Thailand Archives - Cryptocoin Spy

Thailand Greenlights Exchanges

One way of determining whether a country is open to cryptocurrency is to find out about whether there are cryptocurrency exchanges are operating there. For example, Binance, the world’s largest cryptocurrency exchange by daily volume, had to focus outside of China when the country started cracking down on the sector. In fact, many believe that it was this adaptability that led to its immense success.

The Securities and Exchange Commission (SEC) of the country has granted four operating licenses to various cryptocurrency exchanges. These cryptocurrency businesses include Bitcoin Co, Bitkub Online Co Ltd, and Satang Corporation Co Ltd, which were given licenses to operate as cryptocurrency exchanges. Another business, Coins TH Co Ltd – was given a license as a cryptocurrency broker/dealer.

Companies Turned Down

Of course, this does not mean that every company who applied was allowed a license. Two other exchanges by the name of Cash2Coins Ltd and SouthEast Asia Ltd were denied, and their applications were determined to be inadequate.

The Finance Ministry will still allow these two companies to operate until January 14th, giving the company enough time to notify its customers. However, by the 14th, they are expected to terminate all cryptocurrency business. Another exchange by the name of Coin Asset Co is still awaiting approval, but can continue operating.

One of the positive aspects of blockchain technology is that it has the potential to be more transparent than others. Of course, many have pointed out that blockchain could help one of the most democratic processes in the world – voting. It appears as though Thailand is doing more than pointing out, but is actually implementing it.

About The Technology

The National Electronics and Computer Technology Center (NECTEC) of Thailand has already developed the technology to allow voters to vote on the blockchain. The head of NECTEC’s cybersecurity lab, Chalee Vorakulpipat, stated: “Nectec developed blockchain technology for e-voting that can be applied to national, provincial or community elections, as well as business votes such as the board of directors. The goal is to reduce fraud and maintain data integrity.”

All a voter would need is identification and an internet connection to participate in elections. This would obviously save an excessive amount of time and money for both the government and voters, who would not need to travel to designated voting areas.

Other Examples

It should be noted that Thailand is not the first country to implement, or attempt to implement, blockchain-based voting. In November of last year, West Virginia apparently tested out the technology. In addition, Zug, considered the “crypto capital” of Switzerland, also conducted a successful blockchain-based voting trial in June of last year.

Unlike many other Asian countries, Thailand has embraced cryptocurrency and blockchain more than most of its neighbors. For example, the country has been more open to cryptocurrency exchanges and initial coin offerings (ICOs) than many other countries around the world.

It’s also important to note that the Bank of Thailand’s governor, Veerathai Santiprabhob, stated that the bank itself might even develop a cryptocurrency in November of 2018, stating: “Like other central banks, our goal is not to immediately bring CBDC [central bank-issued digital currency] into use, but rather to explore its potential and implications for back office operations.”