By Mark L - Cryptocurrency Professional - 24-07-2021
The oldest standing bank in Thailand has been further analysing blockchain and DeFi technology. The bank believes that both blockchain and DeFi are the next steps for the future of finance and banking, with plans to invest in the technologies.
Despite genuine interest within institutional businesses to invest in cryptocurrency, this could be due to the rise in popularity and trend instead of a strategic investment plan. Within the cryptocurrency trading industry, many big investors tend to focus on Bitcoin (BTC) buying. That being said, major investors are starting to look toward assets such as Ether (ETH) and decentralized finance (DeFi).
DeFi is a central focus of Siam Commercial Bank's (SCB) present digital asset drive, as Thailand's oldest bank readies itself to advance decentralized financing through its SCB 10X subsidiary.
Thai regulators have been studying and aiming to enter the decentralized financing world, which seemed to be the spark for SCB 10X's research for DeFi and blockchain. Heads are increasingly turning towards the extremely niche market space, with national agencies attempting to develop strict laws for the DeFi industry.
The narrative for banks investing in decentralized financing has pivoted to the hybrid model of DeFi, also known as regulated DeFi. Regulated DeFi still retains some of the traditional finance traits, but the hybrid model provides cost-cutting benefits.
As reported by Cointelegraph, the SCB 10X's $110 million funds bolstered the bank's ambition to develop further advancements for digital financing.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards