Known for its beautiful coastlines, culture and natural wonders Thailand is gearing up to accept digital currencies in its economy’s format. While the crypto space has been afraid of new regulations, the Asian country has been quite positive about the technology. Unlike its neighboring states that have taken a harsh stance, Thailand is ready to develop stronger regulations to adopt the benefits; virtual currencies come with.
Although the fiat currency is Baht (THB) yet virtual coins are becoming increasingly popular among the citizens who made the Bangkok Post published an article named “Bitten by the Bitcoin Bug.” But, like most other countries the process of legal acceptance has not been too easy for cyber coins. Back in 2013, a report published by CNBC stated that bitcoin was banned in Thailand after the Central Bank acknowledged digital currencies as illegal.
September 2017 came as a positive period for crypto supporters after Securities and Exchange Commission (SEC) cleared its stance over Initial Coin Offerings (ICOs). It noted that “The SEC Thailand encourages access to funding for businesses, including high potential tech startups, and realizes the potential of ICO in answering startups’ funding needs.”
Thus, it became clear that the Thai nation is much more lenient towards the crypto sphere as the premier regulator showed interest in Initial Coin Offering ICO development. It aims to promote collaboration, understanding, and caution with the need “to strike a balance between supporting digital innovation and protecting investors from potential ICO scams.”
The announcement was enough for the world to take notice of every crypto development occurring in the small nation.
View towards blockchain
Earlier in February 2018, the Thai government’s Electronic Transactions Development Agency (ETDA) informed, “ETDA Expands National Digital ID Program with Omami.” It is a blockchain based structure which will be used to upgrade the digital lives of its citizens. Meanwhile, OmiseGo and Ethereum’s Vitalik Buterin had meetings with SEC over ICO and crypto exchanges.
In May, the Stock Exchange of Thailand (SET) came forward with a LiVE blockchain crowdfunding platform for systematically improving peer-to-peer lending. Afterward, it was reported that law for digital tokens would soon take place in the country as the government has come up with a regulation over digital asset related transaction in its Royal Gazette.
Finance Minister, Apisak Tantivorawong, clarified that regulations do not ban any ICO but have been implemented to protect investor’s rights. He added that authorities are working on the development of organic laws for the enrolment of digital asset transactions.
Furthermore, Central Bank’s governor, Dr. Veerathai Santiprabhobin, launched “Project Inthanon” which is the creation of a fiat digital currency with assistance from private banks in order to fasten and regulate interbank settlements.
All these actions are enough to signify Thailand as a crypto loving nation. The investors have been true towards regulations, and the authorities are not implementing a rough control. It’s a matter of time till large players enter the local crypto sphere and expand the economy into a hot spot for digital asset investors.