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Indonesia, Thailand: Southeast Countries Are Crypto-Havens



Indonesia, Thailand: Southeast Countries Are Crypto-Havens

Indonesia, Thailand: How Southeast Asian Countries Are More and More Adopting Crypto as Currencies And What It Could Bring For Their Future Economy.

Southeast Asian Countries Are Ready For Crypto Adoption

The fast-moving crypto industry is always looking for new markets, and it seems that Southeast Asian countries are just the perfect match for these companies to thrive.

After the Bitcoin 2023 conference took place in Miami Beach, Indonesia announced its potential to become a significant actor in Bitcoin mining via an announcement by Governor Ridwan Kamil. Thailand is also involved with the crypto industry as more Thais invest in different crypto-currencies.

At the end of 2022, Vietnam was the highest-ranking country in terms of crypto-adoption, even though this money is now banned as a payment method.

Even though many Southeast Asian countries have banned crypto one way or another, it doesn’t seem to stop adopters from relying on crypto heavily, and their local currencies are prone to change in value.

Governments and officials are aware of that and cannot hide that Bitcoin, Ethereum, and other currencies are a driving force in their economy.

Let’s have a closer look into why crypto-currencies are having a moment in this place of the world and how governments are reacting to the adoption of crypto by their citizens.

The State Of Legislation About Bitcoin And Altcoins in Southeast Asian Countries

There is a big difference between owning crypto as an investment and using it for your everyday life as a payment method. Governments are aware of that, and countries like Vietnam, Laos, and Thailand have banned crypto-currencies for payment. People can, however, trade them as assets, as they would do with gold or a house.

Other countries like Singapore, the Philippines, and Malaysia took a different stance by allowing users to buy and sell cryptocurrencies.

It doesn’t mean that BTC has become a legal tender, but citizens are free to trade as they please and won’t be sanctioned if they make transactions with crypto. It also means that the industry isn’t regulated and that cryptos aren’t subjected to taxes.

Countries like Cambodia haven’t decided whether crypto is legal or not, which puts the industry in a grey area.

In each of these countries, governments are creating commissions to see how they can regulate the use of crypto-currency. As of 2019, many financial agencies had the intention to ban the mining and owning of crypto, as they did in China, but the global success of crypto made this impossible.

More Than 57 Crypto Companies in Thailand

If you walk across the streets of Bangkok or Chiang Rai these days, you will most likely come across some billboard with an advertisement for a crypto exchange. In only four years, Thailand has become a hot stop for crypto exchanges, and the country is most notably one of the first to get a regulated crypto exchange market in its territory.

It means that the government is making an extra effort to check if these companies are legit, such as crypto bot trading companies that are gathering more and more interest from crypto traders.

This enthusiasm for crypto is genuine in Thailand. Big actors such as Binance have decided to collaborate with local businessman Sarath Ratanavadi, CEO of Gulf Energy Development, to create another crypto exchange in Thailand by the end of Q4 2023.

Why Is Vietnam the Number One Country for Crypto Ownership?

In all of Southeast Asia, crypto adoption is gaining momentum, as Vietnam is the country with the highest number of crypto owners in the world. There are three main reasons for that: first, governments are easing the regulations on crypto-currencies and citizens enjoy being involved with these kinds of high-risk assets.

Many crypto companies are flourishing in Vietnam, and even if they are not Vietnam-based per se, they are a driving force for the economy.

Other Asian countries are in the top 20 list for the most crypto owners. Because they live in an economy where people cannot always rely on the value of their primary currency, crypto has a different appeal for Vietnamese, Thai, or Indonesian citizens.

Participating in this global trade is an exciting way to see your assets growing and participating in the blockchain industry and DeFi is also viewed as an enticing venture.

Indonesia Seeks Bitcoin Mining Opportunities

In recent news, Indonesian Governor Ridwan Kamil has announced that his country might be open for a massive deal on Bitcoin mining operated on the country’s territory.

Inspired by the recent example of El Salvador, which now considers Bitcoin a legal tender, Indonesia wants to develop Bitcoin activity by taking advantage of its immense reserve of natural resources (cheap electricity can be produced by rivers, for example). Bitcoin mining could also provide jobs in some regions of the country where infrastructures will be developed.

The move could have a positive impact on the country’s economy. More than 270 million people populate Indonesia, and many of them are interested in crypto.

Soon, Indonesia might recognise Bitcoin as legal tender. Still, it’s too early to predict that the government will regulate every aspect of the industry to avoid scams and thefts.

SEE ALSO: Cryptocurrency Scams: How To Spot Them And Protect Your Money?

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