Thailand is one of the few countries that has banned Cryptocurrency but rescinded this decision then. However, during 2016, there was almost no prominent event in this market in Thailand.

Until 2017, Thailand has a vigorous movement with Cryptocurrency Expo organizing, gathering experts, banks, investor educations and miners from the different parts of the world on December 6 to 8. By the end of 2017, the Ministry of Finance of Thailand announced it would coordinate with other agencies in the country to disseminate knowledge of Bitcoin in particular and Cryptocurrency in general, especially after the strong increase of Bitcoin, exceeded $17,000 in November, 2017.

Following a meeting between the BOT, the Securities Exchange Commission (SEC) and the Anti-Money Laundering Office (AMLO), the government advised people not to invest in Cryptocurrency. BOT Chairman, Mr. Veerathai Santirabhob said that any virtual currency is in control of the central bank or equivalent control mechanism, the investor will have many difficulties throughout and risks.

However, in February of this year, the investment in Cryptocurrency remained very active in Thailand. Thai investors were able to trade Bitcoin futures on the two largest US Stock exchanges, CBOE and CME. Thailand’s financial institutions also said that the new trading platform should be licensed and developed here.

Therefore, in March of 2018, Thailand Cabinet has temporarily passed two drafts aimed at the management of Cryptocurrency, which regulates the tax profit from the investment of virtual currency in the country.

Not long after that, in May 5/2018, Thailand officially launched the 100 articles Law with provisions for controlling and adjusting the virtual currency transactions and capital raising activities with virtual money (ICO). To receive approval from the SEC, token issuers must specify the type of token to be issued, as well as investment information. The regulation further states that if illegal tokens were sold or through illegal workshops to attract investment, Cryptocurrency would be fined, but not more than two times the value of the transaction or at least 500,000 Baht, approximately $15,700 . This could also face up to two years in jail.

In July, the Securities and Exchange Commission (SEC) of Thailand introduced a detailed legal framework for the country on coding and ICO services. These included licensing requirements, fees and a list of seven approved Cryptocurrency types including Bitcoin, Ethereum, Bitcoin Cash, Ethereal Classic, Litecoin, Ripple, and Stellar.

Shortly thereafter, in August of 2018, the BOT allowed local banks to open subsidiaries to handle the Cryptocurrency transaction. However, the accompanying notice reaffirmed that all banks and other financial institutions are still prohibited from trading directly with Cryptocurrency.

In terms of banks, in September 2015, Kasikornbank, the fourth-largest bank in Thailand, joined B2B-Connect, a block-based, cross-border payment platform.

In particular, just a few days ago, in mid-October, the Commerce and Trade Policy Office of Thailand (TPSO) of the Ministry of Commerce began researching Blockchain for use in intellectual property in order to shorten trade finance. In addition, TPSO would like to study the use of Blockchain technology in processing and exporting organic rice to eliminate delays and reduce production costs.

From here, Thailand is a very potential market for the development of Blockchain technology, especially after it has legally established itself for Cryptocurrency. Therefore, it will not be too surprising that LINA NETWORK has and will have more partners in this market, as well as have the opportunity to receive some support from the Government of Thailand.

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