NFT News Daily TheBittimes.com

Five foreign nationals have been arrested in Thailand in connection with a 2.7 billion baht ($76 million) Crypto Scam that duped more than 3,000 victims into supposedly invest ing in gold and Tether (USDT) before stealing their money.  On Sunday, an announcement from Thailand’s Cyber Crime Investigation Bureau (CCBI) revealed that an investigation into BCH Global Limited began when victims revealed their losses to the police in November of last year.   According to the CCBI, a number of investors lost their life savings, with some being forced to take out a second mortgage on their homes.  An investigation carried out by international law enforcement, including Homeland Security, led to four Chinese nationals and a Lao citizen being arrested and charged with planning to carry out transnational crime, money laundering, public fraud, and falsifying computer documents . On August 10, Thailand’s Office of the Attorney General planned to prosecute the five suspects. By September 4, ...

The Thai securities regulator now requires crypto custodians to have a contingency plan in case of occurrence of any unforeseen events. The Securities and Exchange Commission (SEC) of Thailand is working to better protect cryptocurrency investors by introducing new rules for crypto custody services. Thai SEC on Jan. 17 issued regulations requiring virtual asset service providers (VASP) to establish a digital wallet management system to guarantee efficient custody. The new rules target crypto custodians, or VASPs that provide crypto storage services. The regulations include three major requirements, including provision of policy and guidelines for overseeing risk management of digital wallets and private keys. The rules require VASPs to communicate with regulators regarding such policies and provide action plans to ensure compliance. Additionally, the SEC requested crypto custodians to provide policy and procedures for design, development and management of digital wallets and keys. T...