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.


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
    Blockchain Enables Verification of COVID-19 Immunity
    Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

    November 21, 2020

    Illicit Cryptocurrency Activity: A Concern
    Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

    November 20, 2020

    IBM Using Blockchain to Help Businesses Reopen during COVID-19
    IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

    November 20, 2020

    Canadian Pacific Railway Collaborates with TradeLens
    Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

    November 19, 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