The pro-cryptocurrency stance of Singapore and Thailand has led to higher adoption rates, their regulatory frameworks providing valuable lessons for countries on the threshold of crypto acceptance.
or newly issued cryptocurrencies need prior approval from SEC Thailand and need to have a draft prospectus detailing the nature and details of the underlying blockchain project.
Moreover, for cryptocurrency transactions valued in excess of 100,000 Thai baht, cryptocurrency exchanges established in Thailand need to preserve data, including the location of the workplace and contact information of the transacting parties for at least 10 years. This makes Thailand one of the strictest enforcers of KYC guidelines for those involved in cryptocurrency, all in an effort to prevent illicit activities such as money laundering.
Thailand doesn’t consider digital assets to be lawful currencies and prohibits businesses from accepting cryptocurrency for services delivered or goods they retail. This was enforced by the SEC Thailand starting in April 2022 and was ostensibly done to maintain the stability of Thailand’s economic system.
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