The Thai securities and exchange commission (SEC) has granted operating licenses to four applications from businesses wanting to operate digital asset and cryptocurrency-based businesses.
The four applicants granted a licence are: Bitcoin Exchange Co., Ltd., Bitkub Online Co., Ltd., and Satang Corporation, and Coins TH Co., Ltd. The first three of these are digital asset exchanges, while the fourth is a cryptocurrency brokerage.
While four businesses were granted a license, two others were not as successful. Applications from Cash2coin and Southeast Asia Digital Exchange Co. (SEADEX) were both rejected after failing to meet the required approval criteria set out by the SEC.
This news only serves to further highlight Thailand‘s tight grip on the cryptocurrency industry.
In November last year, Thai regulators announced a web-based platform through which regulated initial coin offerings (ICOs) could take place.
Perhaps this isn’t all entirely surprising considering that the Thai government has been exploring blockchain technologies so it can deploy its own national cryptocurrency .
In this instance, Thailand’s involvement in cryptocurrencies is not focused on liberation, instead concentrating on greater control of digital assets.
Investors poured a record £200M into UK cryptocurrency startups in 2018
Funding into cryptocurrency and blockchain startups in the UK reached a new record last year.
According to data published by Pitchbook and London & Partners, companies in the space raised more than £200m from venture capital investors.
Big rounds included the £61M raised by blockchain software firm Bitfury and a Series A closed by London-based TradeIX.
In stark contrast, startups in the sector only received £19.11M in 2017 and £51.96M in 2016.
Overall, London’s technology companies represented a significant boost to UK investment in 2018, with the capital’s businesses accounting for 72 per cent (£1.8BN) of the total £2.49BN raised by Britain’s tech firms.
Additionally, the data shows that technology businesses based in London are still enjoying access to almost double the amount of growth capital available to their counterparts in other European cities such as Berlin (£936.53M), Paris (£797.04M) and Stockholm (£224.23M).
London’s Deputy Mayor for Business, Rajesh Agrawal, commented on the findings: “These figures demonstrate that London is going from strength to strength as a global hub for technology, innovation and creativity. The fantastic success of our tech sector is rooted in our city’s openness and our diverse, international talent pool. Regardless of the outcome of Brexit, London will remain open to innovation, talent and investment from all over the world.”
Funding into UK AI companies peaked at £736M in 2018, representing a 47 per cent increase on the £499M raised in the year before. The figures were boosted by a series of large deals, including a £58.86M Series B closed by Culture Trip, which leverages AI to create bespoke content for its users , and AI chipmaker Graphcore’s staggering £153M Series D.
Unsurprisingly, the data also shows that the UK FinTech sector continues to be a major draw for venture capital investors, with London-based companies raising over £1.08BN (over 90 per cent) of the total £1.17BN received by UK FinTech firms last year. Big FinTech rounds included Revolut’s £177M and Monzo’s recent £84M Series E.
Well-known investor Eileen Burbidge, a Partner at Passion Capital, added: “London is a hotspot for innovation and recognised as a leading centre in Europe for cutting edge technology development. London and the UK are creating world-class companies of scale, especially in high growth areas such as Fintech and Artificial Intelligence. This presents enormous opportunity for international investors, and today’s data suggests that London’s tech sector has a very bright future.”
Elsewhere, strong growth in funding for Berlin’s tech companies in last year helped Germany to cement its status as the second largest European hub for VC investment behind London and the UK. But, Paris and France are gaining momentum with French tech firms raising over £1BN in 2018, compared with the £748M raised in 2017.
Facebook is hiring a lead for its blockchain counsel
It seems Facebook isn’t content with its 50-strong team dedicated to building its proprietary cryptocurrency, as it’s now looking to hire someone for its blockchain counsel .
The social media giant is looking for a “lead commercial counsel, Blockchain” based at their Menlo Park, California headquarters. The job posting is not dated and it’s still unclear when Facebook first started looking.
The firm wants a “proactive team player” that will support the company‘s new initiative into the development of blockchain-based applications. I sincerely hope this doesn’t mean Farmville is getting put on the blockchain.
The successful applicant will be responsible for drafting contracts and providing legal advice to Facebook‘s blockchain initiatives.
Indeed, leading this counsel isn’t as simple as just having to respond to Elrond’s Zuckerberg‘s call.
Facebook provides a detailed list of requirements that applicants should meet. These include holding a graduate-level Juris Doctor degree, having over five years of legal experience and over four years experience of working at or for technology companies.
If that wasn’t enough, applicants must also hold membership in at least one state bar.
Facebook‘s interests in blockchain and cryptocurrency are no longer a secret, so while these hirings are interesting indicators of where Facebook might be taking its blockchain projects, they are not as surprising as they would have been this time last year.
Back in December last year, the first blockchain-related jobs at Facebook began to surface. A few months later it was clear the company was going big on blockchain but no one really knew why or what it was working on.
But earlier this month all the news became clear as it became apparent that Facebook was working on its own cryptocurrency .
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