Crypto Ads in Thailand Must Feature Clear Investment Warnings, New Regulations Require

Thailand has introduced tighter rules that will oblige crypto companies to duly inform potential customers of the investment risks on their advertisements. The new regulations also prohibit businesses in the industry from making misleading or exaggerated claims.

Securities Watchdog Adopts Stricter Advertising Rules for Crypto Platforms in Thailand

Thailand’s Securities and Exchange Commission (SEC) has approved new requirements for crypto ads, Bloomberg and Reuters reported quoting the regulator. According to a statement released on Thursday, the changes come after the SEC found that some advertisements lacked any warnings about the risks associated with cryptocurrencies or featured only positive information.

Crypto firms in Thailand will now be obliged to clearly indicate the relevant risks for investors in their ads and the warnings must be easy to notice. They should present balanced views of the expected returns and mention both positive and negative factors. The advertisements must not feature misleading, exaggerated or false claims.

Thai crypto businesses, which have been advertising heavily through digital media and billboards, must now limit the promotion to official channels such as their own websites. They will also have to provide regulators with information about the advertising terms. The securities watchdog explained in the announcement:

Operators must give details of ads and spending, including the use of influencers and bloggers to the SEC, including terms and time frame.

Companies working with crypto assets in Thailand will have 30 days to comply with the new regulations rolled out by the SEC this week. The tightening of the advertising rules follows a global market slump that affected many entities in the industry.

One example is Zipmex, a crypto exchange operating under a Thai license and in other jurisdictions. The coin trading platform and its regional parent, Zipmex Pte, halted withdrawals last month. In mid-August, the latter was granted three months of protection from creditors by a court in Singapore, where authorities consider stricter rules for retail crypto investors.

The SEC recently fined Zipmex 1.92 million baht (over $50,000) for suspending withdrawals. Penalties were imposed on other crypto companies, too. An executive from the Thailand-based cryptocurrency exchange Bitkub was fined 8.5 million baht (more than $230,000) for alleged insider trading.

Do you expect Thailand to tighten other crypto regulations as well? Tell us in the comments section below.

via Lubomir Tassev

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Gold and Silver Markets Shudder, Analysts Say Firm Dollar and Rate Hikes May Drag Precious Metal Markets Lower

Precious metal markets have shuddered during the last few weeks, as gold’s price per ounce nears a six-week low hovering just under $1,700 per unit. Silver crashed through the $18 range slipping to $17.80 per ounce. While both gold and silver dipped between 0.85% to 0.89% against the U.S. dollar in 24 hours, platinum dropped 2.82% and palladium shed 4.18% against the USD during the last day.

Despite Scorching Global Inflation, Gold Hasn’t Been a Safe Haven in 2022

While the entire world is suffering from red-hot inflation, many would assume that the world’s precious metals would be a safe haven against the surging prices. That hasn’t been the case in 2022, despite the U.S. and the Eurozone inflation rate rising above 9% this summer.

In 2022, an ounce of fine gold managed to reach a lifetime price high against the U.S. dollar at $2,070 per ounce. On the same day (March 8, 2022), an ounce of silver tapped a 2022 high at $26.46 per ounce.

Year-to-date, silver is down 23.14% as it was trading for 23.16 nominal U.S. dollars per troy ounce on January 1, 2022. Since the high on March 8, silver is down 32% lower than the nominal U.S. dollars per troy ounce value. Gold’s nominal U.S. dollar value per troy ounce on January 1, 2022, was $1,827.49 per ounce and at today’s $1,695.45 per ounce value, gold is down 7.22%.

Furthermore, any investors who bought gold at the lifetime price high on March 8, lost roughly 18.09% in USD value since that day. Platinum, palladium, and rhodium values have seen similar declines in value and even more volatility than gold and silver.

Precious metals (PMs) have long played a key role in the global economy and traditionally, PMs like gold and silver have been seen as a hedge against inflation. However, this has not been the case in 2022, and the blame is being placed on a robust greenback and the Federal Reserve hiking interest rates.

Analysts Say Strong Dollar, Hawkish Fed Points to Lower Gold Prices, Dollar Index Taps 20-Year High

Przemyslaw Radomski, CEO of investment advisory firm Sunshine Profits told Forbes at the end of June that a “more hawkish Fed, implying higher real interest rates, and a stronger U.S. dollar, both point to lower gold prices.” The market strategist at dailyfx.com, Justin McQueen, says “a firmer USD and a renewed rally in global bond yields have dragged gold prices.”

The fxstreet.com analyst Dhwani Mehta explained on Thursday that gold prices could drop even lower from here, if gold bears hold the market reigns. “The Technical Confluence Detector shows that the gold price is gathering strength for the next push lower, as bears aim for the pivot point one-day S2 at $1,700,” Mehta wrote on September 1. The fxstreet.com analyst added:

If sellers find a strong foothold below the latter, a sharp sell-off towards the pivot point one-day S3 at $1,688 will be inevitable.

David Meger, the director of metals trading at High Ridge Futures, blames gold’s poor performance on the statements Federal Reserve chair Jerome Powell made last week at the Jackson Hole Symposium.

“There is continued pressure on gold from Powell’s last week comments that raised [the] expectation of a more aggressive Fed,” Meger said. “Gold being a non-interest bearing asset will have more competition.”

Moreover, the U.S. Dollar Index tapped a 20-year high of 109.592 on Thursday, and the reasoning behind the robust greenback is being placed on an aggressive Fed, according to a Reuters report published on September 1.

What do you think about the precious metal market action in recent weeks? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Biggest Movers: SOL Slips Towards Multi-Month Low, as LTC Surges on Thursday

Solana was back in the red on Thursday, as the token fell towards a three-month low in today’s session. The decline comes as cryptocurrency markets fell lower, trading down by as much as 2.39% as of writing. Litecoin was a notable exception, climbing for a second successive session.

Solana (SOL)

Solana (SOL) was down by over 5% during Thursday’s session, as prices moved closer to a multi-month low.

Following a high of $32.38 on Wednesday, SOL/USD slipped to a low of $30.51 earlier in the day.

This decline pushes SOL closer to its floor at $29.90, which is also its lowest level since June 18, when prices were as low as $26.90.

Last month saw solana fall rapidly, going from a peak of $48.32 on August 13, to a low of $29.91 on August 29.

The bearish sentiment seems to have carried into September, with the relative strength index still in oversold territory.

As of writing, the index is tracking at 33.82, which is close to a floor of 32.32. Should we see this support hit, prices will likely recapture June’s low..

Litecoin (LTC)

While solana fell lower, litecoin (LTC) was trading higher on Thursday, as the token extended recent gains.

LTC/USD rose to a high of $56.50 earlier in today’s session, moving away from Tuesday’s low of $51.85, which saw the token hit a two-month bottom.

Since then, prices have climbed in back-to-back sessions, with today’s surge taking prices close to a key resistance point.

As litecoin approached its ceiling of $57.00, price uncertainty was insured, with bulls securing profits, as opposed to maintaining their positions.

Due to this, LTC is now trading at $55.40 which is over $1.00 lower than today’s previous peak.

A reason for this is that the RSI has collided with an obstacle, in the form of a resistance point at 47.25.

Should LTC bulls target further gains, then this hurdle must be overcome.

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Could we see litecoin break the $57.00 ceiling this week? Let us know your thoughts in the comments.

via Eliman Dambell

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Yield App Unveils Higher Yield Passive Income Product

PRESS RELEASE. Yield App, a global FinTech company and digital wealth platform which has attracted more than 80,000 customers since its launch in February 2021, is enhancing its product suite with a new higher-yielding crypto passive income alternative.

The new crypto passive income product suite has been named Earn+ and comprises stablecoin and Ether portfolios with a 30-day redemption notice period. In addition, the existing BTC passive income product will be upgraded to have the same features as Earn+.

These portfolios now pay the highest yields on the crypto assets available on the platform, with up to 10% p.a. currently available on Earn Plus stablecoin products to Diamond Tier members.

Yield App Diamond Tier members must stake or lock 20,000+ of its native token YLD on the digital wealth platform. They are rewarded with the highest interest rates across Yield App’s crypto passive income product range, as well as a range of additional perks.

The existing instant access products remain available under the title Flexible, paying an alternative interest rate in exchange for instant liquidity. The additional Earn+ product range provides customers with greater flexibility in terms of how they choose to earn passive income on the Yield App platform.

Tim Frost, CEO of Yield App, says: “I am thrilled that Yield App is continuing to grow and expand its offering during a turbulent time for the cryptocurrency markets.

“This latest launch is a testament to our strengths in asset management and risk mitigation, which have carried us through the market turmoil and allowed us to take advantage of the yield-generating opportunities available in the market as a result of the recent volatility.”

Yield App is a digital wealth platform that allows its customers to earn secure and sustainable yields on the biggest digital assets. Customers can earn passive income and convert their digital assets within the intuitive web platform and crypto app.

Customers simply deploy their crypto assets into Yield App portfolios to earn passive income on stablecoins, BTC and ETH, compounding daily. At the core of the platform’s strategy is its $YLD token, which rewards loyal community members with a higher APY the more YLD they stake or lock on the platform.

– ENDS –

About Yield App

Yield App believes that everyone should have access to the best earning opportunities. Its mission is to unlock the full potential of digital assets, combine them with the most rewarding opportunities available across all financial markets and make these available to the world. To achieve this, the company provides an innovative digital wealth platform and crypto app that bridges traditional and decentralized finance in the easiest way possible.

For more information, please contact pr@yield.app or visit www.yield.app.

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Media

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Georgia to Update Crypto Regulations to Incorporate EU Rules, Legalize Industry

The government of Georgia has approved amendments to the legal framework for the Caucasian nation’s financial sector, including additional regulations for crypto and fintech activities. The move aims to align Georgian law with relevant EU provisions.

Parliament of Georgia to Vote on Crypto Legislation in Coming Months

A legislative package expanding the regulatory framework for companies dealing with crypto assets has been submitted to the parliament by the government in Tbilisi. Its adoption is planned for the fall session of the legislature, Minister of Economy and Sustainable Development Levan Davitashvili announced. Quoted by the Business Media news outlet, he elaborated:

We expect that in the fall, Georgia will have updated legislation that will significantly develop the financial sector.

According to Levan Davitashvili’s statement, the draft legislation prepared by the Georgian government has been tailored to achieve convergence with three important directives of the European Union — the Payment Services Directive (PSD 2), Capital Requirements Directive (CRD), and the Virtual Asset Service Providers Directive (VASPs).

This transposition of the VASPs directive, which envisages granting legal status to entities involved in virtual assets trading and defining their obligations and rights, will be one of the most important steps towards the sustainable regulation of the Georgian crypto industry, the report notes. It is “particularly important for the formation of a legal environment for crypto services and crypto exchanges in Georgia,” Davitashvili emphasized.

Georgia Strives to Become a Crypto Hub

The Georgian economy minister considers the synchronization of the country’s financial legislation with the EU directives as a first move toward reaching the ultimate goal of turning Georgia into a crypto hub. That vision of that has been featured in the small nation’s development strategy for 2020-2025 period which was approved by the executive power two years ago.

Business Media also remarks that the new legal framework will make it easier for major players in the global crypto industry to establish presence in Georgia. Among them is the world’s leading digital asset exchange, Binance, which is considering to open a regional office in the country but is still awaiting for the introduction of a licensing regime.

The latest regulatory development comes after a meeting of Georgian Primer Minister Irakli Gharibashvili with other key participants in the crypto market, including representatives of the blockchain company Ripple and another large cryptocurrency exchange, FTX. Both companies signaled their interest in setting up offices in Georgia.

Do you think Georgia has the potential to become a cryptocurrency hub? Tell us in the comments section below.

via Lubomir Tassev

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Bitcoin, Ethereum Technical Analysis: BTC Drops Below $20K Ahead of Friday’s NFP Report

Bitcoin once again slipped below $20,000, as market uncertainty rose ahead of Friday’s Non-farm payrolls report. Tomorrow’s payrolls are expected to come in at 300,000 jobs, which is lower than July’s 528,000 figure. Ethereum also declined, as the price moved away from the $1,600 region.

Bitcoin

Bitcoin (BTC) briefly fell below $20,000 on Thursday, as crypto traders began to anticipate tomorrow’s non-farm payrolls report.

Following an additional 528,000 jobs in the U.S. economy in July, last month’s figure is expected to show an increase of 300,000.

Ahead of the report BTC/USD slipped to an intraday low of $19,862.02, which is over $500 lower than yesterday’s peak at $20,390.28.

Looking at the chart, the drop comes as the 14-day relative strength index (RSI) fell below its resistance point of 37.90, and is now tracking at 37.00.

The momentum of the 10-day (red) moving average also continues to be bearish, with the trend line maintaining its downward trajectory.

Should tomorrow’s payrolls report disappoint, then we could see bitcoin fall towards its recent support level at $19,500.

Ethereum

Like bitcoin, ethereum (ETH) was also lower in today’s session, as the token fell below $1,600 earlier in the day.

Following a high of $1,612.36 on hump day, ETH/USD dropped to a low of $1,536.55 on Thursday, falling below its floor of $1.550 in the process.

Shortly after this breakout, bulls opted to return, buying the dip, which has in turn pushed prices back above this support point.

As of writing, ethereum is now tracking at $1,577.39, with the RSI currently at 46.69, with bulls still targeting a resistance level of 50.00.

Depending on the sentiment of tomorrow’s jobs report, we could see bullish pressure intensify, sending prices above not only $1,600, but close to $1,700.

However, there are still some signs of bears in the market, which could trigger a price reversal, especially the closer we get to the ceiling of $1,625.

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Do you expect a strong non-farm payrolls report on Friday? Leave your thoughts in the comments below.

via Eliman Dambell

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Ukrainian Police Bust Crypto Call Centers Defrauding Investors Across Europe

Ukrainian investigators have exposed a scheme targeting residents of the country and the European Union with various financial scams, including some related to cryptocurrencies. The criminal organization members contacted their victims through call centers to collect personal financial information.

Fake Ukrainian Call Centers Promise Foreigners Excess Profits From Crypto Trading

Officers from the Main Investigative Department of Ukraine’s National Police and the Security Service of Ukraine (SBU) have dismantled a criminal group running schemes designed to misappropriate funds from citizens of the country and a number of EU nations. Its members offered investors to participate in exchange trading of crypto assets, securities, and commodities.

Investigators found that the scammers established a network of call centers and presented themselves as officials from state banking institutions in order to obtain credit card data. They used high-tech equipment and software which allowed them to change their phone numbers to appear as if they were the official numbers of the banks.

The organizers of the scheme employed fake websites and exchange platforms for trading fiat and digital currencies, securities, gold, and oil. To attract investment funds they promised excess profits in a short period of time, the National Police of Ukraine detailed in a press release published Tuesday.

What’s more, the fraudsters also gained access to a database with the contact information of foreign nationals who had been targeted in similar attempts in the past. On behalf of a so-called “Community of cryptocurrency brokers,” they offered the victims to track and return their stolen cryptocurrency for a “commission.”

After accepting the services of the non-existent entity, these people were sent details for the transfer of the commission to accounts controlled by the members of the criminal scheme. After receiving the funds, the “brokers” suddenly interrupted communication and the lost cryptocurrency was never returned.

In searches conducted by Ukrainian law enforcement at the addresses of the call centers, computer equipment, mobile phones, and records confirming the illegal activities were seized. If found guilty under the provisions of Ukraine’s Criminal Code for large-scale fraud committed by an organized group and the use, distribution, or sale of harmful software, the perpetrators may face up to 12 years in prison.

Do you think the Ukrainian crypto fraudsters will be convicted in court? Tell us in the comments section below.

via Lubomir Tassev

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