Archive for the ‘Bitcoin’ Category

Thai SEC Warns New Crypto Investors That They Should Be Careful

August 20, 2021

The Securities and Exchange Commission in Thailand is concerned about crypto investor ignorance since cryptocurrency trading volume has soared to 700 to 800 billion baht over the past 10 months. Zipmex Thailand’s chief executive predicted that trading will reach 1 trillion baht by the end of 2021.
An executive from Zipmex recently told the PostToday Cryptocurrency Forum 2021 that more than 1.1 million people are now trading crypto in Thailand. A concern of the SEC is that crypto trading has now gone beyond experienced and knowledgeable investors, gaining mass appeal, and attracting amateur investors more prone to pitfalls and less aware of the dangers of cryptocurrencies.
Inexperienced traders are more likely to fall victim to cryptocurrency scams like fake digital exchanges that appear to be licensed and official. Only 11 legally recognized companies in Thailand are allowed to facilitate trading services for digital assets like cryptocurrencies.
The SEC is also concerned that new investors are rushing into crypto investments without a solid understanding of the investment process. People without any investment experience may be tempted to invest blindly in crypto markets, at risk of losing money, by stories of big jumps in the volatile market.
Before investing in the cryptocurrency market, traders should thoroughly educate themselves on markets and products. Assistant secretary-general of the SEC urges people to do their homework.
“We encourage crypto traders to check the credibility of a company and study the feasibility of cryptocurrency trading before opening an account.”
Investing in unauthorized or foreign digital exchanges is not protected in Thailand, which only permits trades through domestic approved exchanges. The investor is responsible for all financial damages.
45% of new young traders invest in cryptocurrency with borrowed funds, according to a UK study.

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Game Bits: First American Bill To Legalize Esports Betting, FaZE Clan On The Cover of Sports Illustrated, Brazilian Bitcoin Company To Sponsor Esports Team

June 11, 2021

A Bill in Ohio Wants To Legalize Esports Betting Online and In-Person

Ohio State Senator Kirk Schuring (R) is seeking to legalize esports betting online and in-person in the state as part of a new bill that also includes horse racing betting online.
Interestingly, Schuring’s bill (SB 176), which was introduced last by the Ohio Senate, prohibits betting on events that will take place in May 2021 if participants under the age of 18 are involved.
There will be two types of licenses created by the bill: a Type A license is aimed at state entities that can legally accept bets already, such as casinos, while a Type B license is aimed at future physical sportsbooks. Twenty of each type of license will be approved, and revenue from betting will be taxed at 10%. According to the bill, licenses will be awarded based on first-come, first-served with no special consideration given to any particular business.
Licenses will cost $1M USD initially, with an additional $500K fee paid in the second and third years. The fees, which will be non-refundable, will be put towards gambling addiction prevention and education in the state.
It is one of the first bills in the country to allow license holders to have uncapped online sportsbook partnerships.

FaZE Clan Is The First Esports Organization To Be On The Cover of Sports Illustrated

FaZe Clan has become the first esports organization in the world to grace the cover of Sports Illustrated. Leo Trink is also featured in a lengthy article in SI on the origins of FaZe and its evolution into a gaming lifestyle brand.
Tyler “Ninja” Blevins’ popularity boom following on-stream Fortnite matches with celebrities Drake, Travis Scott, and NFL player Juju Smith-Schuster paved the way for appearances on national television shows such as Ellen and chart-topping Twitch viewership. A number of cover stories about Blevins have also appeared in the Hollywood Reporter and Variety.

Cryptocurrency Company Mercado Bitcoin Is Going To Sponsor Brazil Esports Org Counter-Strike Circuit

A cryptocurrency exchange company named Mercado Bitcoin has signed on to sponsor Brazil’s Counter-Strike Circuit (CBCS). In addition to displaying its brand in CBCS broadcasts, Mercado Bitcoin will produce special content for distribution during the games, along with nine episodes of Counter-Strike: Global Offensive (CS:GO) tips to be posted on the competition’s social media channels.
In the company’s view, the purpose is to introduce CS:GO players to digital assets such as cryptocurrencies, utility tokens, FanTokens, and NFT. In the esports world, crypto has been gaining ground: the traditional esports organization TSM recently closed a $210M USD deal with the exchange FTX for naming rights.
CBCS is produced by LnK Gaming, a joint venture between Globo and DC Set, in partnership with Gamers Club, Omelete, and streamer Alexandre “Gaules” Borba. Valve recently announced that some of the circuit’s events will count toward the Regional Major Rankings (RMR).

The Thai SEC Thinking About Regulations For Cryptocurrency and Cryptocurrency Investors

April 6, 2021

Thai Securities and Exchange Commission (SEC) is concerned with a six-fold increase in cryptocurrency trading since November.
SEC announced on April 1st that people who deal with cryptocurrency must attain a certification or have experience or pass a test. The SEC did not specify a date by which these requirements will be necessary and it decided it will not prevent local exchanges from having clients who do not meet the minimum income levels. More regulations might drive Thais to unregulated platforms abroad.
Atichanan, a former Goldman Sachs employee who co-founded Bitkub believes Thai regulators realize that they will not be able to stop the tide of virtual currency. He believes that Bitkub has about 90 percent of domestic exchange trading and has about 300,000 customers.
The crypto exchanges in Thailand see lower volumes than those in countries like South Korea and the United States. However, the value of cryptocurrencies like Bitcoin has risen to all-time highs and more Thais have joined the exchanges as a result.
At Bitkub, they had a daily turnover of 4.2 billion baht in February, the Thai SEC says. There were 18 billion baht in November, as the SEC has kept track of cryptocurrency since November 2021. Statistics from Bitkub show a 40% increase from January. Looking at turnover on March 30, Bitkub ranked 124th among more than 300 exchanges as monitored by CoinMarketCorp.
Young investors are the ones driving the crypto market in Thailand during the pandemic. With the large boom came some hiccups at local Thai exchanges including Bitkub.
The increased activity at the crypto markets has led the Thai Securities and Exchange Commission to scrutinize cryptocurrencies more closely. Bitkub was asked by the Thai SEC to submit a plan to fix problems that have caused trading outages. Thailand’s regulator tried to restrict clients’ eligibility for crypto exchanges a month later, requiring that a customer’s income should be at least 1 million baht in order to trade. On April 1st, 2021, the SEC decided not to have the income requirement, but it still wants customers to know something about cryptocurrency.
The Thai SEC secretary-general, Ruenvadee Suwanmongkol, believes the vast majority of Thai crypto participants are young and enthusiastic about decentralization and new technology. These participants should realize that any financial innovation has the potential to cause damage to the financial system and the economy.
88 years ago, the US federal government created Executive Order 6102 which made private ownership of gold illegal.
Today, on April 5th, is Satoshi Nakamoto’s birthday. He is the creator of Bitcoin. It is a cryptocurrency where if you put in American currency terms, satoshi is the cents and Bitcoin is the dollars. SO far, Bitcoin has been the most valuable cryptocurrency. His creation of Bitcoin is a game-changer in the currency exchange systems, digital or analog.
In the future, his birthday could be a holiday for the world.

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