Thailand Amends Act to Introduce Digital Trade Using Blockchain

Asia Blockchain Review
May 24, 2019

Thailand’s Securities and Exchange Commission has amended the Securities and Exchange Act 2019 to introduce digital trading using blockchain technology, in order to help the kingdom’s booming financial sector execute faster, more transparent and more secure transactions.

As reported by BTCManager, amendments made to the Act also expand the coverage scope for scripless transactions to primary markets, as they had previously been limited to secondary markets.

The amendments also enable entrepreneurs to raise funds through security token offerings (STOs), which have gained traction in recent years due to perceived benefits over initial coin offerings (ICOs).

SEC Deputy Secretary Tipsuda Thavaramara said the change will have a major impact by providing a legal basis for supporting Thailand’s capital market and the tokenization platform. She added that it opens opportunities for more market players while supporting the notion of completely digital shares.

The deputy secretary identified two major challenges in facilitating the smooth transition of Thailand’s financial market into a digital phase, namely preparing for the digitized world and ensuring a conducive platform for new capital market players.

Unlike many Asian countries, Thailand is among the few that have taken a more forward-thinking approach to digital currencies by openly embracing them on several fronts instead of placing them under a blanket ban.

In January, BTCManager reported that the Thai financial watchdog approved digital asset business licenses of four cryptocurrency exchanges, namely Bitcoin Exchange Co., Ltd., Bitkub Online Co., Ltd., and Satang Corporation, and Coins TH Co., Ltd.

It was also reported in March that the Thai SEC approved the country’s first ICO portal, thereby allowing the screening of ICOs and confirmation of smart contract source codes.

Source: btcmanager.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    An Update On Disruption Of Trickbot – Microsoft’s Tom Burt
    As of October 18, Microsoft has worked with partners around the world to eliminate 94% of Trickbot’s...

    October 24, 2020

    U.S. Says Google Breakup May Be Needed To End Violations Of Antitrust Law
    According to Reuters, the U.S. sued Google on Tuesday, accusing the $1 trillion company of illegally...

    October 24, 2020

    Nokia Selected By NASA To Build First Ever Cellular Network On The Moon
    Nokia has announced further details after being named by NASA as a partner to advance “Tipping Point...

    October 23, 2020

    Singapore FinTech Company, STACS, Co-Develops Blockchain Platform with EFG Bank
    STACS, a Singapore FinTech company focusing on Blockchain technology solutions, announced its partne...

    October 22, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us