Thailand issues licenses for 13 digital currency service providers

[hugeblack]

Thailand is working to strengthen the regulation and licensing of cryptocurrency exchanges and traders, and by Royal Decree (BE 2561) it is divided into three categories:  "digital asset exchange,” “digital asset broker,” and “digital asset dealer."
Thailand’s SEC stressed that

awareness of the intention to operate a digital currency business should be approved by the Minister of Finance under the recommendation of the SEC.

Source and more info ---> https://medium.com/@OutpostOnChain/thailand-issues-licenses-for-13-digital-currency-service-providers-including-huobi-122f748e5435

You can read more about it here ---> https://www.sec.or.th/EN/Documents/EnforcementIntroduction/digitalasset_decree_2561_EN.pdf

they also defined cryptocurrency, digital token, and ICOs

[sunsilk]

Good job for the Thailand government and its royalty. Asian countries are starting to recognize that there's an actual market for cryptocurrencies and if they will keep issuing licenses to those interested companies who wants to operate in their countries.

They should give it a chance as long as they will submit and comply to their regulatory requirements. Having a lot of applications and grants from these digital asset exchanges means that there is a big market circulating in Thailand for cryptocurrencies.

[YOSHIE]

You are right I also read in one source about the news of this new breakthrough, it is difficult to digest, it is precisely the country bearing the "White Elephant" that has good news about cryptocurrency services.

licenses and policies given by the Thai government at this time for crypto users in their country, I am sure that one or two years from now Thailand will become the largest crypto user in Asia.

Another good news, for the Thai crypto community, for now the Thai government has approved several exchanges such as: Zipmex, Huobi Thailand, Bitcoin Co. Ltd, ERX etc., this is the best step taken by (SEC) Thailand at the moment.

[sunsilk]

Another good news, for the Thai crypto community, for now the Thai government has approved several exchanges such as: Zipmex, Huobi Thailand, Bitcoin Co. Ltd, ERX etc., this is the best step taken by (SEC) Thailand at the moment.

Thai citizens won't be having trouble of exchanging, buying or selling their cryptos with these exchanges. Unlike the other Asian countries that do struggle with the licensing and even the acceptance of cryptocurrencies.

Thailand is on the right track the same with other countries that are very welcoming to cryptocurrencies. Having several exchanges based on their country means competition of providing the best service and it's favorable for the customers.

[Jating]

Good job for the Thailand government and its royalty. Asian countries are starting to recognize that there's an actual market for cryptocurrencies and if they will keep issuing licenses to those interested companies who wants to operate in their countries.

I agree, I think Thailand and the Philippines amongst SEA countries are more friendly to cryptos. I still remember someone said that it is going to be a race between the two. And this is a win-win situation for those crypto enthusiast in that country. I'm not going to be surprised that in the next couple of years these two are going to be on top as far as bitcoin trading and adoption.

They should give it a chance as long as they will submit and comply to their regulatory requirements. Having a lot of applications and grants from these digital asset exchanges means that there is a big market circulating in Thailand for cryptocurrencies.

Yes, at least the government are very lenient and welcoming to digital assets or crypto, as opponent to some of their neighbors. Regulations are good so that crypto are going to survived in the long run. It's should be a give and take relations, so that everyone will be in a win-win situations.

[Baofeng]

I agree that this is very good news for our neighbours from Thailand because they are very active as far as giving licenses in the last couple of years. And as far as I know they have their home grown exchanges and then some being subsidies of bigger exchanges coming from Japan. And this latest news will send green lights for companies to tap Thailand markets specially with regards to blockchain technology as well. Good strategy.

[Harlot]

Good job for the Thailand government and its royalty. Asian countries are starting to recognize that there's an actual market for cryptocurrencies and if they will keep issuing licenses to those interested companies who wants to operate in their countries.

They should give it a chance as long as they will submit and comply to their regulatory requirements. Having a lot of applications and grants from these digital asset exchanges means that there is a big market circulating in Thailand for cryptocurrencies.

Actually Asian countries are leaning more towards being a crypto friendly country rather than being against it I don't know the specific reason why but countries like Japan, Korea, and China are considered to be developed countries and they have firstly adopted the crypto market this might have triggered an influence over their neighboring Asian countries on doing the same so that they won't be left out in terms of foreign investment. On a side not Thailand is considered to be one of the conservative countries when it comes to investment such as this one so this is really a good news that they accepted the crypto industry.

[Finestream]

The only way to increase the adoption is the action of the government similar to this.
A regulated market will attract traders and investors and that would help us achieve our dream which is massive adoption.

There's no way the government can stop the popularity of crypto, so instead of going against it, regulating it would be the best choice.
I also hope that India's government will give an assurance to the people that they will approve and regulate crypto as that's what people want.

[avikz]

Thailand is working to strengthen the regulation and licensing of cryptocurrency exchanges and traders, and by Royal Decree (BE 2561) it is divided into three categories:  "digital asset exchange,” “digital asset broker,” and “digital asset dealer."
Thailand’s SEC stressed that

awareness of the intention to operate a digital currency business should be approved by the Minister of Finance under the recommendation of the SEC.

Source and more info ---> https://medium.com/@OutpostOnChain/thailand-issues-licenses-for-13-digital-currency-service-providers-including-huobi-122f748e5435

You can read more about it here ---> https://www.sec.or.th/EN/Documents/EnforcementIntroduction/digitalasset_decree_2561_EN.pdf

they also defined cryptocurrency, digital token, and ICOs

Good job by Thailand SEC and Finance Ministry! Now I understand why David Bond always prefers to stay in Thailand with her hot girlfriend Nikky! That makes sense now because Thailand is cheaper than a lot of other Asian countries and now officially crypto friendly with streamlined procedures.

Probably they will be able to establish themselves as a powerful finance hub for cryptos in coming years. A lot of puritan would say otherwise, but I see such kind of clear regulations as a stepping stone towards mainstream adoption. You definitely loose some privacy aspect, but that isn't harmful unless you have millions of undeclared income!

[Saisher]

There's no way the government can stop the popularity of crypto, so instead of going against it, regulating it would be the best choice.
I also hope that India's government will give an assurance to the people that they will approve and regulate crypto as that's what people want.

There still a lot of government that still ban or restrict Bitcoin but so far they are not succeeding, there is a strong resistance from the community, they cannot restrict this community for a long time and the only way is to regulate them they can tax the community and help the government with more revenues, just like what happen here in our country.

[gatti]

There's no way the government can stop the popularity of crypto, so instead of going against it, regulating it would be the best choice.
I also hope that India's government will give an assurance to the people that they will approve and regulate crypto as that's what people want.

There still a lot of government that still ban or restrict Bitcoin but so far they are not succeeding, there is a strong resistance from the community, they cannot restrict this community for a long time and the only way is to regulate them they can tax the community and help the government with more revenues, just like what happen here in our country.

When the question raised about the legalizing of cryptocurrency,government should legalize the cryptocurrency.Instead of making as a illegal tender.By legalizing government can able to ask people to pay tax for it.Even if it's illegal one,many people can involve in this trade of cryptocurrency.So it's best move to legalized by government itself.

[bitcoinner78]

Bitcoin in Thailand is not banned, it just needed to be regulated by the local SEC. Only a few exchanges are allowed to fully operate in Thailand.  As now, the most common exchange is bitkub. I was used to play with coins.co.th but it hasn't been updated since years. Bitkub is a good growing exchange which is following the steps of Binance. They are "copying" Binance basically. That's good for Thai people who wants to invest in crypto and diversify their portfolios with some more options.

[Gozie51]

Since 2019 Thailand has been on working on the blockchain.
https://asia.nikkei.com/Spotlight/Cryptocurrencies/Thailand-speeds-up-blockchain-adoption-despite-bitcoin-plunge

Thailand taking the step to identify with cryptocurrency is a great and positive one that will encourage the Asian countries to go in same direction. The countries adopting cryptocurrency are growing.

Nigeria making a step also in digital currency is a statement of being positive with cryptocurrency despite the challenges so far with banning crypto related accounts and that is political.

[Kyraishi]

A refreshing breath of fresh air when the rest of the world is actively trying to restrict crypto adoption.

This is exactly what regulators across the world should follow. Positive regulation that is effective, but not restrictive.

Thailand seems to recognize that it can reap a lot of rewards in terms of economic growth and tax revenue growth from this, whilst fostering the adoption of cryptos. Win-win for all. Kudos to them.

[zasad@]

https://www.coindesk.com/policy/2024/04/22/thailand-to-block-access-to-unauthorized-crypto-platforms/
Thailand to Block Access to 'Unauthorized' Crypto Platforms
"The Thai SEC cited earlier decisions by nations like India and the Philippines in blocking unauthorized platforms.
Thai authorities have decided to block “unauthorized” crypto platforms.
The authorities have not named the entities they see as unauthorized, but have asked users to quickly withdraw their assets."

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It will be very interesting to see how they do this, because nothing is specifically stated about this in the official release.