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Thailand: Cryptocurrencies get major push as SEC approves first-ever ICO portal

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The Securities and Exchange Commission [SEC] of Thailand approved the country’s first ever Initial Coin Offering [ICO], capping off a wave of cryptocurrency adoption in the country.

As reported by a local news daily on 12 March, the Board of Directors of Thailand’s financial regulator gave a green light to the ICO portal. This decision will allow the portal to screen ICOs, conduct necessary background checks, confirm source codes, and ensure KYC norms are adhered to.

The Director of the Fintech Department at the SEC, Archari Suppiroj, said that the final approval of the ICO portal lay with the Thailand Commerce Ministry, and other relevant government agencies, an approval he deemed to be imminent.

Suppiroj added that the company that will operate the ICO portal is not registered in Thailand and is a foreign company. However, the Director did not mention any names in reference to the same, but stated that around eight companies were considered for the pre-consultation phase with the SEC to operate the portals.

She stated,

“The first ICO deal will be available for public offering in the near future under the digital asset royal decree.”

Coins and tokens are not on the same plateau, according to the country’s financial watchdog, with regulatory pressure still on the Security Token Offerings (STO). Suppiroj stated that STO introduction was prohibited as transactions relating to securities fell under a different law.

Suppiroj stated that the ICO market in Thailand saw a wave of improvement, from being project-based to being backed by actual assets. She added,

“In the future, the SEC will issue a criteria that allows companies to apply tokenisation to securities and other assets.”

In December 2018, the financial watchdog had announced plans to reduce the regulatory pressure surrounding ICOs. Tipsuda Thavaramara, the former General Secretary of the SEC called this proposition,“An attempt to find greater equilibrium in the regulatory process and reduce regulatory impediments.”

Recently, Thailand’s SEC trimmed down the list of cryptocurrencies that could be used as an investment tool in the country’s ICO market and as base trading pairs. The existing list of currencies includes Bitcoin [BTC], Ethereum [ETH], and XRP, along with the country’s national currency, the Baht [TBH]. The SEC had booted out Litecoin [LTC], Bitcoin Cash [BCH] and Ethereum Classic [ETC] from its roster.

Source.ambcrypto

Cryptocurrencies

Tone Vays: Bitcoin Breakout Level Will Trigger ‘Shitcoin Exodus’ – Plus Ethereum, Ripple XRP, Litecoin, Tron, Cardano

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From the potential for a new Bitcoin breakout to a big update on the future of Ethereum, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin

Veteran trader and analyst Tone Vays says if Bitcoin can break past $11,050 today, there is little preventing the leading cryptocurrency from taking a larger share of the overall crypto market and shooting to $14,000 in the short term.

“If this breaks to the upside, there is absolutely nothing on a weekly chart that is acting as resistance. And then it’s very likely that Bitcoin will accelerate to the upside into the halving.

There could also be an additional catalyst to Bitcoin. If Bitcoin starts to rise once again faster than the shitcoins, which it probably will, there will be additional exodus of shitcoins into Bitcoin.

Vays also issued a word of caution, saying he believes Bitcoin’s big rise in 2019 will at some point suffer an 80% correction.

“I still believe that this is an unreasonable exponential rise in the price of Bitcoin, and Bitcoin is going to correct. It is going to correct on par of an 80% correction. Can that correction begin from $40,000? It could.” 

Ethereum

The Ethereum Foundation has released a new monthly update on Ethereum 2.0, which is a catch-all name for a number of improvements designed to significantly improve the number of transactions per second that the blockchain can process.

The Foundation is highlighting the fact that although developers hope to have phase 0 of the update ready by January of 2020, that is not the official launch date.

Ripple and XRP

The San Francisco Business Times has placed Ripple at number 13 on its new list of standouts in corporate philanthropy.

This year, Ripple announced it will donate $1 million to Tipping Point, which helps fight poverty and income inequality in the San Francisco Bay Area.

Ripple is also using its new University Blockchain Research Initiative (UBRI) to donate $50 million to more than a dozen universities around the world, promoting education of blockchain and crypto. In addition, Ripple co-founder Chris Larsen and his wife Lyna Lam are giving $25 million to San Francisco State, with most of the donation denominated in XRP.

Litecoin

Litecoin’s halving is now about 15 days away, according to a countdown clock from CoinGecko.

The Litecoin block reward for miners will decrease from 25 to 12.5 coins, a difference in value from about $3,542 to $1,726, according to current market prices.

Litecoin founder Charlie Lee recently said he believes the event is already priced-in because people have been aware of the event well in advance.

“The halvening is always kind of a shock to the system. When the mining rewards get cut in half, some miners will not be profitable and they will shut off their machine. If a big percentage does that, then blocks will slow down for some time. For Litecoin it’s three and a half days before the next change, so possibly like seven days of slower blocks, and then after that, the difficulty will readjust and everything will be fine.”

“In terms of the price, the halvening should be priced in because everyone knows about it since the beginning. But the thing is people kind of expect the price to go up. So a lot of people are buying in because they expect the price to go up and that’s kind of a self-fulfilling prophecy. So, because they’re buying in, the price does actually go up.”

Tron and BitTorrent

The crypto payment processor CoinGate now accepts the Tron-based token BTT. The token is being integrated with the file-sharing platform BitTorrent to reward users who share files on the network.

Cardano

The Cardano Foundation is hiring.

The Foundation, which provides oversight, community development, standards development, promotion and education for the Cardano ecosystem has three open positions, including a Community Manager based in China.

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Indian Minister: No Official Ban on Cryptocurrencies in India Yet

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India’s Minister of State for Finance Anurag Thakur has said that there is no law in India expressly prohibiting the use of cryptocurrencies. Local media outlet Inc42 reported Thakur’s statement on July 19, 

The statement came during a recent exchange between a Member of Parliament (MP) and Thakur inside of Rajya Sabha — the “Council of States” or upper house of Indian legislature.

MP Dharmapuri Srinivas reportedly asked Thakur about whether cryptocurrency was actually illegal. Srinivas apparently followed up his first question on legality with others on information and enforcement, asking:

“Whether the government has taken note about the prevalence of cryptocurrency in the country and if any action is being taken against the persons who are responsible for running the cryptocurrency in the market?”

Thakur reportedly replied in the negative. 

Elaborating on the country’s position, Thakur said that there is no law specific to crypto to refer to. Cryptocurrency activities are reportedly only actionable offenses if they violate preexisting laws, which can be enforced by entities including the RBI, enforcement directorate, and income tax authorities.

As previously reported by Cointelegraph, an unverified, leaked bill draft entitled “Banning of Cryptocurrency & Regulation of Official Digital Currencies” would ban all “non-official” cryptocurrencies. It defines cryptocurrencies as: 

“Any information or code or number or token not being part of any Official Digital Currency, generated through cryptographic means or otherwise, providing a digital representation of value.”  

However, this definition leaves India the option of issuing a digital Rupee, which the bill also proposes.

source;.fxstreet

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Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis

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Bitcoin Cash – ABC – on the Move, again…

Bitcoin Cash ABC fell by 2.01% on Friday. Partially reversing an 8.88% rally from Thursday, Bitcoin Cash ABC ended the day at $307.86.

Bearish through the morning, Bitcoin Cash ABC fell from an early intraday high $315.29 to a late afternoon intraday low $296.16.

Bitcoin Cash ABC steered clear of the major support and resistance levels in a relatively range-bound morning.

Finding support through the 2nd half of the day, Bitcoin Cash ABC managed to end the day back at $300 levels.

At the time of writing, Bitcoin Cash ABC was up by 2.45% to $315.41. A bullish start to the day saw Bitcoin Cash ABC rally from a morning low $307.86 to a high $316.13.

In spite of the early rally, Bitcoin Cash ABC fell short of the first major resistance level at $316.71.

For the day ahead, Bitcoin Cash ABC would need to steer clear of $307 levels to take another run at the first major resistance level at $316.71.

Bitcoin Cash ABC would need the support of the broader market, however, to break out from $316 levels. In the event of a broad-based crypto rally, the second major resistance level at $325.57 could come into play.

Failure to hold above $307 levels could see Bitcoin Cash ABC test the first major support level at $297.58 before any recovery.

Barring a broad-based crypto sell-off, Bitcoin Cash ABC should steer clear of sub-$290 support levels. In the event of a sell-off, the second major support level at $287.31 should limit any downside on the day.

Litecoin Struggles at $100

Litecoin declined by 2.61% on Friday. Partially reversing a 12.37% gain from Thursday, Litecoin ended the day at $98.75.

Tracking the broader market, Litecoin fell from an early morning intraday high $101.67 to an early afternoon intraday low $94.97.

Whilst steering well clear of the major support and resistance levels, Litecoin fell through the 38.2% FIB of $99.

Finding support through the late afternoon, Litecoin broke back through the 38.2% FIB before easing back at the day end.

The 38.2% FIB of $99 proved the be the resistance line on the day.

At the time of writing, Litecoin was up by 0.89% to $99.63. A mixed start to the day saw Litecoin fall to a morning low $97.53 before finding support.

Steering clear of the major support levels, Litecoin broke through the 38.2% FIB to strike a morning high $101.33 before easing back. Litecoin came up short of the first major resistance level at $101.96 early on.

For the day ahead, a hold above the 38.2% FIB of $99 would support another run at the first major resistance level at $101.96.

Litecoin would need the support of the broader market to fuel any break out from $101 levels, however.

Barring a crypto rally, the first major resistance level and Friday’s high $101.67 would likely cap any upside on the day.

Failure to hold above the 38.2% FIB of $99 could see Litecoin test the first major support level at $95.26.

Barring a crypto meltdown, Litecoin should steer well clear of the second major support level at $91.76.

Story continues

Ripple’s XRP Hits $0.33 Levels

Ripple’s XRP slipped by 0.26% on Friday. Following a 3.10% gain from Thursday, Ripple’s XRP ended the day at $0.31941.

Bearish through the morning, Ripple’s XRP fell from an early intraday high $0.32244 to an early afternoon intraday low $0.3100.

Ripple’s XRP steered clear of the major support and resistance levels through the first half of the day.

Finding support from the broader market, Ripple’s XRP managed to move back through to $0.32 levels before a late pullback.

At the time of writing, Ripple’s XRP was up by 3.04% to $0.32911. A particularly bullish start to the day saw Ripple’s XRP rise from a morning low $0.31822 to a high $0.33300.

Ripple’s XRP broke through the first major resistance level at $0.3246 and second major resistance level at $0.3297.

For the day ahead, a hold above the first major resistance level at $0.3246 would bring $0.33 levels back into play.

Barring a broad-based crypto rally, however, Ripple’s XRP would likely struggle to hold onto $0.33 levels through the day.

In the event of a crypto rally, Ripple’s XRP could take a run at $0.34 levels before any pullback.

Failure to hold above the first major resistance level could see Ripple’s XRP hit reverse. A fall through to $0.3170 levels would bring the first major support level at $0.3121 into play.

Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.31 support levels on the day.

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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