As Thailand moves forward with its Thailand 4.0 Initiative, potential blockchain investors may be interested to know that the government has put in place several policies to support the development of digital technologies, including blockchain, in the country. In terms of infrastructure, there is Digital Park Thailand located in the Eastern Economic Corridor to accommodate the development of state-of-the-art technologies. Looking at human resources, Thailand’s SMART Visa program incentivizes digitally skilled foreign professionals to work in the country, fostering a sufficiently wide talent pool for local blockchain startups to tap into. To accelerate the digital transformation, Thailand’s Board of Investment has designated 2019 as ‘Thailand Investment Year’, with up to 50% corporate income tax reduction for investments in digital services. Leading by example, a host of government agencies including the Ministry of Finance, Thailand Post, and the Electronic Transactions Development Agency are incorporating distributed ledger technologies into their operations.
In the area of cryptocurrencies, the industry has been given a shot in the arm in the form of the government’s Royal Decree on Digital Asset Businesses. The Royal Decree provides a comprehensive regulatory framework for the various market players. The most pertinent regulations are perhaps those relating to ICO portals, which must now act as gatekeepers screening digital asset offerings made in Thailand. This has provided a major boost to the local crypto industry in terms of strengthening market integrity as well as restoring the confidence of local crypto investors, especially given the general infamy of ICOs which have grown to be synonymous with fraud and scams.
Through its in-depth and comprehensive coverage of Thailand’s blockchain and crypto industry, the Thailand Blockchain Landscape Report aims to serve as a handy reference for anyone who is interested in learning more about the industry, exploring its opportunities, and identifying the many white spaces in the market, amid strong infrastructure and policy support for blockchain as well as keen crypto interest in the population.
With that in mind, Asia Blockchain Review (ABR) presents five features of the Thailand Blockchain Landscape Report that make it an indispensable resource for investors looking for new frontiers in blockchain and cryptocurrency.
Zooming-in on macro-environmental factors under the framework of a PESTLE (Political, Economic, Social, Technological, Legal and Environmental) analysis, the Thailand Report explores the impact of (1) the local digital society conditions, particularly internet use patterns among Thais, (2) the national development agenda for the local digital economy, namely the Digital Economy and Society Development Plan 2016; and (3) policies for crypto regulation, primarily the Royal Decree on Digital Asset Businesses.
Building on the findings of the PESTLE analysis, the Thailand Report sets out an evaluation of the key strengths and pain points of the local blockchain and crypto industry through a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis of the macro-environmental factors which have a material impact on local market conditions. Some of the Opportunities (O) identified in Thailand included tax incentives for digital investments and high cryptocurrency ownership rates among Thais, enabling market growth going forward.
By highlighting notable observations and key milestones, the Thailand Report takes a helicopter view of the major developments in the two domains to give readers a contextual understanding of the local blockchain and crypto space. Developments include, among others, initiatives taken by regulators such as the Bank of Thailand and the Securities and Exchange Commission of Thailand, as well as blockchain and crypto ventures undertaken by industry giants including Krungsri, Siam Commercial Bank, and Wipro.
The Thailand Report includes a list of major and notable local market players, including OmiseGO, Satang, LOOM Network, and Power Ledger, among others. The corporate profiles of these players set out their core competencies and funding statuses to allow readers to gauge the degree of market saturation and its distribution patterns.
In its final section, the Thailand Report sets out the findings of interviews and surveys of local blockchain and crypto startups and organizations, representing a wide cross-section of the industry. These findings are synthesized into a market analysis of current observations and future trends, letting investors navigate through the local market and make informed decisions.
Published by ABR in its efforts to build a technological foundation for blockchain in the region, the Thailand Report is part of a series of first-of-its-kind SEA blockchain landscape reports that serve as essential industry resources for anyone looking to move on the opportunities abound in the blockchain and crypto space in Southeast Asia.
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