crypto in the country. However, it will develop the regulatory framework for digital currencies and ICOs.

During his speech at the “Thailand Takeoff 2018” seminar, Apisak Tantivorawong informed the audience that regulators cannot stop the use of virtual currencies but will have to regulate and control them in an appropriate manner.

In the near future, the Bank of Thailand (BOT), The Thai Securities and Exchange Commission (TSEC) and the Ministry of Finance, the Anti-Money Laundering (AML) Office will meet in order to have detailed discussion concerning this topic.

According to Apisak Tantivorawong, the TSEC is the best authority to take care of crypto. In his opinion, the TSEC is responsible for the oversight of securities. He believes that the Bank of Thailand is not the appropriate organization to oversee cryptocurrencies since they are not recognized as legal tender.

The government will also regulate ICOs. It will improve its financial technology sector in order to be able to regulate cryptocurrencies and ICOs.

Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   189

One of the world's largest asset managers, Fidelity Investments, announced the launch of a unit focused on providing institutional investors with Bitcoin and Ethereum services. The Forbes reports.

The new division received the name Fidelity Digital Assets and, possessing a staff of 100 employees, will provide a platform for trading cryptocurrencies and consulting services 24/7.

The platform already has first customers, but its launch for a wider range of investors is scheduled for the beginning of 2019.

This is a recognition that there is institutional demand for these assets as a class. Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space.
 

Tom Jessop

Founding head, Fidelity Digital Assets

In particular, Fidelity Digital Assets will offer a transaction service that, using internal cross-connect and order routers, will trade through third-party liquidity providers.

One of the most popular offers by the company can also be a service for storing Bitcoin and other cryptocurrencies. It is physical storage, distributed in different geographical locations and offering the so-called "cold" storage of digital assets. This way of storing cryptocurrencies without access to the Internet and with a multi-level control system is considered to be one of the safest and most resistant to hacking today.

As the CEO of Fidelity Investments, Abigail Johnson, said, the goal of the new platform is to make digital assets like Bitcoin more accessible to investors.

Fidelity Investments is considered the fifth largest asset manager in the world, offering investment and custody services to 13,000 consulting firms and brokers. In total, the company manages assets worth $ 7.2 trillion.