Thailand Leads Region in Blockchain, Crypto Regulation

March 28, 2019

Southeast Asian nations, including Thailand, have taken steps toward the adoption of cryptocurrencies, rolling out regulations and guidelines to welcome the business and technological opportunities that blockchain brings.

Thailand has been one of the early adopters of cryptocurrency legislation in Southeast Asia. In 2018, its government legalized the trading of seven digital currencies. Thai crypto legislation seeks to strengthen the sector’s security and prevent potential fraud, while at the same time offering a set of guidelines on initial coin offerings (ICOs).

Crypto regulations have evolved over time into a sophisticated framework, with the emergence of new offerings such as security tokens and exchanges. The Securities and Exchange Commission of Thailand (SEC) has been at the forefront of the adoption and development of blockchain technology, while also imposing firm regulations. In January 2019, the Thai SEC endorsed four digital asset exchanges and rejected two exchanges on account of insufficient Anti–Money Laundering (AML) and Know-Your-Customer (KYC) measures.

The Thai government’s attitude toward blockchain technology and digital currencies allows the country to compete with the rest of Southeast Asia. In August 2018, its central bank partnered up with R3 and eight local banks and Chinese financial institutions to explore the implications and the potential benefits of distributed ledger technology (DLT) to enhance the efficiency of the Thai financial market infrastructure.

In early 2019, the National Electronics and Computer Technology Center of Thailand (NECTEC) announced it was leveraging blockchain technology to assist the organization of national, provincial and community-level elections, as well as corporate stakeholder voting.

With the government’s positive and supportive attitude toward blockchain technology, Thailand is expected to remain an attractive hub for innovators, enthusiasts and like-minded people around the world.

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