Thailand is capitalising on the blockchain industry, and it’s leading the country to the forefront of innovation. From blockchain-friendly regulations to backing a crypto-based stock exchange, here’s how Thailand is leading South-East Asia into a blockchain revolution.
Stock Exchange of Thailand (SET) applies for crypto license
Thai investors are growing increasingly interested in digital assets, and the nation’s stock exchange is taking note. The Bangkok Post reports that the Stock Exchange of Thailand (SET) is looking to apply for a crypto trading license.
In a country with regulations that already favour digital currency trading, the likelihood of SET getting the license is high. Add to that the recent licensing of three new crypto exchanges by the Thai Ministry of Finance, and you’ve got a precedent that makes acquisition of the crypto license likely. This license would make SET one of the world’s few stock exchanges that trade in both digital assets and securities.
Thai government incorporates blockchain in its projects
While many governments are still deliberating on what they think about blockchain, the Thai government is already restructuring its services to incorporate blockchain in its projects. The country is quick to solve any challenges that exist in blockchain and find ways to make it easier for the industry to thrive.
- The National Electronics and Computer Technology Centre (NECTEC) is working on a blockchain powered voting platform to be used for the country’s voting system.
- The Bank of Thailand has announced plans to create a central bank digital currency, known as ‘Project Inthanon’.
- The Thai Bond Market Association (TBMA) is developing a blockchain based system for faster and easier clearing and settlement of bonds, known as ‘Bond Coin’.
Foreign investors interested in Thailand’s blockchain innovation
Thailand has taken on the blockchain industry with speed and an open-mind, being quick to innovate and introduce blockchain-friendly regulations that create countless opportunities. As a result, the country is receiving significant interest from foreign investors, keen to make the most of its blockchain innovation.