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On August 31st, the China Securities Association reported that in the first half of 2025, all listed companies achieved operating revenue of 35.01 trillion yuan, a year-on-year increase of 0.16%. Second-quarter revenue reached 18.11 trillion yuan, a year-on-year increase of 0.43% and a quarter-on-quarter increase of 7.15%. Net profit in the first half of the year reached 3.00 trillion yuan, a year-on-year increase of 2.54%, an increase of 4.76 percentage points over the previous years full-year growth rate. Nearly 60% of companies in the market saw positive revenue growth, and over three-quarters were profitable. 2,475 companies saw positive net profit growth, and 1,943 companies saw both revenue and net profit growth.Joerg Kraemer, economist at Commerzbank: The recent strengthening of the euro, especially against the US dollar, is likely to continue in the coming months, which will reduce the price competitiveness of European products on the world market.Conflict Details: 1. Russian Ministry of Defense: Russian forces occupied Komishuvakha in eastern Ukraine. 2. The Ukrainian military said it attacked oil refineries in Krasnodar and Syzran at night. 3. The Ukrainian Air Force said Russia launched 537 drones and 45 missiles during the nighttime attacks. 4. Russian Ministry of Defense: Russia attacked Ukrainian businesses, rocket and aviation facilities, and military airfields at night. 5. The regional governor stated that Russias attack on Zaporizhia, Ukraine, resulted in one death and at least 24 injuries. 6. Russian Chief of the General Staff Gerasimov: Russian forces are continuing their offensive along all fronts, and the task of establishing a buffer zone along the border between the Ukrainian Sumy and Kharkiv regions is progressing smoothly. 7. Russia and Ukraine are engaged in fierce battles over the key cities of Krasnodar (also known as Pokrovsk in Ukraine) and Konstantinovka in the Donetsk region. Other Developments: 1. Hungarian Foreign Minister: The European Commission has become a "Ukrainian Commission," representing the interests of Ukraine, not those of an EU member state. 2. EU High Representative for Foreign Affairs and Security Policy Kallas stated that the return of frozen Russian assets to Russia is unthinkable unless Russia pays war reparations for Ukraine. 3. Ukrainian President Zelensky stated that Moscow exploited the lead-up to the summit to launch the attack and called for energy and banking sanctions. 4. Russian Chief of the General Staff Gerasimov stated that Russia controls 99.7% of Ukraines Luhansk region, 79% of the Donetsk region, 74% of the Zaporizhia region, and 76% of the Kherson region. 5. EU High Representative for Foreign Affairs and Security Policy Kallas stated that EU countries have been asked to submit proposals for new sanctions against Russia next week.On August 31, officials of the Yemeni Houthi armed forces issued a statement saying that the group is ready to confront Israel after Israel launched an airstrike in Sanaa on Thursday, killing a senior official.On August 30th, local time, Hungarian Foreign Minister Peter Szijjarto stated after the EU Foreign Ministers meeting in Copenhagen that the EU and most of its member states are not interested in achieving peace and will continue to provide funding and arm Ukraine. The European Commission is acting as a "Ukrainian Commission," representing Ukraines interests rather than those of EU member states.

Thailand’s SEC Greenlights 4 Crypto Companies Amid Zipmex Turmoil

Jimmy Khan

Aug 08, 2022 14:28

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As one of the first nations in Southeast Asia to pass legislation that directly handles digital assets, Thailand, a nation with over 3.6 million bitcoin users, has opened its doors to firms involved in the industry.


In fact, the tourism ministry has gone so far as to lay out plans for turning the nation into a refuge for international tourists interested in Bitcoin. In light of this, some cryptocurrency businesses have received formal approval from Thailand's financial authorities.

License

Four further operators of digital assets have received licenses from Thailand's Securities and Exchange Commission (SEC). These include T-BOX, a cryptocurrency exchange, and Krungthai XSpring, a full-service brokerage connected to one of the nation's top banks.


Coindee, a cryptocurrency adviser and fund manager, and Leif Capital Asset Management, which also manages funds, are the other two businesses that received regulatory permission. Notably, the four companies have not yet begun operations since the SEC is checking over their offerings.


As a result of these developments, Thailand currently has 21 fully regulated operators of digital assets, including 9 exchanges, 9 brokers, and 3 fund managers. It happens at the same time that the SEC has opened an inquiry into Singaporean exchange Zipmex (which also does business in Thailand) for allegedly breaking trading regulations by preventing client withdrawals last month. Soon later, the SEC disclosed that users of Zipmex may contribute data through an online forum on the company's main website.


The regulator alleges that Zipmex provided insufficient justification for stopping withdrawals, and as a result, the company restored withdrawals for smaller alternative currencies while keeping bigger assets like Bitcoin (BTC) and Ethereum (ETH) frozen.

Bitcoin Stance

Thailand was seen as having a more open and progressive position after 2018 when the Digital Asset Act, which originally meant to address security, fraud, and initial coin offers (ICO), was passed. In Thailand, 5.2 percent of the overall population owns digital assets.


Regulations changed over time, and most recently the government abandoned its original proposal to retain 15% of bitcoin transactions. The first blockchain education and research program in the nation was established via a collaboration between the Chulalongkorn University and the blockchain network Tezos.


In order to support the business, Thailand has further loosened tax regulations until the end of 2023, allowing cryptocurrency dealers on government-approved exchanges to avoid paying a 7 percent value-added tax (VAT).


On April 1 of this year, Thailand's Security and Exchange Commission, citing worries about money laundering and financial instability, outlawed the use of cryptocurrencies as a form of payment. The SEC said that because of their volatility and high transaction costs, digital assets do not increase the efficiency of the payments system. However, it was made clear that the restriction does not apply to trading in cryptocurrencies, just to using them to make payments.


Nevertheless, with the bull market in full force in 2021, Thai crypto volumes increased by 600%. The world's biggest cryptocurrency exchange by trading volume, Binance, was said to be attempting to re-establish itself in Thailand by establishing a jointly owned Gulf Binance crypto exchange with Gulf Innova earlier this year.