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Thailand could be hub for digital currencies

A recent report noted that Thailand has the potential to be a regional hub for digital currencies, with annual trading volume expected to grow by at least 500% over the next 1-3 years, driven by initiatives to regulate digital assets, according to the forecast of a consultant at a major tech firm in Thailand.

If that forecast holds true, Thailand will rank among the top Asian countries for digital currency trading in three years, said chief executive of the company.

The CE also noted that Thailand has an environment that supports digital assets and initial coin offerings (ICOs), as it is among the few countries in the world that have acted on dealing with digital assets.

With the digital asset royal decree coming into force since mid-year, foreign investors have paid greater attention to Thailand’s digital asset market despite the 7% value-added tax and a 15% withholding tax on capital gains from digital asset investments that seem quite high, she noted.

The company’s CE made note that Thailand is the first country in the world that has laws for all ICOs and other digital assets – exchanges, ICO portals, brokers and dealers.

The royal decree on digital asset businesses went into effect on 14 May 2018. The new legislation was enacted to regulate digital asset offerings and businesses undertaking digital-asset-related activities.

Pursuant to the royal decree, digital assets cover cryptocurrencies, digital tokens and any other electronic data units, as specified by the Securities and Exchange Commission.

At least three ICO portals are expected to be certified by financial regulators by year-end, with additional ICO portals set to be approved in next year’s first quarter, it was noted.

The consulting firm is among the ICO portals that applied to become a certified ICO portal, the company’s CE noted said, adding that the company has about 10 ICO deals in the pipeline, two of which are getting ready to launch their offerings once Icora becomes an authorised ICO portal.

The CE stated that three points of weakness in ICO regulations in Thailand need further regulatory revision: the cost of issuing an ICO, whereby the fixed cost is 3 million baht excluding financial advisory fees; the long period to approve an ICO issuance; and the investment limit capped at 300,000 baht per ICO issuance for retail investors.

A report on noted that Thailand’s ‘ICO portal’ could see it enter new crypto world.

Thailand, despite being in the run by a military government, is increasingly open to crypto-based initiatives.

The report noted that, the SEC Secretary-General had said that at least one ICO portal will be certified in November, then the government can approve each ICO offering, which might start in December.

An additional five crypto-currency business operators have also been submitted to the SEC for approval. The Commission is still assessing approval requests, during which time the operators are still allowed to conduct their businesses for 90 days.

The companies seeking approval and licenses to operate as digital asset exchanges are still permitted to operate while the regulator deliberates on approvals.

The ICO portals will enable the screening of initial coin offerings, conducting of due diligence, verifying KYC (know your customer) processes and checking smart contract source code. They cannot, however, place any guarantees on the success of individual projects or advise on investment risks.

The tax status is still a grey area with the onus being placed on the individuals to declare their own profits from crypto-currency trading. Currently, no taxes are collected by exchanges operating within the Kingdom.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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