Jomkwan Kongsakul, the Deputy Secretary-General of the Thai SEC, highlighted that the successful execution of this platform could potentially enhance the efficiency of the domestic capital market by eliminating current obstacles.

As per the SEC official, acquiring bonds from the primary market can take up to two weeks before they become tradable in the secondary market, leading to significant inefficiencies. Moreover, bond issuers are obligated to handle large volumes of manual data, resulting in further delays.

“Future regulations will be introduced to ease the issuance of electronic securities and online purchases of debentures,” stated Kongsakul.

The Thai SEC’s goal is to completely digitize the local bond trading system, encompassing settlement, trading, investor registration, and return payments for both primary and secondary markets.

The plan is to issue digital securities in Thailand in two forms — traditional products that are digitalized for the trading platform, and electronic securities created on the upcoming platform. The SEC has already greenlit four digital token projects and is currently evaluating two more. Additionally, preliminary discussions have been initiated with five other parties.

The SEC official also revealed the regulator’s plan to permit private sector firms to create their own independent chains, provided they comply with a unified standard set by the SEC.

“Multiple chains for trade may exist in the future. Trading across all systems via Distributed Ledger Technology (DLT) is connected by a shared ledger, expected to be finalized soon,” added Kongsakul.

Last month, the Thai SEC was reportedly considering the approval of Bitcoin exchange-traded funds on local exchanges to align with global trends. This followed the regulator’s launch of a regulatory sandbox for cryptocurrency businesses in August of the previous year.

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The deputy secretary-general of the Thai SEC, Jomkwan Kongsakul, expressed that the popularity of token investments is on the rise. The Bangkok Post reported on February 3rd that the regulator will permit securities firms to trade digital tokens to tap into their expansive investor bases.

“The SEC is utilizing technology to boost efficiency in the capital market by endorsing an electronic securities ecosystem,” Kongsakul stated. She further mentioned that “fresh regulations will be rolled out to expedite the issuance of electronic securities and online acquisition of debentures,” which are debt instruments utilized by large corporations for borrowing purposes.

The SEC’s new DLT-based debt instrument trading system has approved four digital token projects, with two more under review focusing on green tokens and investment-centric projects, as per the report.

The proposed system will offer complete digitalization of bond trading for both primary and secondary markets, encompassing settlement, trading, investor registration, and payment processes. It will also support multiple chains with interoperability standards, although the specific chains have not been disclosed.

The Thai crypto environment is evolving towards a more institutional market focus for both tokenized securities and crypto assets, as stated by Binance Thailand CEO Nirun Fuwattananukul in October. Despite crypto payments remaining illegal by the Thai central bank, plans are underway to inaugurate a Bitcoin payment sandbox on the tourist destination, Phuket, later this year.

The test program will provide foreign visitors with an alternate crypto payment option while allowing regulators to assess related risks in a sandbox setting. In January, former Thai Prime Minister Thaksin Shinawatra claimed that there was “no risk” in permitting the trade of stablecoins and other digital tokens backed by tangible assets. There are also reports of the Thai government contemplating the issuance of a government bond-backed stablecoin, as per a January 30th Jinshi report, although no official confirmation has been made.

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According to credible sources, Facebook might have indirectly played a role in luring the masses into fraudulent business investments and misleading government programs. Furthermore, the social media titan allegedly earned ad revenue from these very scam artists who misled innocent people with crypto trading schemes that projected daily returns of up to 30%. These scammers have even utilized images of renowned personalities to enhance their appeal, ensnaring more people into their web of deceit. Chaiwut stressed the magnitude of the issue, stating that the cumulative losses from these scams are estimated at a staggering 10 billion Thai Baht.

Thailand’s Expectations from Facebook On numerous occasions, Thai officials have sought Facebook’s cooperation in combating the menace of fake advertisements, emphasizing the need for the platform to implement stringent ad screening protocols. Regrettably, their pleas have seemingly fallen on deaf ears. The Minister poignantly noted, “While we’ve approached Facebook multiple times about this pressing issue, the platform hasn’t been proactive in addressing the scams.”

Given the gravity of the situation, the MDES is diligently gathering evidence related to the fraudulent ads. Preliminary estimates suggest that there might be more than 5,300 such misleading advertisements circulating on the platform. If these alarming numbers hold true, it underscores the pressing need for immediate remedial action.

In a recently held press conference, the ministry underscored their intention to petition the court to impose a seven-day ban on Facebook operations in Thailand, should the platform not show a genuine commitment to resolving the prevailing concerns. In a final remark, Minister Chaiwut firmly declared, “Facebook must step up and take responsibility if it intends to continue its operations in Thailand.”

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In order to improve BMW’s automobile financing services and automate time-consuming manual procedures, the company is launching a pilot program to test the viability of cross-chain, parallel-executing Smart Contracts. A fully integrated Anti-Money-Laundering (AML) and Know-Your-Customer (KYC) tool based on Thailand NDID may be one solution.

In the next stage of the project, Coinweb will create a bespoke SaaS Web3 application for a Customer Loyalty Programme, rewarding BMW Group customers through a blockchain-based rewards system.

Earning loyalty points via participation in the ecosystem’s varied activities will lead to advancement through the ranks. Customers may use their points to purchase goods and services from BMW and, in the future, from other companies in a linked ecosystem.

Binance’s BNB chain was selected as the anchor chain because of its cost-effectiveness, speed, and scalability, making it the primary blockchain on which transactions would be broadcast.

CEO Bjorn Antonsson of BMW Leasing (Thailand) Co., Ltd. believes that moving away from paper documents and toward immutable records on the blockchain would greatly improve the company’s efficiency and transparency. He adds that working with Coinweb’s stellar staff has them looking forward to the many benefits that will accrue from integrating DLT into their system.

When the blockchain-based rewards system that really provides value is finally implemented in 2023, they plan on working hard to earn and keep the support of their long-term clients in Thailand while rewarding them at the same time.

When asked about working with BMW, Toby Gilbert, CEO of Coinweb, said,

It is an honor to be piloting such an innovative initiative with BMW.

When this project is completed, he expects it to serve as an example of how conventional firms can reap substantial benefits from blockchain technology without compromising their fundamental principles.

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The Republic of Thailand has broken the news that crypto traders in the country will now have to pay a capital appreciation tax of 15% on all of their crypto trades.

Also, the country’s Revenue Department is closely watching the industry. They want to make more revenues from the crypto sector, which recorded an impressive trading volume in 2021.
Surprisingly, the new tax law pardoned crypto-asset exchanges. This translates to the fact that crypto exchanges would not pay the 15% crypto tax gain.

Notably, several of these exchanges have affiliations with big banks and wealthy business individuals in Thailand.

For example, the central bank in Thailand recently acquired the largest exchange in the country, Bitkub. They have acquired this in November by buying a 51% stake in the exchange. Equally, the country’s most giant food monopoly CP Group owns Upbit Thailand, one of the country’s notable exchanges.

According to the new crypto law company Zipmex, co-founder and CEO Akalarp Yimwilai noted that traders are interested in paying crypto tax. However, tax methods and calculations are too complex for ordinary people to understand.

Moreover, he added that calculations and tax methods should be more concise, clear and easy to understand. Despite the government’s methodology to remove the tax being unclear, it already gives different signals. Thailand is famous as a world tourism center that attracts millions of tourists yearly.

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Huobi’s operations are already suspended in Thailand and the top regulatory authority has given the cryptocurrency exchange a time period of three months to return all crypto assets parked in exchange wallets to their clients. 

Huobi has been charged for failing to comply with local regulations. The SEC has said that the crypto exchange had already been informed about non-compliance with the rules back in February 2021. 

Despite the repeated failure to comply with local regulations, Huobi was allowed to operate until August. However, now the SEC has put a ban on crypto exchange’s operations and is requesting the concerned ministry to revoke its license. 

The SEC has also said that Huobi will have to make a security deposit with the regulator. It will be used as a measure to ensure Huobi doesn’t fail to return the client assets in time. Thailand has been supportive of crypto transactions and operations but recently it has been strict with non-compliance. 

Thai SEC keeps on issuing new guidelines both for cryptocurrency exchanges and investors. Recently, it put a ban on cryptocurrency exchanges to list high-risk coins like Meme tokens, fan-based tokens and NFTs. 

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