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Regulation

Thailand Crypto Regulation Could Arrive Through ICO & STO Offerings

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Thailand crypto regulation

The Securities and Exchange Commission (SEC) of Thailand is in the latest cryptocurrency news for its plans to legalize the local initial coin offering (ICO) market as well as open it to potential startups. Knowing that the Thailand crypto regulation efforts were inactive for long, this is definitely a step that would put the country closer to the cryptocurrency markets.

According to Tipsuda Thavaramara who is the deputy secretary of the Thai SEC, the crypto regulation in Thailand stands as following:

“The regulator will have to consider how to deal with STOs for issues such as share ownership, voting rights and dividend. At the moment, we have not decided whether STOs fall under the SEC Act or the Digital Asset Act, but it depends on the STO’s conditions and the details in its white paper.”

On top of this, the country’s SEC has recently scratched the surface of the Thailand crypto regulation issues with the approval of STOs in the local market, even though the plans to legalize ICOs are still contradictory and unclear.

This month, the Thai SEC reportedly approved the official launch of the country’s first ICO portal which brought a lot of positive news across many best cryptocurrency news sites. According to the news, there are plans for STOs approval in the local market.

“The next step is for an issuer to offer security tokens in the primary market,” said Archari Suppiroj, commenting the Thailand crypto regulation issue.

According to big names in the crypt industry, there are still legal boundaries between STOs and global financial regulations. As one prominent CEO said:

“There’s a misconception that there’s a Thai regulatory problem or that somehow the regulations need to change. They don’t. You need to comply with rules around the world. If the compliance doesn’t work, nothing else can happen. We have talked with a number of regulators in the U.S. and around the world. No one has given us negative feedback and no one has signed off on it, but our fundamental opinion is that we’re complying with the rules.”

In July, the Thai SEC officially legalized registered ICOs, allowing companies to run token sales with guidance from the SEC. All of this has led to greater Thailand crypto regulation and a lot of positive news in the crypto space.

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Regulation

Tougher Crypto Regime Announced In The UK: The ‘Dirty Money’ Crackdown

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The UK government is in the altcoin news for its regulatory attempt and action plan with which it aims to combat financial crimes that will include "action on cryptoassets" as it said. The tougher crypto regime will set out to "tackle fraud, money laundering, bribery and corruption" both at home and abroad. The new Economic Crime Plan from H.M. Treasury and the Home Office aims to overhaul the way economic crime is tackled. As such, it will also build better cooperation between the government, law enforcement as well as the private sector - an official announcement showed on Friday. What's most interesting, as the latest cryptocurrency news show, is the fact that the plan includes £6.5 million in backing from Barclays, HSBC UK, Lloyds Banking Group, Nationwide, RBS and Santander UK - all in order to reform the Suspicious Activity Reporting regime.
“All parties will work together on longer term funding for developing richer intelligence and improving operational effectiveness in the fight against dirty money,” the announcement reads.
The agencies also want to take action and ensure that cryptocurrencies are not used for money laundering and/or other illicit activity. The tougher crypto regime is designed to ensure that, officials say. The illicit activities will crypto will be regulated by the establishment of a new crypto assets regime in conjunction with the UK's Financial Conduct Authority. The tougher crypto regime stated that this will “go beyond international standards to create one of the most comprehensive global responses to the use of crypto assets in illicit activity.” Furthermore, an Asset Recovery Action Plan will be set in place to help and recover the proceeds of crime, including funds held outside the UK. The announcement shows that £1.6 billion was clawed back from criminals between 2010 and 2018.
“The UK has one of the toughest systems for combatting money laundering, but too many people are still falling victim to fraud. This crime fuels everything from drug dealing to modern slavery, fundamentally undermining people’s faith in our financial system and impacting economic growth. By bringing together leaders from across government, law enforcement and business, we can better tackle the scourge of dirty money, and ensure the UK continues to be one of the safest places in the world to invest and do business," the Chancellor Hammond said in the coming altcoin news.
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Regulation

IRS Confirms That It Has Trained Staff For Detecting Crypto Wallets

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IRS Confirms
The US Internal Revenue Service, known as the IRS, may now consider subpoenaing major tech companies in the likes of Apple, Google and Microsoft in search of taxpayers and their unreported crypto holdings. As the latest cryptocurrency news show, IRS confirms that it has trained staff to identify crypto wallets. According to a slide deck presentation from an IRS cyber training session, the agency's criminal investigators are now trained to find potential crypto tax cheats. The altcoin news feature this slide deck stating:
“Issuance of a Grand Jury Subpoena should be considered for Apple, Google, and Microsoft for the Subject’s complete application download history."
Prepared by James Daniels who is the program manager for cyber crimes at the IRS criminal investigation unit, the deck proves that IRS confirms the claims. It also reads:
“Each application’s function should be explored to determine whether or not the application can transmit, or otherwise allow, transactions in bitcoin."
If such is the case, it should be checked whether the app allows only peer-to-peer transactions or transactions with crypto related businesses. The deck also leaked on Twitter and showed that IRS confirms its trained staff for crypto wallets. Justin Cole, who is the director of communication and education at IRS' criminal investigation unit, said that the materials were presented to agency staff at an event at the World Bank in Washington, DC on June 5 to June 7.
“The training material has been used around the world to various law enforcement partner audiences and was again given at this forum in a room that included partners from dozens of countries around the world as well as various press members,” Cole wrote in an email featured on many best cryptocurrency news sites.
However, Cole did not say whether the IRS will definitely implement the suggested measures.  “I can’t discuss specific investigative actions that the agency may or may not take in the future,” Cole said. Meanwhile, the IRS is getting ready to issue new guidance on reporting crypto for tax purposes, the first coming out with an initial notice published in 2014. As it stands, IRS confirms that new developments are happening everywhere around the organization.
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Regulation

Spanish Bitcoin ATM Owners Are Not Following EU’s AML Regulations

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Spanish Bitcoin ATM owners reportedly are not obliged by the strict AML regulations which leave the door open for massive money laundering schemes. In the altcoin news today we read more about the Spanish Guardia Civil report on the regulation of the sector. The reports that reached our website show that the special police in Spain took down a criminal organization that used the Bitcoin ATMs to launder money on behalf of narco-traffickers. The Crime-as-a-Service money laundering scheme managed to make up to $9 million before it was taken down. The gang hired two crypto ATMs and then installed them in Madrid. The machines were promoted as devices that anyone can use in order to buy and sell cryptocurrencies. However, the gang used false identities for the registering process in order to load the devices with crypto and then they withdraw money from different bank accounts and send It to Bitcoin exchanges. This scheme provided them with the cover they needed to make huge transactions without raising suspicion. Once they obtained the cryptocurrencies, they then sent them to drug traffickers in Colombia. The two bitcoin ATMs were seized as well as four cold and 20 hot wallets. The Spanish bitcoin ATM owners took advantage of the poor regulation of the crypto sector in the country. The use of ATMs to launder money is not restricted to Spain only. Other countries have the same issue as well including the UK and Canada.  The policymakers around the world are raising the caution against the risk that the cryptocurrencies carry with regards to money laundering. According to CipherTrace, the crypto analytics company as we previously mentioned in the latest cryptocurrency news, criminals managed to launder around 380,000 bitcoins between the birth of Bitcoin and 2018. Currently, Bitcoin is worth about $4.4 billion. Most of the Bitcoin was laundered through unregistered crypto exchanges and they usually end up in countries with weak regulations and security protocols. This is one of the reasons why the policymakers are trying to figure out a new regulatory framework that will apply throughout the sector without choking it and making the investors run away.
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Regulation

Canadian Crypto Exchanges Must Register As MSBs & Report Transactions

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The anti-money laundering rules in Canada are apparently updated and there are changes which will affect a lot of exchange operations in the country. As the latest cryptocurrency news show, the Canadian crypto exchanges must be registered as MSBs and report all of the transactions over $10,000. The amendments were published by the Canadian government to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in the Canada Gazette on Wednesday. Even though there are changes to the financial rules which finalized late last month, the new changes show that Canadian crypto exchanges are under a lot of scrutiny right now. As we can see from the altcoin news, the exchanges cover a number of perceived gaps within the world of traditional finance. In addition to this, they also notably set the bar higher for platforms "dealing in virtual currency." As such, the government explained that Canadian crypto exchanges involve in activities including “virtual currency exchange services and value transfer services" and must be properly regulated. The new rules are featured on many best cryptocurrency news sites and class both Canadian and foreign crypto platforms as money servicing businesses (MSBs). Classified as such, they must “fulfill all obligations, including implementing a full compliance program and registering with FINTRAC [the Financial Transactions and Reports Analysis Centre of Canada].” Furthermore, any "reporting entity" across all sectors that receives CAD $10,000 (US $7,667) or over in cryptocurrency - whether as deposits or payments - must record the details of the transaction, identify the sender as well as report the transaction. The new rules by the government towards Canadian crypto exchanges also said:
“These amendments serve to mitigate the money laundering and terrorist activity financing vulnerabilities of virtual currency in a way that is consistent with the existing legal framework, while not unduly hindering innovation. For this reason, the amendments are targeted at persons or entities engaged in the business of dealing in virtual currencies, and not virtual currencies themselves.”
All of this comes months after the Canadian crypto exchange QuadrigaCX shocked the country and made global headlines after its founder and CEO Gerald Cotten died, apparently without passing any access to the company's cryptocurrency wallets.
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