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Thailand’s Stock Exchange is set to launch a digital asset exchange very soon. ‘

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The president of the Stock Exchange of Thailand (SET), Dr. Pakorn Peetathawatchai, discussed the SET’s upcoming digital asset exchange in an interview with Bloomberg, published Sunday.

He explained:

We expect that our regulator, the SEC, will give an approval very soon, and we hope that we can start operation in the second or third quarter this year.

In Thailand, the country’s Securities and Exchange Commission (SEC) is responsible for licensing entities wanting to offer crypto services, including crypto exchanges.

The president of the Thai stock exchange detailed: “For our digital asset exchange, we would concentrate on investment tokens and utility tokens — those are the things that have been in high demand in both local and international markets.”

He added that investors “would like to invest in some of these digital assets” and “use either investment tokens or utility tokens as a means to raise funds.”

However, when asked whether the SET’s new digital asset exchange will offer the trading of cryptocurrencies, he said that it will not. “Our strength has always been in the investment tools, investment vehicles,” he added, elaborating:

We will look into a way to connect to crypto exchanges to convert cryptocurrency to fiat money.

Commenting on the risks from crypto-assets, Peetathawatchai said: “At the moment, both the Bank of Thailand and the SEC have been working together to look into these areas.. and I certainly think that they will come up with a law … in the future.”

He continued: “When you look at the SEC, they have been working very hard on educating investors, disclosing a lot of information on crypto exchanges and cryptocurrencies.”

The SET executive added that the SEC has been working with listed companies in Thailand that want to enter the crypto business “to disclose more information to investors, to see what would be the effects, what would be the benefits, what would be the risks for this new business that listed companies would like to do.”

Thailand recently relaxed its tax rules on crypto, scrapping the heavily criticized 15% withholding tax. In addition, the central bank, the SEC, and the finance ministry announced in January that they will regulate crypto as a means of payment.

As Missiles Strike Ukraine, Bitcoin drops by 9%.

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Bitcoin price is continuously decreasing globally as the scale of war expands in Ukraine. The airport has been captured and missiles are reign down in the capital city in Kyiv.

  • BTC was down 8.9% to $35,440.95 as of the present time, according to CoinGecko data. 
  • President Vladimir Putin warned U.S. and NATO from getting involved and asked Ukrainian forces to surrender.
  • “Anyone who tries to interfere with us, or even more so, to create threats for our country and our people, must know that Russia’s response will be immediate and will lead you to such consequences as you have never before experienced in your history,” Putin said. “We are ready for any turn of events.”
  • The US and its allies are expected to hit Russia with a broad sanction package in the coming hours. These sanctions are expected to target Russian banks, Putin’s cabinet, and circle of business associates but are not expected to cut Russia off from the global financial system.
  • Russia’s former Prime Minister, Dmitry Medvedev, has previously said that disconnecting Russia from SWIFT would be a declaration of war.
  • However, Presidential spokesman Dmitry Peskov has backed down from language calling a potential disconnection a “serious threat” in response to a non-binding resolution passed by the European Parliament in April that called on Russia’s expulsion from SWIFT should an invasion take place.
  • Russia has pushed ahead with the development of a central bank digital currency as an apparent contingency should it lose access to SWIFT.
  • Within Asia, market reaction was cautious but major stock indices on the continent are in the red.
  • Tokyo’s Nikkei 225 index is down 2% on-day, while Hong Kong’s Hang Seng is down 3.3%. In Taiwan the TAIEX is down 2.5% while Singapore’s Straits Times Index is down 3%.
  • Futures for the Dow Jones were down 2% in overnight trading, while futures for the S&P 500 were also down 2%.
  • CNN has reported that Moscow’s stock exchange has suspended trading until further notice.

Kevin O’Leary of Shark Tank believes Bitcoin will appreciate dramatically in the next 2 to 3 years.

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SHARK TANK - ABC's "Shark Tank" stars Kevin O'Leary. (Christopher Willard/ABC via Getty Images)

Kevin O’Leary, aka Mr. Wonderful, has shared what he thinks the price of bitcoin will be in the coming years. He said when institutions get the go-ahead from their compliance departments to invest in bitcoin, the price of the cryptocurrency “is going to appreciate dramatically.”

Shark Tank star Kevin O’Leary shared his prediction of the price of bitcoin in an interview with Stansberry Research last week.

He explained that many institutions are not allowed to invest in bitcoin, stating: “That’s well-known because it just hasn’t been ruled by the regulator yet. So, as a proxy to getting exposure to bitcoin, they buy the equities of public bitcoin mining companies, Marathon, Riot, etc.”

O’Leary detailed:

You want to talk about bitcoin going to $100K, $200K, $300K, it’s going to happen when institutions can finally buy it.

“I can tell you with certainty right now because I service sovereign wealth funds and pension plans,” Mr. Wonderful continued. “In the indexing business, for all the hype around bitcoin, none of those institutions own a single coin. And they are not going to until their compliance departments allow for the ESG mandates.” In addition, he noted that the crypto asset class itself has to be compliant.

The Shark Tank star opined:

When they do get that go-ahead, the price of the coin is going to appreciate dramatically.

O’Leary further explained that the way to think about bitcoin is not to think about it as a coin but as software.

“These institutions own Microsoft. They own Google. That’s software too, so it is very easy for them to get their heads around it. As soon as it’s compliant, they will buy 1% to 3%, and that’s when the price is going to appreciate,” he emphasized, elaborating:

I think that’s going to happen in the next two to three years.

In October last year, O’Leary said that if the U.S. regulator finally allowed financial services companies to call bitcoin an asset and put it into an exchange-traded fund (ETF) like they have in Canada, “there’d be another trillion dollars worth of buying into bitcoin.”

Elon Musk Reveals Dogecoin Will Be Accepted at Tesla’s New Futuristic Diner, Drive-in Theater

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Elon Musk has revealed that Tesla’s upcoming futuristic diner and drive-in theater, planned for the Hollywood area, will accept the meme cryptocurrency dogecoin. The electric car company currently accepts DOGE for some merchandise on its website.

Tesla and Spacex CEO Elon Musk tweeted about future dogecoin payment acceptance Friday in reply to a tweet by developer Ryan Zohoury, who said a new Tesla supercharger station in Santa Monica, California, is almost full 10 minutes after it opened.

The Tesla boss tweeted, “And futuristic diner / drive-in theater planned for Hollywood area.” He added in a follow-up tweet:

And, of course, you can pay in Doge.

Elon Musk Reveals Dogecoin Will Be Accepted at Tesla's New Futuristic Diner, Drive-in Theater

At press time, the Tesla CEO has not clarified what exactly customers can pay for with the meme cryptocurrency. Some people assume that Tesla supercharger stations will accept dogecoin while others interpreted Musk’s tweet as applicable to only the upcoming diner and drive-in theater in the Hollywood area.

Nonetheless, Dogecoin’s supporters welcome Musk’s plan to further the adoption of the meme cryptocurrency.

The price of dogecoin, however, is fairly unaffected by this news. At the time of Musk’s tweet, DOGE was trading at $0.1417 based on data from Bitcoin.com Markets. While the price did subsequently rise slightly to $0.1450, it fell to $0.1411 at the time of writing.

In January, Tesla began accepting dogecoin for some merchandise. Musk then tried to get McDonald’s to accept DOGE by offering to eat a Happy Meal on television. However, the famous fast-food chain replied, “only if Tesla accepts grimacecoin.”

Musk, a longtime dogecoin supporter, is sometimes known in the crypto community as the Dogefather. The Tesla boss believes that DOGE is the people’s crypto and previously revealed that many people he talked to at Tesla and Spacex owned dogecoin. He said that dogecoin is the best crypto for transactions while bitcoin is more suitable as a store of value.

A Bill to Protect Privacy in Cryptocurrency Transactions Has Been Introduced by a US Lawmaker.

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The office of Congressman Warren Davidson (OH-R) announced Thursday that the lawmaker has introduced the Keep Your Coins Act “to protect transaction privacy.”

The announcement explains that the proposed legislation is “designed to preserve Americans’ right to privacy in transacting with crypto assets,” adding:

Specifically, this legislation would prohibit any federal agency from promulgating a rule that would impair a person’s ability to act as self-custodian.

“A person would then be able to conduct peer-to-peer transactions with their crypto assets without the need to utilize a third-party intermediary,” the announcement continues. “This would essentially cut out any need for a financial institution or money service business to facilitate a transaction.”

The lawmaker from Ohio detailed: “As the federal government seeks more regulation of the crypto ecosystem, it seeks to impose more surveillance over American citizens. It’s vital that we preserve the attributes of cash transactions by protecting the permissionless nature of cash.” Rep. Davidson stressed:

No third party should be required for two people (or companies) to use money as a means of exchange, store of value, and record of account. This bill ensures that individuals will always have the ability to transact without any intermediaries.

Davidson announced his intention to launch the bill Tuesday after Canadian Prime Minister Justin Trudeau invoked the Emergencies Act. One of the measures afforded by the Canadian act is for banks and financial service providers to be able to “immediately freeze or suspend the account of an individual or business” affiliated with the Freedom Convoy protests without a court order.

Commenting on the Emergencies Act announcement, Davidson tweeted Tuesday: “Our office will be introducing legislation in the U.S. House of Representatives shortly to protect Americans from this version of overt theft.”

Bitcoin and other cryptocurrencies have taken a hit as a result of the unrest in Russia and Ukraine.

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Cryptocurrencies and stocks declined on Friday as traders reacted to geopolitical risk.

U.S. officials continue to warn Russia could attack Ukraine within the next few days, adding that prospects for averting a war are very dim. Meanwhile, Russia denies any plans to invade Ukraine and describes global concerns as “hysteria.”

Bitcoin (BTC) was down 2% over the past 24 hours, and briefly dipped below $40,000 for the first time in two weeks. Meanwhile, alternative cryptocurrencies (altcoins) such as ether (ETH) and Solana (SOL) declined as much as 4% over the past 24 hours.

“Crypto performance in the last week shows us that there’s very little room for complacency regarding any of the major themes impacting this market,” David Duong, head of research at Coinbase Institutional, wrote in a Friday newsletter. “Open conflict could potentially affect bitcoin hashrates, which could exacerbate the knee-jerk market reaction weaker for high-beta risk assets like crypto.”

Earlier this month, Coinbase tweeted that it saw a net inflow into stablecoins (a crypto reserve asset) totaling $3.5 billion between November 2021 and January 2022 as market volatility picked up. That signaled a flight to safety among traders on the Coinbase exchange. Still, the company does not expect a repeat of the 2018 bear market.

For now, technicals are mostly bearish for bitcoin. There are initial signs of downside exhaustion on the BTC daily chart, which suggests the pullback could stabilize between the $30,000-$40,000 support zone.

JPMorgan: Global Regulation for Banks to Help Clients Invest in Cryptocurrencies is Urgently Needed

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Debbie Toennies, managing director and head of Regulatory Affairs at global investment bank JPMorgan Chase & Co., talked about global cryptocurrency regulation applicable to banks Tuesday at an event held by the International Swaps and Derivatives Association.

The JPMorgan executive said that new rules are urgently needed to give banks certainty in handling crypto assets on behalf of large customers who seek exposure in this asset class.

A growing number of large institutions, including hedge funds, are interested in investing and gaining exposure to the crypto asset class. According to Wells Fargo, cryptocurrency has entered the “hyper adoption phase.”

Noting that some very large players had asked JPMorgan to hedge their exposures to crypto assets, Toennies opined:

I do think we need a globally consistent regulatory framework. It’s important that we get to a solution as quickly as possible.

Global banking regulators at the Basel Committee on Banking Supervision are discussing rules for banks to deal with crypto assets. In June last year, the Committee proposed dividing crypto assets into two groups and regulating them based on their market, liquidity, credit, and operational risks to banks. However, final rules are not expected until at least next year.

Toennies revealed that the global investment bank has been talking to different jurisdictions about “interim treatment” for crypto assets while waiting for the Basel Committee to establish applicable rules.

The JPMorgan head of Regulatory Affairs detailed:

The real risk to all of our economies is that if we don’t get to a solution that allows banks to engage with our clients in a hedged way, this activity will go outside the regulatory perimeter, and I am concerned about financial stability.

The PBOC reveals the use of digital currency by the central bank at the Beijing Winter Olympics: 2 million digital yuan per day

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A top official from the Chinese central bank, the People’s Bank of China (PBOC), provided an update of the latest trial of the Chinese central bank digital currency (CBDC) during a webinar arranged by the Atlantic Council Tuesday.

The digital yuan, or e-CNY, is currently being tested at the Beijing Winter Olympics.

According to Mu Changchun, director-general of the PBOC’s Digital Currency Research Institute, the Chinese CBDC is being used to make 2 million yuan ($315,000) or more of payments each day at the Olympics.

While admitting, “I have rough idea that (there are) several, or a couple of million RMB (yuan) of payments every day, but I don’t have exact numbers yet,” Mu said:

It seems all the foreign users are using hardware wallets … The software wallets are mainly used by the domestic users.

Besides mobile apps, the digital yuan can be spent using e-CNY payment cards, which look like credit cards without the normal chip and magnetic strip.

Bank of China, a state-controlled commercial bank, has set up a number of digital yuan ATMs at some central venues at the Games, inside the “closed loop” of teams, officials, and organizers, the publication conveyed. The machines can convert foreign currency banknotes into either digital yuan or normal yuan banknotes.

In January, the PBOC made its digital yuan app available in the Android and iOS app stores in trial regions. The Chinese central bank then revealed that e-CNY had 261 million unique users at the end of 2021, and transactions worth 87.5 billion yuan ($13.78 billion) had been made using the Chinese central bank digital currency. In addition, more than 8 million merchants now accept the digital yuan.

Besides the Winter Olympics, the digital yuan is being tested in various cities across China, including Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao, and Dalian.

The SEC has issued a warning against interest-bearing crypto accounts, stating that they are riskier than bank deposits.

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The U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy and the Division of Enforcement’s Retail Strategy Task Force announced Monday that they have jointly issued an investor bulletin “to educate investors about risks with accounts that pay interest on crypto-asset deposits.”

On the same day, the SEC announced that it has charged cryptocurrency lending platform Blockfi for failing to register its crypto lending product. Blockfi has agreed to pay $100 million in penalties to settle the charges with the SEC and 32 state regulators.

The SEC explained that “an interest-bearing account for crypto asset holdings … are not as safe as bank or credit union deposits.”

The securities watchdog noted that banks and credit unions are regulated by both federal and state banking regulators. In addition, deposits at banks or federal credit unions are insured by the Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA). Similarly, securities accounts held with U.S.-registered brokers may also be insured by the Securities Investor Protection Corporation (SIPC).

The SEC warned:

Companies offering interest-bearing accounts for crypto assets do not provide investors with the same protections as do banks or credit unions, and crypto assets sent to those companies are not currently insured.

Crypto assets held in an interest-bearing account may be used to invest in various crypto products or activities, including lending programs in which the crypto assets are loaned to borrowers, the SEC described, adding that “The interest being paid to you is based on these investment activities.”

The agency then outlined the risks these activities are subject to, including volatility and liquidity in the crypto markets, the company holding your crypto assets may go bankrupt, changes in regulation, potential fraud, technical glitches, security breaches, and malware.

Belarusian President Lukashenko Signs Decree Establishing Crypto Wallet Registry

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Belarusian President Alexander Lukashenko has signed a new decree that expands his country’s regulatory framework for cryptocurrencies. The move will allow the Belarus High-Tech Park (HTP), which oversees the nation’s crypto space, to create a register for crypto wallet addresses that are or can be used for illicit purposes.

The stated goal is to “protect participants in the digital asset market from loss of property and prevent unintentional involvement in activities prohibited by law,” the president’s press service noted in an announcement. Decree № 48, “On the register of addresses (identifiers) of virtual wallets and features of the circulation of cryptocurrency” is dated Feb. 14, 2022. Lukashenko’s administration also emphasized:

Belarus is consistently developing the legal field for regulating activities related to digital assets, and, unlike many other states, allows the free circulation of digital currencies.

Belarusian officials believe this requires “constant monitoring of the situation” and when necessary, “supplementing and clarifying regulatory norms.” That includes efforts to prevent the financing of activities prohibited by the law, which has been the main reason for the adoption of the latest crypto decree.

Wallet addresses will be added to the register if law enforcement agencies obtain information suggesting they are being used for illegal operations or transactions related to extremism and terrorism. The decree also introduces procedures for authorities to seize crypto assets with the help of entities operating exchanges and other crypto platforms.

The government in Minsk will have three months to take the necessary steps to implement Lukashenko’s order which will then enter into force. Belarus legalized crypto activities with another presidential decree signed in 2017. It was enforced in May of the following year and introduced tax breaks and other incentives for crypto businesses.

Last March, the Belarusian head of state hinted at a possible tightening of the rules for the industry, citing China’s example, but HTP officials later indicated that the authorities do not intend to adopt stricter regulations. Earlier this month, news came out that Belarus is preparing to allow investment funds to acquire digital assets.

Although cryptocurrencies cannot be used for payments in the country, Belarus ranks third in Eastern Europe in terms of crypto adoption, largely due to strong peer-to-peer activity, according to the Crypto Adoption Index by blockchain analytics firm Chainalysis. Two other former Soviet republics, Ukraine and Russia, hold the top spots in the region.

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