While United States regulators are still trying to figure out how to think about cryptocurrencies, Thailand’s government is already mapping out its own central bank digital currency.

This is just one of numerous examples how Thailand has emerged as one the most interesting cryptocurrency and blockchain countries in Southeast Asia in 2018.

Since the start of the year, the Thai government has become increasingly outspoken of cryptocurrency projects and exchanges. In a few months, Thai regulators have made notable progress, from setting up cryptocurrency company licenses to permitting exchanges and ICOs. Foreign companies already starting to gravitate towards Thailand’s crypto opportunity, with both Western and Eastern businesses seeking opportunities in the country.

Thailand’s government legalized seven cryptocurrencies (Bitcoin, Ethereum, Bitcoin cash, Ethereum classic, Litecoin, Ripple, and Stellar). It has also permitted a limited number of cryptocurrency exchanges and broker-dealers to apply for operating licenses. The Thailand SEC permitted additional digital token issuers to file for applications and securities regulator categorized ICOs into three types: investment tokens, utility tokens, and cryptocurrency. The speed at which these regulators execute decisions has surpassed that of the West as well as the rest of Asia.

In early July, Bithumb, the second largest cryptocurrency exchange in Korea, announced plans to open in Thailand after receiving the regulatory approval from the government. IBM and Krungsri, one of Thailand’s largest financial institutions with 8.6mn credit cards, sales finance, and personal loan accounts, announced a five-year $140 million engagement to build out digital banking, including blockchain technology. The crypto momentum will likely continue in Thailand with more announcements and developments.

As Thailand proves, the ground is changing rapidly on which countries are most open for blockchain and cryptocurrency business, and adapting to these changing market dynamics is critical to the success of startups and companies in the space.

Source: Tech Crunch