On 3rd February, Thailand’s SEC announced that it will launch blockchain powered trading platform for digital tokens. According local media reports, in order to encourage securities firms to engage in digital token trading and to advance its oversight in the digital age, the Securities and Exchange Commission (SEC) of Thailand intends to introduce a debt instrument trading system utilizing distributed ledger technology (DLT).
The report quotes SEC deputy secretary-general Jomkwan Kongsakul, who said that token investments are becoming more popular.
With an emphasis on green tokens and investment-based enterprises, the regulator has authorized four digital token projects and is currently examining two more.
The move comes at a time when Thailand has been buckling up to become a strong player in the crypto game and has seen a significant rise in the sector.
5 Additional Parties To Get Help Raising Funds
According to local media reports, five additional parties have held initial discussions with the SEC to examine prospects for creative fundraising solutions using green tokens as well as soft power tokens.
According to Ms. Jomkwan, the SEC will soon let securities firms to trade digital tokens in order to profit from their sizable investor bases.
Also Read: Thailand To Launch Cryptocurrency Sandbox In Phuket Amid Intense Digital Currency Adoption, Reports
Thailand Emerges As Crypto Major in South East Asia
The new law comes as Thailand aims at becoming a major crypto power. In Southeast Asia, Thailand has emerged as a major center for crypto adoption.
With a legislative framework that fosters innovation and protects investors, the government has welcomed digital assets. The Securities and Exchange Commission (SEC) of Thailand has established precise rules for cryptocurrency trading, allowing an increasing number of platforms and exchanges to function lawfully.
The nation has witnessed a rise of crypto-related enterprises, such as payment systems and ATMs, in addition to well-known trading platforms.
Additionally, Thailand’s central bank is investigating the development of central bank digital currency (CBDC), demonstrating its dedication to promoting a dynamic yet regulated crypto ecosystem.
Thai Government’s Constant Support For Crypto Sector
By creating a legal framework that encourages both innovation and security, the Thai government has demonstrated its strong support for the cryptocurrency industry.
Crypto exchanges are governed by the Securities and Exchange Commission (SEC), which provides precise rules for licensing and safeguarding investors.
The Bank of Thailand has also indicated its openness to digital financial innovation by investigating the possibility of a central bank digital currency (CBDC).
The government has also taken the initiative to clarify capital gains tax laws and handle other cryptocurrency-related tax issues. Thailand is now one of the more crypto-friendly countries in Southeast Asia because to this encouraging attitude, drawing in both investors and companies.
Also Read: Former Thailand PM Thaksin Shinawatra Stays Bullish on Legalizing Crypto and Online Gambling