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DeFi To Soon Dive Into Thailand Shores

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The decentralized finance aka DeFi space amassed notable traction throughout last year. During the peak of Covid, while all the other markets were enduring a crash, the crypto-verse, particularly the DeFi space was seen booming. While several platforms, as well as countries, took interest in the decentralized finance space, Thailand became the latest one to join the list.

At the time of writing, the total value locked in the market was at a high of $53 billion. The Compound platform was seen dominating the zone by over 19% as it locked a whopping $10.48 billion.

DeFi Catches The Eye Of Thailand’s Prominent Bank

The prominent news portal Bangkok Post revealed that one of the largest Thailand banks, Kasikornbank also known as the KBank had reportedly taken an interest in incorporating decentralized finance into its system. While the bank will plunge into the decentralized space, the Kasikorn Business Technology Group [KBTG], a tech subsidiary of the KBank is all set to take over this project.

The Chairman of KBTG, Ruangroj Poonpol pointed out that the incorporation of decentralized finance would fall under the second phase of the firm’s digital transformation project. While the first phase was conducted throughout 2018-2020, the second phase kicked off in 2021 and is said to go on till 2023.

Emphasizing on the same, the Chairman said,

“DeFi is a key exploration for KBank Group this year. [..] Providing innovative financial services under DeFi should improve the country’s financial exclusion and allow Thais better access to financial services. With this asset-backed form, DeFi could also create economic value for Thailand.”

Decentralized finance has been arising as a promising field. The rapid growth of the industry continued to prove beneficial for the decentralized finance space as well. More recently, Shark Tank’s Mark Cuban also commented on the emergence of DeFi. He went on to compare the growth of the decentralized finance space to that of the early days of the internet.

Bank Of Thailand Publishes Guidelines On CBDC Shortly After Warning Its Citizens

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Central Bank Digital Currencies, or as popularly known as CBDC, is the talk among central banks across the world. Riding the wave of a massive digital revolution, CBDCs offer risk-free, that is backed by the country’s central bank money denominated in cash. The latest country to jump the bandwagon is Thailand.

The Southeast Asian country published guidance outlining its views on central bank digital currencies [CBDC]. The Bank of Thailand [BOT] categorized stablecoins into two groups – one that is backed by the country’s currency, the baht, and other forms of stablecoins.

Thailand’s CBDC:

The guidance revealed that BOT is currently in the process of developing a retail central bank digital currency [CBDC] to accommodate the demands of the general public, enhance service efficiency in the business sector, as well as increase access to financial services. It further stated,

“The BOT will continue to closely monitor the developments of new technologies, taking into account the benefits and related risks in the effort to adopt policies supportive of promoting ongoing economic development while maintaining financial system stability.”

According to BOT, Baht-backed stablecoins are cryptocurrencies that are essentially designed to reduce volatility by pegging its value to the Baht. These are used as a means of payment. The guidelines mentioned that such stablecoins may be designated as electronic money [e-Money] under Thailand’s Payment Systems Act 2017.

While acknowledging that the bank oversees risks associated with e-Money, like in cases of settlement, money laundering cybersecurity, and consumer protection risks, BOT stated that the service providers of Baht-backed stablecoins are required to consult with it for consideration before starting any operations.

The Other Kind:

With regards to the ‘other forms of stablecoins” that include foreign currency-backed, asset-backed, and algorithmic stablecoins., BOT maintained that they are not illegal. The bank also welcomed dialogues and said that it is “open to receive comments and feedback before considering regulatory guidelines as appropriate”.

The latest development comes shortly after Thailand reportedly alerted its citizens against privately-issued stablecoin.

Previously in June 2020, Bank of Thailand had announced a partnership with The Hong Kong Monetary Authority, for the development of a prototype for a cross-border blockchain payment system known as “Project Inthanon-LionRock“.

Thailand Alerts Citizens Against Privately Issued Stablecoin

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The emergence of digital assets proved to have its own set of pros and cons. Thailand’s Central Bank seems to be fending off any possible cons that could put its citizens at risk.

Those who detested or feared the volatile nature of cryptocurrencies decided to cling onto stablecoins. While the crypto-verse has been encountering a lot of scammy projects, the stablecoin market did not fall behind. Thailand’s latest announcement revealed that stablecoins that are privately issued could be harboring potential money laundering or cybercrime hazards.

Thailand Central Bank Labels Activities Pertaining To Stablecoin, “Illegal”

In a recent article published by the Bangkok Post, it was revealed that any activity related to stablecoins pegged to the Thai Baht, including trading and holding the assets would be considered illegal. The Bank of Thailand further pointed out that the Thai Baht Digital [THT] wasn’t under the legal purview of the government. This could further pave the way to easy money laundering and other cybercrime actions.

The Bank of Thailand’s assistant governor of the legal group, Pruettipong Srimachand, suggested that creating, issuing as well as circulating or using any material or token for cash would be causing the breach of Section 9 of the Currency Act 1958.

Srimachand further added,

“Such usage would ultimately affect the general public’s confidence in the stability of the national currency system, which is the cornerstone of all economic activities.”

Anti-money laundering laws along with strict KYC processes have become a must for every crypto platform. With perpetrators trying to garner easy money through scammy projects, the governments are trying to protect their citizens.

The increase in the popularity of crypto forced several countries to bring in more stringent laws to govern the crypto-verse. The Thai government also jumped onto the bandwagon and began licensing cryptocurrency platforms. The Asian country has licensed over 13 crypto firms to operate in the region. Prominent platforms like Bitkub, Huobi Thailand, BX, and several others managed to score approval from the Thailand Securities and Exchange Commission.

Crypto Comes To Cinema; Thailand’s Movie Theatre To Accept BTC For Payments

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The crypto industry has thrived from merely being associated with the dark web to a trillion-dollar industry. Currently, the overall market cap of the cryptocurrency industry was noted at $1.67 trillion. While the crypto-verse is making its way onto $2 trillion, platforms across the globe have started to express interest in the market.

Crypto, particularly Bitcoin has time and again been condemned for its volatile nature. This had further urged the community to label BTC as a “store-of-value” asset as opposed to a means of payment. However, a Thai cinema chain seems to be diminishing these conventions by incorporating the king coin into their payment system.

Crypto Catches The Eye Of Thailand’s Largest Cinema Chain

An array of countries have become more accepting of Bitcoin, just when its price started skyrocketing. Thailand’s prominent theatre chain, Major Cineplex Group decided to take things up a notch by inducing Bitcoin as their latest method of payment.

The platform revealed that a pilot project would act as a medium for the users to pay to watch movies in Bitcoin. While Major Cineplex Ratchayothin is the first platform to do so, about 39 other theaters across the country are said to entail this service by the end of the year.

Crypto
Crypto Comes To Cinema; Thailand's Movie Theatre To Accept BTC For Payments 2

Those who intend to use this mode of payment would be required to download the Rapidz app. A local news portal further reported,

“Movies at E-Ticket vending machines by clicking on the movie and seat position you want, then choose to use E-Wallet and select Rapidz, after choosing to use with Rapidz, there will be a QR Code on the screen for customers to scan for use. Digital currency exchange for movie tickets, after pressing confirm, the kiosk will print out an E-Ticket and customers can use it to watch movies immediately.”

This could be a major plunge for Bitcoin in terms of adoption in the country. While the country’s financial watchdogs based the trading of crypto on the income of citizens, the agency amassed extreme backlash for the same.

Thailand’s Central Bank Rolls Out First-Of-Its-Kind Govt Bonds On IBM Blockchain

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The entire globe is steering towards digitalization. The mass adoption of blockchain technology stands as substantial proof. Over the past few months, several countries have been seen embracing the technology as a few others continue to jump the bandwagon. The latest news from Thailand reveals that the country has been taking a huge leap in the same direction.

Thailand Collaborates With IBM

A recent press release shared by the multinational American company, IBM, highlights its latest collaboration with the central bank of Thailand. The Bank of Thailand reportedly rolled out a blockchain platform on which government savings bonds worth about $1.6 billion were issued. The government saving’s bond issued on IBM Blockchain is reportedly the first of its kind.

The IBM blockchain has been around for quite some time and has lured in prominent clients. IBM’s latest venture with the Thai central bank aims to deliver faster bond issuance services. Usually, bond issuance takes about fifteen days, however, with the incorporation of the IBM blockchain, the Bank of Thailand could deliver this service in just two days.

The VP for Indochina Expansion and MD of IBM Thailand, Patama Chantaruck commented on the platform’s latest collaboration. She said,

“Bank of Thailand’s success with the government savings bond project is the latest example of how blockchain technology can redefine the way businesses operate by simplifying complex processes resulting in fast, transparent, secured and efficient multiparty collaboration,”

Furthermore, the incorporation of blockchain tech for issuing bonds not only speeds up the process but also deteriorates the cost involved in issuing the same. The press release further suggested that the speedy and cost-efficient process now allows Thai investors to buy bonds up to the maximum value. However, keeping in mind the individual earmarked quota from a single bank. After this dipping its toes into blockchain tech, the central bank is reportedly gearing up for the expansion of blockchain to several other government bonds. Both, retail and wholesale investors are said to be the top priority of the bank.

The entire process of developing this blockchain-based bond issuance system involved about eight entities, namely, ‘Public Debt Management Office, Thailand Securities Depository Co., Ltd, Thai Bond Market Association, and selling-agent banks, including Bangkok Bank, Krungthai Bank, Kasikorn Bank, and Siam Commercial Bank, with IBM Blockchain as technology and cloud platform partner.” The Bank of Thailand was certainly one among the aforementioned entities.

Pointing out the capabilities of IBM blockchain, Chantaruck further added,

 “IBM is proud to bring our world-class blockchain platform and IBM Cloud to support Bank of Thailand, and work side-by-side with them in achieving this important milestone for Thailand’s financial industry.”

Thailand to Leverage Blockchain to Promote Use of Green Energy

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Australian blockchain company Power Ledger is teaming up with Thailand to leverage blockchain technology to set up a digital energy company in the Asian nation. Power Ledger announced on 25 May a new partnership with Thai Digital Energy Development (TDED) – a public-private joint venture – to develop Thailand ‘s digital energy platform.

The new platform will make it easier for environmental commodities and peer-to-peer energy trading to promote the adoption of renewable energy sources. Indeed, by 2037, the country plans to produce 25% of its electricity from renewable energy sources.

Thailand leverages blockchain to advocate the use of green energy

TDED is a joint venture between a public agency, Thai energy authorities, and a private renewable energy company named BCPG. Collaboration with the Australian blockchain firm will take advantage of the blockchain technology used by BCPG; run four of its clean power projects, such as energy and carbon management; and run 12MW Smart Campus at Chiang Mai University.

In addition, Power Ledger’s transactive energy solution, based on blockchain, includes P2P energy trading and virtual power plants, as well as the use of renewable energy certificates (REC) and carbon credits for trading. Indeed, Power Ledger and BCPG have been working together for about two years now, and have even set up a similar peer-to-peer energy trading trial within Bangkok ‘s central confines.

Partnership structure open for new partners in the energy business to join

Furthermore, Power Ledger is also keen to leverage the BCPG partnership structure to reach other energy market participants in Thailand, who may be interested to use its energy trading technology based on blockchain. 

Later this year, the Australian blockchain firm will introduce its TraceX REC trading platform giving carbon credits and RECs traders a market place. In addition, the platform will facilitate P2P trading for individuals who both generate and use energy; and sell excessive energy within their locality.

Ripple Partner Siam Commercial Bank Continues to Drive Innovation in Thailand with a Focus on Customer Growth

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Thailand has been a growing force in the digital market with several innovations taking place within the confines of the country. The nation’s upward growth was a result of careful planning and urging companies to use new and cutting edge technology.

One of the stalwarts in the Thai financial market is the Siam Commerical Market [SCB], which, after its alliance with Ripple, saw substantial growth in transactions across borders. In a recent conversation with the bank’s SVP Arthit Sriumporn about Ripple Insights, he spoke about how the partnership between the companies had grown to create an ecosystem.

One reason for SCB’s growth could be the fact that Thailand was the leader in mobile banking users. With significant help from its user base, the SCB has played an important role in establishing that status. Ripple’s interest in SCB may stem from the intention to tap into the burgeoning mobile economy in Thailand.

The SCB SVP reiterated that being part of the RippleNet had various advantages. He said:

“Siam Commercial Bank is more than 100 years old and is Thailand’s largest bank with more than 1,000 branches across the nation. We support a wide range of customers from retail to small and medium-sized enterprises (SMEs) and corporations. Our focus is always on enriching the customer experience and RippleNet has helped us to do this with remittances.”

SCB has brought users to its ecosystem by making its mobile application completely free of transaction fees. This move has encouraged a large group of people to adapt to mobile technology, taking Thailand to where it is today. Mr. Sriumporn added that customers preferred the ease of use of a mobile application rather than sitting in a bank and filling out forms.

To ensure that the mobile application does not fail its users, SCB took the help of Ripple. SCB Easy runs on Ripple’s framework, where the cryptocurrency company will help in improving customers’ demands for cross border transactions. After Thailand, the company also plans to expand to countries such as Cambodia, Laos, Myanmar, and Vietnam.

Using SCB Easy, users can perform transactions that occur in real-time but are still cheaper than a multi-day banking process. RippleNet is used to connect multiple banking partners around the world, which in turn opens up more corridors. Sources revealed that the bank is now working on a QR code-based application that will allow tourists to use their native banking services.

People visiting Thailand will be able to scan the QR code and pay for any product instantly. This removes the hassle of currency exchange and transaction settlement times. Although a release date has not been disclosed, the SCB official believed that the application will change Thailand’s financial landscape forever.

The Siam Commerical Bank has set its sight on landscapes other than Southeast Asia. Ripple’s influence across the globe will allow the bank to explore multiple avenues and establish payment gateways in areas required. Twenty-twenty is also set to be the year when the SCB will offer cross border payments to business customers.

Huobi Boosts its Thailand Presence By Getting Thai Baht Trade Approval

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Several countries around the globe have started to step into the cryptocurrency world, or at least into the blockchain industry. This development has also been made on the Asian shores and the countries in the region have taken a serious turn towards it.

Thailand has been the latest country to open its doors to cryptocurrency business with Huobi Thailand to receive a license from the Thai Ministry of Finance for trading in Baht.

The Huobi Cloud-powered company reported that a government license would allow it to conduct transactions in the country’s premises. Using the new platform the holders will be able to trade with BTC, ETH, HT, and USDT using the currency of the region, the Thai Baht.

At the moment, the platform gives customers the option to facilitate digital transactions across sectors. The HT token is Huobi’s native cryptocurrency and the latest development is set to give it a new benchmark.

Huobi has told users that it will add streamlined processes to its platform while at the same time allowing direct swaps with the Baht. The platform aims to act as a bridge between crypto and fiat in order to increase the number of adoptions in Thailand.

The organization added that it will be adding assets such as XRP, Bitcoin Cash, Litecoin and Bitcoin SV soon. Officials close to the company claimed that worldwide easy transaction was the key and that Huobi wanted an interconnected finance sector.

The company had also stepped up to help Coronavirus victims by donating 10 million yuan for medicine and help. According to reports, Huobi will continue to invest more in infected areas all around China. Amid all these updates, Huobi’s native token HT has achieved a new 12-month high due to an increase in exchange trading volume. Huobi added that it will also be boosting privacy features across the board because of the increased scrutiny from regulators.

It was just last year when Huobi Thailand obtained the Digital Asset License from the Thai Ministry of Finance. With permission from the country’s Securities and Exchange Commission, Huobi has been able to connect with the country’s payment network. The Thai Baht integration was a way to expand the usage circle of the Huobi token. Huobi Token was last in the news when it got listed on a popular hotel booking site, Travala.com.

Huobi Thailand’s plans to launch a stablecoin has also been a known fact in the crypto-verse. The stablecoin coin will be pegged at a 1:1 ration with the Thai Baht. Stablecoin launches were becoming increasingly popular in the industry and it is only a matter of time before other companies follow suit.

Ciara Sun, the Vice President of Global Business at Huobi Group further said that they wanted to uplift the economy by broadening access.  The exchange’s release came right before Bitcoin crashed below the $8000 mark. The entire cryptocurrency market awoke to a shock when the world’s largest cryptocurrency fell by 9.1 percent. Altcoins such as Ethereum, XRP and Bitcoin Cash fell by double-digit figures at the same time.

Crypto Binance Ranks #7 Google Search Terms in Thailand for the year 2019

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Undeniably Thailand is one of the top crypto-friendly countries and the result of the latest Google trends depicts that the country’s citizens are searching “Crypto Binance” to a great extent.

Binance Search Term Ranks #7 in Thailand

The news was first shared by Binance Boss “Changpeng Zhao (CZ)” via a tweet, which unfortunately is not available. However, as per bbc.com, people in Thailand used crypto Binance widely among other such terms. The top 10 search terms for the year 2019 on Google includes; tasting, shopping, use; Karma; mistress; leaves that blow; Stone Hearts; election results 2019; Crypto Binance; Share Chain Nice Review; sensual Mead; Love inspires an emergency.

Undeniably, Binance is one of the world’s largest crypto exchanges that offer its trading and other crypto-related services across almost all the countries of the world. More so, with the popularity of crypto and blockchain in today’s world, enthusiasts and investors are digging deeper into the concept of decentralization, digital currency, and blockchain ecosystem.

As for Thailand, the country is reportedly reforming cryptocurrency laws in 2020 as stated by the Securities and Exchange Commission (SEC). Although several details regarding the crypto policy remained unseen, it was said that the country’s regulators Ruenvadee Suwanmongkol, the secretary-general of the SEC thinks “the regulator must be flexible to apply the rules and regulations in line with the market environment.

“For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market. We need to explore any possible obstacles.” Added Ruenvadee.

The news of Binance appearing among the top search terms of Google in Thailand comes in a wake of Binance’s support announcement for Ethereum Muir Glacier upgrade. The exchange announced on Monday, 30th December that the exchange will temporarily suspend deposits as well s withdrawals for Ethereum during the upgrade. Notably, the upgrade is scheduled for January 2, 2020.

“ETH deposits and withdrawals will be suspended before block 9,200,000, the time selected to perform the estimated update to take place on 02/02 2020 (UTC). Note that ETH trading will not be affected during the upgrade, ”elaborated Binance.

PR: Thailand establishes its vision of becoming the next Blockchain force at Trescon’s World Blockchain Summit

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World Blockchain Summit Bangkok saw the participation of 300+ regional and international blockchain and crypto experts who came together to assess Thailand’s blockchain ecosystem. Top speakers for the summit included Prinn Panitchpakdi, Deputy Leader & Head of Economic Team, Democrat Party; Mike David, Chief Fintech & Virtual Currency Officer, Spokesperson, (CEZA); Topp Jirayut Srupsrisopa, Co-Founder and Group CEO of Bitkub Capital Group Holdings Co., Ltd and Board of Director for Thai Fintech Association and Felix Mago, Co-Founder of Dash Next & Dash Thailand among others.

Thursday, 05 December 2019 (Bangkok): The 14th global edition of Trescon’s World Blockchain Summit debuted in Thailand yesterday, with over 300 crypto enthusiasts in attendance. After covering five countries this year, the global blockchain and crypto conference extended its footprints in one of South East Asia’s most active crypto markets for the first time.

WBS Bangkok saw the participation of regional and international C-level executives, blockchain and crypto pioneers, industry experts, investors, solution providers, and startups who came together to discuss the current and future trends in blockchain and its significant impact on Thailand’s digital economy.

The conference took place after Trescon’s Startup Grand Slam Pitch Competition that brought together leading early-stage startups for a live on-stage battle for the most innovative ideas in the emerging tech space. BabyToken – a cryptocurrency and a blockchain ecosystem created by one of the most popular health-tech apps in the world – Pregnancy Tracker was the winner of the pitch competition.

The summit also hosted an honorary award ceremony to felicitate EXW Wallet as the Best Wallet of 2019 along with the Best Blockchain Entrepreneurs Under 30, namely, Benjamin Herzog, Founder; Manuel Batista, CO-Founder and Pirmin Troger, CO-Founder/ CNO of EXW Wallet.

Blockchain summit
Credit: WBS

WBS Bangkok had a cohesive agenda that primarily explored multiple facets of blockchain and cryptocurrency in the global context and for Thailand’s blockchain ecosystem. One of the essential topics of discussion at the conference included the global outlook for 2020.

While talking about the legal and regulatory landscape in Asia and Thailand, Kullarat Phongsathaporn, Partner at Baker & McKenzie Ltd, added, “We’re likely to see more regulations globally in the digital asset world. This is a good sign, in that it is creating a real impact and more traction, so much so that the regulators are really active. We need a holistic direction from the government, so next year we can expect more synchronization from regulators.”

The conference also featured a real-time live polling debate on Blockchain being a foundational layer to create trust within enterprises. The panelists included Felix Mago Co-Founder of Dash NEXT & Dash Thailand; Cris Tran, Regional Head, Managing Director of Infinity Blockchain Ventures and Managing Partner for Asia Blockchain Review; Clayton Roche, Country Ambassador for Maker DAO; Jorge Sebastiao, CTO of EcoSystem, Huawei and Joeri Van Geelen, Managing Partner APAC for Prysm Group as the Moderator for the debate. Interestingly, the poll result confirmed a favorable response from the audience towards working blockchain in the enterprise space.

#WBSBangkok 2019 was officially sponsored by Strategic Partners, Bitkub, Dash Thailand, Prysm Group.

Platinum Sponsors, Future1Exchange, Simbcoin, Startup Studio; Gold Sponsor, ACO Platform, Silver Sponsors, Synchrobit Hybrid Exchange, Wink Pay, Synchro Ledger, Pik Chat, CoinKeeper Pte Ltd, Opu Labs, Inc, Relictum Pro; Pre-event Party Sponsor, Hustle Token Pitch Partners, ProperSix Ltd, BabyToken, Bitcrore Foundation, BeFaster,  Bullionblock Ltd,; Exhibitors, Beldex International Limited OÜ, Cryptoknowmics, Game of Tron and ecxx.com

Association Partners, Thai Fintech Association and DAFEX

About Trescon

Trescon is a global business events and consulting firm specialized in producing highly focused B2B events that connect businesses with opportunities through conferences, expos, investor connect, and consulting services. For more information, visit https://www.tresconglobal.com.

For further details about the announcement, please contact:

Rahul Harindra

Corporate Communications Manager

marketing@tresconglobal.com

Tel: +91 080 4611 3911

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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