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Thailand as the Possible Blockchain Peninsula

August 6, 2018

 

On Friday, the Bank of Thailand, which is the equivalent of its Federal Reserve, paved the way for Thai banks to more easily deal in Cryptocurrencies. More specifically, they decided to pass a regulation that effectively seems to have made it legal for Thai banks to deal in Cryptocurrencies, through subsidiaries.

 

In this case, by subsidiaries, we mean what are effectively separate companies from the banks and are yet controlled by them at the same time.

 

For a well-known example of how this can work out, think about Unilever and how they own Dove and Axe as brands, but also as effectively separate companies under their wing.

 

What this new regulation also means is that while Thai banks cannot directly deal in Cryptocurrencies, they can do so indirectly, as long as they create such separate companies for this purpose.

 

Despite all of this, the Bank of Thailand tried to make it clear that all Thai banks are still banned from doing any sort of direct business with Cryptocurrencies, which includes Blockchain projects that release tokens that do not explicitly function as currencies.

 

Even so, the ban seems a bit illogical, at best.

 

The biggest reason for arguing against this ban is that with this new regulation, comes an excellent loophole for these banks.

 

Given that laws like those that aim to protect the investor in the traditional finance space are almost non-existent, such news does not exactly bode well for the common man.

 

What would be better is if this new regulation came with statements that are meant to help the average investor in these uncertain times. In considering this, a good start could be to publish a list of guidelines on the subject, with Crypto firms and regulatory agencies alike, getting together to do so.

 

The difficulty with such a proposition is that figuring out how best to protect the average investor and in connection with this, the average consumer, is the biggest hot-button issue in the space today.

 

No single country has, as of yet, quite figured out how best to answer this question. The first one to do so will effectively become the epicenter of all Blockchain operations, for the foreseeable future.

 

Whoever tries and fails to do so, through something like over-regulation, will most likely be cut out of said future, almost entirely.

 

 

 

By: BGN Editorial Staff

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