Thailand is a country in Southeast Asia with an area of 513,000 kilometers and a population of 68 million. Thailand has an emerging economy and is currently going through industrialization. However, Thailand is one of the major economies in Southeast Asia — second after Indonesia in terms of GDP. Thailand’s economy is based on computer components, the automotive industry, petroleum and agriculture. Bitcoin is legal in Thailand, though Thailand’s cryptocurrency exchanges and financial institutions are under some regulations. Thailand’s Bitcoin exchanges can only exchange digital currencies for Thai baht and need a Business Development Department license to perform such operations. Initial Coin Offerings are totally legal in Thailand and the SEC of Thailand even encouraged the funding of businesses with ICOs, but all those operations should be performed with the execution of all regulatory requirements.
Thai companies and millionaires have funded the firm which aims to bridge traditional and digital finance.
Thailand’s XSpring Capital raises $225M to build integrated financial marketplace
Local exchanges now have until July 11 to update their rules for listing tokens in order to be in compliance with SEC guidelines.
Thai SEC bans exchanges from handling certain token types including NFTs
A new DeFi yield farming platform in Thailand has rattled regulators.
Thailand to target DeFi in latest regulatory clampdown
Thailand’s government aims to curb new crypto account creation with stringent KYC requirements.
Thailand to introduce in-person KYC for crypto exchanges
The new ASEAN Blockchain Consortium aims to engage with regulators to ensure compliance and raise industry awareness.
New ASEAN blockchain consortium targets cross-border cooperation
Kasikornbank has identified asset-backed DeFi as having the potential to create economic value for Thailand.
Major Thai bank experimenting with decentralized finance
While crypto volumes surge on Thailand’s licensed exchanges, P2P platforms appear to be falling out of favor
Thai crypto adoption is booming, with volume up 588% since November