Thailand Is the New Home of Crypto Lovers
Asian regions have long been huge cryptocurrency advocates. Despite a lengthy period of debate over whether to ban bitcoin and crypto mining, China eventually gave in and permitted the practice, citing that it’s effects on the environment were not as strong or as hazardous as originally thought. China is also home to two of the biggest miners across the globe: Canaan Creative and Bitmain.
In addition, India has become a huge region for bitcoin enthusiasts. The country’s Supreme Court has recently reversed a ban that prevented all banks and standard financial institutions from doing business with crypto firms. Since then, bitcoin and crypto sales and trades have been through the roof. Now, with the addition of Thailand’s new crypto services and trading platforms, the continent is likely to attract even more business and hoopla surrounding its expanding digital industry.
The Securities and Exchange Commission (SEC) has granted the latest crypto exchange license to a company called ERX, which will operate as a trading platform for those looking to purchase and sell digital currencies. With the addition of ERX, Thailand’s number of crypto exchanges now moves up to six in total. Others throughout the country include BX, Huobi, Zip Mex and Satang Pro, to name a few.
Furthermore, Thailand is now home to three digital asset brokers in Coins TH, Bitazza and Kulap. These companies are permitted to offer crypto custody services, meaning that clients and customers able to do business within Thailand’s borders can request that these companies store their crypto stashes on their platforms. However, they are not necessarily given the same abilities as crypto exchanges, and thus they cannot facilitate trades in the same manner.
Kulap is also in its early stages and not fully functional, while Coins TH is only permitted to deal with cryptocurrencies at this time, or rather assets that work as money. It is unable to facilitate any trades involving digital tokens.
Keeping Everything Clean and Safe
The SEC is also permitting several initial coin offerings (ICOs) within Thailand at the time of writing, with major ones coming from Longroot, T-Box, SE Digital and BiTherb, to name a few. At press time, only BiTherb is not yet functional, while the rest are planning quick releases of their coins.
Thailand boasts some of the most clear and effective cryptocurrency laws across the globe. The country specifically states what digital assets are and what trading involves. In addition, the country classifies all crypto exchanges as financial institutions – similar with banks – and requires all anti-money laundering and know your customer (KYC) protocols to be in place.