Thailand Security Association Cryptocurrency Exchange

Emanuel Adrade
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Thailand Security Association Cryptocurrency Exchange

     The Association of securities companies of Thailand (ASCO) is evaluating the launch of a joint venture cryptocurrency exchange with other securities companies and revealed its plans to apply for a commercial license. Pattera Dilokrungthirapop, the head of the association, during an interview with the Bangkok Post, revealed that several securities companies in the territory have shown interest in operating businesses with cryptocurrencies, as well as launching ICOs, for which they have proposed to request a license from their Securities and Exchange Comision, in order to reduce operating costs.

Pattera also clarified that digital commercial operations are permitted under the
commercial licenses of securities companies; not to mention that these companies already have the necessary infrastructure to undertake in the decentralized sector. He also added that,

“We are confident that investors will prefer to trade with us, since we have been in the securities trading business for a long time. We can guarantee that we are a
trustworthy entity.”

It should be noted that in compliance with the regulations issued on May 14, all companies involved in the cryptocurrency market, the sale of ICOs, establishment of exchanges, as well as brokers and distributors, must be registered with the SEC of the region in a period not greater than 90 days from the start date of its activities.

Secretary General of the SEC in Thailand, Tipsuda Thavaramara, commented that the entity in charge of ensuring the law will issue, in the coming months, a series of measures, as well as clearer regulations in regards to the registration process for new licenses.

 

by Emanuel Andrade

Coinbase Creates Cryptocurrency Market Supervision

Samuel Paz
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Coinbase Creates Cryptocurrency Market Supervision

     The cryptocurrency exchange mogul, Coinbase, has hired a former executive of the New York Stock Exchange to create a market supervision system for its platform. The stated purpose of the platform is to generate confidence in US securities regulators with respect to the cryptocurrency market.

The executive to lead this project is Peter Elkins, former director of market supervision at the NYSE, and is part of the “Coinbase Trade Supervision Program”, which the company launched in order to monitor the markets in search of fraudulent or other illicit financial behavior. This measure is a sign that Coinbase recognizes the need to bring order to the market, in terms of illegal activities, which is the main argument of regulators when imposing regulations that hinder the growth of the market.

This Coinbase project will handle a high risk and high profitability approach, and will offer supervision of the cryptocurrency market, which could generate income with the application of this technology in other exchanges. It is common for companies to seek alternatives to improve greater trust between governments, and it is seen as much needed in this industry due to the high number of hackers, pyramid schemes and market manipulation.

 

by Samuel Paz

Blockchain Solution for Food Industry Transparency in UK

Samuel Larreal
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Blockchain Solution for Food Industry Transparency in UK

     The United Kingdom’s Food Standards Agency (FSA) successfully completed a pilot project in partnership with a cattle butchery in which blockchain technology was implemented for the first time as a regulatory tool in order to ensure conformity in the food sector. The program was implemented in a butchery where both parties had access to the data records with the aim of improving transparency in the supply chain of the food sector. The FSA intends to apply another pilot in the mid of July, with the goal of improving data recording in farms.

“Our focus has been to develop data standards with the industry that will turn the theory into reality and I am delighted to be able to show that blockchain technology does work in this part of the food industry. I think there are great opportunities now for industry and government to work together to expand and develop this approach”,

said Sian Thomas, a spokesperson for the FSA. The FSA says that they are currently trying to replicate the program in other production plants, and the FSA the initiative seeks a permanent blockchain adoption. They also affirm that the adoption must be led by the industry, since the information available is product of the collection of data from previous inspections, limiting FSA’s action range.

Analysts agree that blockchain technology could be a cornerstone for the food industry of the future, right now we have impressive examples of blockchain usage in the food industry as IBM, Walmart and nine other companies partnered to create a system based on blockchain technology, called Food Trust, which seeks to track the food supply chain. Frank Yiannas, Walmart’s head of food safety, described the Food Trust blockchain system as

“the equivalent of FedEx for food tracking,”

in which

“real-time data is captured at every point, in every food product.”

Food Trust includes companies such as Nestle, Dole Food, Driscoll’s, Golden State Foods, Kroger, McCormick, McLane, Tyson Foods and Unilever. The companies have been collaborating on the project since 2016, and tests began in August of 2017.

 

by Samuel Larreal

Bahamas To Issue A Cryptocurrency

Samuel Paz
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Bahamas To Issue A Cryptocurrency

Recently, the Prime Minister and Minister of Finance of the Bahamas announced the launch of a pilot for a national digital currency by the Central Bank. The Minister of Finance, K. Peter Turnquest, hopes that The Bahamas will become a digital and technological paradise. The Minister added that The production of a modern, fully digital payment service is the way forward for this era of our government. A digital currency from the Bahamas is
important for many Islands, as they have seen many commercial banks shrink their size and withdraw from their communities, leaving them without banking services. The digitization of our governmental and financial services complements our facility to make business initiatives and our digital framework.

Authorities believe that the use of this technology, will make it possible to obtain greater efficiency for the islands while at the same time reducing the levels of corruption. Turnquest mentioned that by using technology and unique points of contact, the Bahamas can eliminate much of the human element that facilitates corruption, so when talking about requesting government services, if there is a single portal of entry and all the processing is
done either through the electronic data exchange or through process optimization, they can eliminate that risk factor.

All this comes in the midst of a series of international movements regarding the issue of
regional and national currencies, in order to eliminate factors of danger in terms of acts
of cybercrime and legal gaps. Entities like the Central Bank of the United Kingdom, recently announced that they are evaluating the possibility of issuing their own cryptocurrency. Similarly, Switzerland is studying the possibilities as well.

 

by Samuel Paz

Cryptocurrency Investment Will Double – ING

Emanuel Adrade
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0
Cryptocurrency Investment Will Double – ING

ING, the Dutch banking and financial services giant, recently hired a research company, Ipsos, to conduct a study on the perception of cryptocurrencies in Europe, the United States and Australia. The results have just been published and are encouraging to those in the industry. It is expected that the interest in the incipient industry will double.

Although Bitcoin and other digital currencies are going through a dark period and are at or below their annual lows, the study gives hope that a period of recovery and sustained growth will come soon. The study was conducted by respondents in 13 European countries: Austria, Belgium, Czech Republic, France, Germany, Italy, Luxembourg, the Netherlands,
Poland, Romania, Spain, Turkey and the United Kingdom, as well as Australia and the United States. Approximately 1000 people were surveyed in each country.

According to the official report,

     66% of people in Europe say they have heard of cryptocurrency.

     Less than one in 10 (9%) owns it.

An additional

     16% say they expect to own cryptocurrency in the future

which suggests that acceptance could more than double. Considering that one-third of those

     in Europe (34%) have not yet heard of the cryptocurrency

the potential for growth could be even greater.

The study also revealed that the majority of respondents consider that virtual currencies are a riskier investment than real estate, bonds or stocks. Also, when considering a cryptocurrency investment, people tend to rely on financial advisors and specialized websites instead of their friends and family.

Jessica Exton, a behavioral scientist, concluded that

“cryptocurrency is still an abstract investment, but there may be more appetite for digital currencies than some might suggest.”

According to our survey, ownership of cryptocurrencies could more than double in the future, although, there was no indication of when this will happen.

 

by Emanuel Andrade

Coinbase CEO Creates Cryptocurrency Charity Fund

Samuel Larreal
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Coinbase CEO Creates Cryptocurrency Charity Fund

     In recent years, cryptocurrency related businesses have earned millions, if not billions in revenue.  With this influx of cash, many of these business have begun to address social issues and societal needs.

Coinbase’s CEO, Brian Armstrong, recently announced his company’s charitable foundation, GiveCrypto. The foundation will raise funds to help finance international humanitarian causes. This movement could certainly help to expand the popularity of the industry, and research more use cases for projects and their adaptability in a great variety of industries.

Donations can be purchased directly in cryptocurrency, according to the company, preventing corruption or alteration of funds and by allowing free transfers to high commissions without intermediaries that may slow down the process.

“The cryptocurrencies are unique in the sense that they can be used to send small amounts of money anywhere in the world, in real time directly and to the individual who needs it; you only need a mobile device with an Internet connection. With the distribution of aid to foreigners, high rates and corruption are unfortunately common; but digital currencies are the way to go to avoid it.”

according to Armstrong in an official statement. To date, ‘GiveCrypto’ has raised more than $3.5 million, including $1 million from Armstrong himself. Chris Larsen, Ripple’s Chief Executive, also contributed $1 million to the charitable cause. It should be noted that the main objective of Coinbase with this foundation is to raise US $10 million before starting the donations.

 

by Samuel Larreal

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