The blockchain industry is growing fast, and Thailand is seizing every available opportunity to utilize this innovation. Thailand is putting in place blockchain-friendly regulations and heading its own blockchain projects.
While most governments have yet to make up their mind about blockchain technology, Thai regulators are making notable progress, ranging from crypto exchanges and ICO regulations to government-owned blockchain projects. As a result of these changes, the country is now one of the top blockchain players in South East Asia and has attracted significant foreign investment.
The Bangkok Post reported that the Stock Exchange of Thailand (SET) will apply for a licence to practice crypto trading.
SET Vice Chairwoman Pattera Dilokrungthirapop said the bourse is looking to expand its crypto sector, due to the growing interest of Thai investors in digital assets. The possibility of SET getting the licence is high, as regulators in Thailand are open minded with regards to trading in digital currencies. The Ministry of Finance recently licenced three new crypto exchanges, indicating precedent for SET. If the licence is granted, SET will be among the few exchanges in the world to offer both digital assets and securities.
The Thai government is working tirelessly to eliminate all challenges facing the blockchain industry.
In July 2018, the Security and Exchange Commission of Thailand gave guidelines for initial coin offerings (ICOs). It classified ICOs into three types; investment tokens, utility tokens, and cryptocurrencies. The Thai government is also exploring its own blockchain initiatives.
The National Electronics and Computer Technology Center, or NECTEC, is working on developing a voting platform that will be powered by blockchain.
The Thai Bond Market Association (TBMA) is working on creating a “Bond Coin”, which will lead to a fast and seamless clearing and settlement system for bonds.
The Bank of Thailand recently announced that it plans to create a central bank digital currency known as “Project Inthanon”.
The speed and openness with which Thailand accepts and creates blockchain-friendly regulations is attracting a lot of foreign investors. Blockchain provides opportunities for a country to improve its economy, and Thailand is at the forefront of utilizing this innovation.
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