Thailand green lights issuance and trade of blockchain
In February 2019, it was reported in the Bangkok Post that the Thai government will be moving forward with allowing blockchain-based securities to be issued and traded within the country.
This means that the companies in Thailand will be able to issue stocks and bonds in the form of cryptocurrency which was achieved when Thailand’s National Legislative Assembly licensed a modification to the Securities and Exchange Act which allowed for the legalization of the issuance of tokenized securities corresponding to shares and bonds.
The Securities and Exchange Commission (SEC) has amended the Act and has stated that the changes will come into effect later this year. The SEC does plan to implement detailed pointers and regulations for tokenized and digital securities within the months leading up to its official implementation. They will also decide if the security token offerings will be regulated under the royal decree or the securities act.
Cryptocurrency businesses in Thailand are regulated under the Emergency Decree on Digital Asset Businesses.
One thing that is clear is the fact that Thailand does intend for this legislative effort to assist in growing tokenization platforms in the future and, as a result, help to build up the cryptocurrency economy.
The modification to the Act will allow businesses to be licensed to operate as depositories of securities and digital tokens, which was previously restricted to be licensed to operate as depositories of securities and digital tokens.
This is another example of the leaps and bounds that cryptocurrency is taking as the years move along and as governments gain confidence in using cryptocurrency for the benefit of a country. This is a great step forward as it is beginning the process of normalizing cryptocurrency in our day-to-day lives and making the "other" something that the common person on the street can buy into and trade with complete confidence.
Countries like America and Europe will need to watch out for Thailand's ability to grow rapidly from this time on. It is a remarkable move that Thailand is making the step into the future and all of the countries around the world should begin making the shift and growing the population's confidence in the cryptocurrency system.