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Satang Corp – Thai Crypto Exchange aims to raise $10 Million in STOs

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Satang Corp, A Thailand cryptocurrency exchange intends to raise $10 million in STO’s. According to Asia-focused business publication, cryptocurrency market is going down every day. Despite this, Satang Corp plans to achieve its target.
The Thai Government backs satang Corp with the aim of making the land a blockchain center, developing a framework for digital currencies. The STO will be live in the first quarter of 2019, says Poramin Insom (CEO – Satang Corp),
Satang Corp has an idea of developing an E-Wallet in its pipeline. The Corp plans to use $9.9 million of the money raised in developing the wallet which will permanently enable users to pay as well as establish Satang shops in tourist centers like Phuket and Pattaya.
Thailand has never been very susceptible to the idea of decentralized currency. The legalization of cryptocurrency in Thailand is a very recent phenomenon, June 2018. The Exchange hosts only limited cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classis, Litecoin, Ripple and Stellar Lumens.
The Bank of Thailand, which is the central bank of the land intends to develop a virtual currency for a more comfortable and convenient transferring of money between commercial banks and the central bank. It is reported that almost eight banks will work hand in hand with the central bank to develop the model.
One of the leading South Korean Exchange, Bithumb has announced its plans of setting up an exchange in Thailand provided some relaxation be given to the exchange concerning regulatory policies. Recently, The CEO of Satang Corp was involved in integrating blockchain technology in the voting system. In the elections held in November, Democrat party of Thailand used a blockchain based app, and all the data obtained was stored in a blockchain network called Zcoin gathered by Insom.
Revenue Department of Thailand is constantly testing blockchain technology to track VAT (Value Added Tax) payments. ‘’The department wants to use blockchain technology to prevent VAT refund fraud. It also reportedly set its sights on adopting machine learning and using artificial intelligence to learn and study tax-cheating practices to ultimately compel more people to enter the formal tax system,” says Ekniti Nitithanprapas, director general of the Thai Revenue Department.

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