{"id":61418,"date":"2018-06-25T10:00:10","date_gmt":"2018-06-25T17:00:10","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=61418"},"modified":"2019-11-07T02:55:54","modified_gmt":"2019-11-07T02:55:54","slug":"cryptocurrency-in-thailand-from-bond-to-bitcoin","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/cryptocurrency-in-thailand-from-bond-to-bitcoin\/","title":{"rendered":"Cryptocurrency in Thailand: From Bond to Bitcoin"},"content":{"rendered":"

Thailand shot to silver screen stardom in the 1974 blockbuster movie \u201cThe Man with the Golden Gun\u201d, filmed in the Khao Phing Kan area. Fast forward to 2018, Thailand seems to be shooting into the crypto era with innovative volition.<\/p>\n

Popularly known as \u201cJames Bond Island\u201d, the location that put Thailand on the pop culture map has become a major tourist attraction. However, the vacation experience, beautiful coastlines, and culture aren't all Thailand has to offer.<\/p>\n

In the midst of the crypto revolution, Thailand's legislative figures appear surprisingly receptive to a new economic advancement. A step ahead of their more restrictive Asian counterparts, Thailand seems to be shaping the crypto space early with more inclusive and organic regulation to propel their country forward in this new opportunity.<\/p>\n

A Brief History of Thailand<\/h2>\n

Thailand is in Southeast Asia, bordered by Cambodia, Vietnam, Laos, Myanmar, and Malaysia\u2013 the roots of which can be traced back to China, Vietnam, and India, and as far back as the 11th<\/sup> century. Despite pressure from France and the United Kingdom, it's the only Southeast Asian country that never succumbed to Western rule.<\/p>\n

Thailand's population is over 68 million\u2014 with 49% of the labor market employed in agriculture and over two-thirds of its commercial output in exportation. Until recent years, Thailand had been the world\u2019s leading exporter of rice.\u00a0<\/span><\/p>\n

The Thai Economy and its Crypto Curiosity<\/h2>\n

While the official currency of Thailand is the Baht (THB), cryptocurrencies are gaining a strong foothold within the nation, prompting The Bangkok Post's 2017 article, titled \u201cBitten by the Bitcoin Bug\u201d<\/a>.<\/p>\n

However, similarly to other countries, legislative acceptance has not been plain sailing. In 2013, CNBC headlined a story,\u00a0\u201cBitcoin Banned in Thailand\u201d<\/a>, explaining\u00a0how a \u201cprominent bitcoin exchange\u201d closed its doors following the Bank of Thailand's insinuation that cryptocurrency was illegal.<\/p>\n

In September 2017, in what digital currency evangelists welcomed as a refreshing and positive move, Thailand's Securities and Exchange Commission (SEC) announced its official viewpoint<\/a> on Initial Coin Offerings (ICOs).<\/p>\n

In the statement on its website, the Thai SEC wrote,<\/p>\n

\u201cThe SEC Thailand encourages access to funding for businesses, including high potential tech startups, and realizes the potential of ICO in answering startups\u2019 funding needs.\u201d<\/p><\/blockquote>\n

\"Bitcoin,
Related Article:\u00a0Bitcoin, Ethereum, Ripple, and Litecoin Among 7 Cryptocurrencies Now Legal in Thailand<\/a><\/figcaption><\/figure>\n

It is therefore clear that, in contrast to its more restrictive Asian neighbors, Thailand displays a much more accommodating approach to ICOs and cryptocurrency. As stated on the Thai SEC website, the agency seeks to promote understanding, collaboration, and caution, with the distinct need \u201cto strike the balance between supporting digital innovation and protecting investors from potential ICO scams\u201d.<\/p>\n

Following this announcement, Thailand has continued positive steps forward from regulating authorities on the topic.<\/p>\n

Blockchain Adoption<\/h2>\n

In February 2018, the Thai government\u2019s Electronic Transactions Development Agency (ETDA) announced, \u201cETDA Expands National Digital ID Program with Omami\u201d \u2014\u00a0<\/a>a blockchain based system, aimed at enhancing the digital lives of the country\u2019s citizens.<\/p>\n

In the same month, Ethereum\u2019s Vitalik Buterin and OmiseGo<\/a> had \u201cfruitful discussion(s) with (the) SEC of Thailand about ICO's and exchanges\u201d.<\/p>\n

\n

Fruitful discussion with SEC of #Thailand<\/a> about ICO's and exchanges. #Ethereum<\/a> #DAICO<\/a> #OmiseGO<\/a> #DEX<\/a> pic.twitter.com\/lG5fZcwMjN<\/a><\/p>\n

— JUN\u039e (@JUN_Omise) February 22, 2018<\/a><\/p><\/blockquote>\n