Thailand sets new regulations, while OKEx becomes a leader

Marcin IwańskiWritten by | blockchain, news, regulations

Thailand sets new regulations, while OKEx becomes a leader

Big changes, OKEx scores the highest daily trading value, LG introduced its new blockchain based project. In same time, Thailand sets new regulations for cryptos via royal decree.

New leader in cryptocurrency exchange platform daily trading value

The fight of the giants, in the last few days OKEx overtook current trading value cryptocurrency exchange platform Binance. The current daily trading value of OKEx reached over $2 bln in trades, thanks to that Malta-based cryptocurrency surpassed Binance which had been on 1st place since January.

In the same week as OKEx is listed on 1st place on coinmarketcap, Chris Lee resigns from his position. According to Bloomberg, Chris Lee, the CEO of one of the biggest cryptocurrency exchange platform OKEx, left his position to, as he said, “start a new life.”

Lee said it had been the “greatest pleasure and an honor” to have worked at the exchange.

LG blockchain project

According to Yonhap News Agency, South Korean company LG CNS, which supplies IT services, has launched its own service based on blockchain. The new project – “Monachain” has been created to provide digital authentication system similar to cryptocurrencies. Platform “Monachain” has been designed to enable blockchain-based logistics in the fields of finance.

LG CNS is also seeking agreement with domestic banks to share its cryptocurrency business to a wider audience.

“Even further, Monachain can help business owners boost productivity as the company provides a digital supply chain management system that enables suppliers to manage the entire production processing efficiently.” – LG CNS spokesman

New Thai Regulations

The new cryptocurrency regulatory framework comes into effect by royal decree in Thailand.

According to the Bangkok post, the 100-section law has been published in the Thai’s Royal Gazette. Cryptocurrencies have been defined as “digital assets and digital tokens”, also jurisdictions of cryptocurrencies is now in hands of the Thai Security Exchange Commission (SEC).

According to Thai Finance Minister Apisak Tantivorawong, the new regulations are not created to prohibit digital assets and ICOs.

From now on, sellers of cryptos must register with the SEC within 90 days, failure to do so can end up with penalty of up to twice the value of the unauthorized transaction.

 

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Last modified: May 14, 2018

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