Thailand Tries To Develop Its Crypto Market To Catch Up With Japan

It’s no secret that Japan has one of the largest and most advanced Crypto markets in the world. Every country wishing to become a Cryptocurrency and blockchain hub has a lot to learn from the Asian country. Thailand is one of the countries that appear to be determined to follow Tokyo’s example in their attempt to develop their Crypto market. It’s not surprising that Japan, with advanced economy and technology, has a lot to offer to other developing countries such as its Asian neighbor.

New Companies Enter Thailand’s Crypto Market

Thailand has been carrying out various legal reforms in an attempt to regulate it’s Crypto sector. Unlike China that has gone ahead to ban the Crypto sector, Thailand has already let its stand to be known. The improved regulation in the country has helped in encouraging the establishment of more Crypto firms there.

Last year, four companies sent their application to Thailand’s Security and Exchange Commission to be allowed to operate in the country. This week, the regulator approved all the applications. At the end of the day, the country now has three new Cryptocurrency exchanges namely Bitkub Online Co. Ltd., Bitcoin Exchange Co. Ltd. (BX), and Satang Corporation (Satang Pro). Coins TH Co. Ltd. entered the market as a Cryptocurrency broker.

Thailand Makes It Easy For Crypto-Based Firms To Enter The Market

Thailand appears to be working around the clock to make the process of Cryptocurrency application easy. Nevertheless, not all applicants have been successful in getting the green light. So far, the Security and Exchange of Thailand have declined two applicants. From January 14, 2019, Seadex (Southeast Asia Digital Exchange Co. Ltd) and Cash2Coins (Cash2Coins Co. Ltd) will not be allowed to operate in the country.

A company must meet all the requirements by the financial regulator to operate in the country’s Crypto market. Poor IT platform and lack of the Know-Your-Customer aspect made the regulator to decline these two applicants. The two features have become a must-have for companies in the Crypto sector wishing to enter a regulated market.

Why It Has Become Easy To Enter Thailand Crypto Market

Recently, Crypto-based companies have been finding it easy to enter and operate in the Thailand market. The country already provides official licenses to those wishing to enter the market. The government has demonstrated its willingness to simplify the entire ICO concept. It will soon become easy for investors to buy different ICO coins/tokens in the country in exchange for their investment.

The current regulatory changes in Thailand may not make the country have the strongest Crypto market. However, bearing in mind that many countries are yet to decide on how to handle the sector, the recent move by authorities is good for the industry. Moreover, having a clear regulation in place gives Crypto firms the much-needed certainty in their operations.

Many ICO startups are expected to enter Thailand due to its Crypto friendly policy. A few months ago, Ripple Labs CEO Brad Garlinghouse said that XRP and the entire Ripple platform are legal in the country. He added that regulatory issues are some of the strongest barriers in Cryptocurrency adoption worldwide.