China may have been first in embracing blockchain in a legal manner. In Southeast Asia, Thailand has emerged as the first nation from the sector to explore the possibility of a block chain-integrated economy. That doesn't mean, however, that they plan on implementing it without policies meant to regulate the trade of cryptocurrency.
Bitcoin News reports that the Thai SEC has approved seven firms that are involved in cryptocurrency. Of these seven, five are involved in the exchange of cryptocurrency. Two are dealers in cryptocurrency. Their applications to operate in Thailand are subject to approval, with the country's blockchain regulator set to review it. However, they have been granted temporary licenses to start their operations.
The risks are justified and the regulation fair; Thailand's SEC Secretary-General, Rapee Sucharitakul, said that being involved in cryptocurrency is as risky for the investor as it is for the one investing in it. Furthermore, the Secretary-General urged the public to take care when dealing with cryptocurrency; to check whether companies are authorized to deal in blockchain first before entering into transactions with them.
This movement has created conditions for Thailand to head the region when investing in the blockchain. The Thai government has placed regulations, but they remain unskeptical of cryptocurrency firms that want to do business in their country. This has created a clear message to businesses dealing in blockchain from the Thai government-business is open in Bangkok.
Since this movement, Southeast Asian regulators have echoed the message. Tech Crunch notes that these officials have expressed their interest in understanding and dealing in cryptocurrency. That the regulators and blockchain companies work with each other from the start in a close and partner-like manner is a big help toward these blockchain companies securing licenses, as well as being seen as compliant with government regulations.
This is the secret to why Thailand has created a successful environment and Western countries like the US can't; crucial exchanges right from the beginning. Even as the companies build themselves up, governments are also working toward creating a relationship with these companies. It's this kind of relationship that big governments find hard to do.
As long as trust and mutual respect remain in the woodwork, countries like Thailand won't have a hard time creating a good environment for the cultivation and business of blockchain.
