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Thai Crypto Exchange Interrupts OIC Records and Expects Publication of Regulatory Framework

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Thai Digital Asset Exchange (TDAX) Postponed Trading and Registration Initial Coin Offeringings (ICO) for two weeks in the meantime The regulatory framework of the Thai Securities and Exchange Commission (Thai SEC), to be published soon, was published on Monday, February 26th.

The decision to postpone the OIC negotiations, even though six ICOs are already in development, after Bangkok Bank has terminated the TDAX account in order to stop crypto transactions this week -end, citing the lack of a license to operate.

TDAX was registered as a digital money business development department, according to Poramin Insom, founder and CEO of TDAX. However, Insom told the Bangkok Post:

"The bank called and asked if there was an operating license for proof, but I replied that this case was not under legal jurisdiction, so the bank said that it would terminate the bank account of the company [with Bangkok Bank] because this company had no license. "

Bangkok Bank would be the first domestic financial institution in Thailand to stop transactions involving cryptocurrencies, according to the Bangkok

Insom added that the closure of the TDAX account in Bangkok Bank n & # It has not affected the exchange's crypto trading, as the stock exchange still has accounts at Kasikornbank (KBank), Siam Commercial Bank and Krungthai Bank.

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Insom said over the weekend that TDAX, which itself has about $ 175,725 in registered capital, was considering applying for an ICO license with the Thai SEC, pending its regulatory framework.

urce told the Bangkok Post that the Thai SEC would most likely release its regulatory framework on March 8, and that it would require online trading to register with the SEC in order to regulate all ICOs

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. be listed on an ICO portal based in Thailand, with a minimum registered capital of 5 million baht, or about $ 160,000.

A different source told the Bangkok Post that individual investments would be capped at 300,000 baht, or about $ 9,500, but since that amount " for individual investors is very tiny. will see many Thai startups registered in foreign countries like Hong Kong and Singapore to raise funds outside the legal jurisdiction of Thailand. "

The Central Bank of Thailand sent a circular the week Banks can not invest or trade cryptocurrencies, or participate in encryption or trade, but this circular applies only to banks, not exchanges and other platforms. cryptographic that continue to operate in Thailand

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