Setting the Record Straight About Cryptocurrency Trading in Thailand

News of Cryptocurrency trading has become a hot trend that is taking the world and Thailand by storm. The innovative approach to trading is still enveloped by myths and quite a few unknown variables, but it’s exciting nevertheless. Some countries, such as Thailand, are still grappling with the regulations surrounding cryptocurrency coins. We will tell you all about it.

Cryptocurrencies such as Bitcoin and Etherium have been making some major news lately. No wonder the innovative technology is incredibly promising. If fully implemented, the decentralized system of payment could change things drastically. It is known to be incredibly secure, fast, and best of all – it cuts out middlemen from transactions.

Enthusiasts claim that, basically, cryptocurrency could make banks obsolete. For now, the utopic vision is still just a dream. However meanwhile, people are getting rich with their cryptocurrency options regardless. Naturally, this attracts the interest of many novice investors who want to try to replicate the success.

Making money online is wildly exciting – nowadays, you can even cash in by playing games such as free slots. However, not everyone is open-minded from the get-go. In Thailand, the SEC has been concerned about cryptocurrency and the effects it could have. Their ambiguous approach made for some confusion amongst Thai investors. We will bust some of the myths related to crypto in Thailand.

Cryptocurrency News – What You Should Know When Trading in Thailand

The Thai government was not exactly enthusiastic about the notion that people will start trading in crypto, however, and whenever they like. The SEC was concerned about the dangers that it poses. Mainly, their issue with crypto was that people with low income would lose money that they can not afford to gamble. So much so that the SEC contemplated imposing a minimum yearly income requirement to qualify as an investor. Under the proposed rule, want-to-be traders would have had to have an annual income of BT1 million to be allowed to get into crypto. The news of this was met with wild protests. In the end, thankfully, the SEC decided to ditch their minimum wage requirements.

You Can Start Trading With No Previous Knowledge

On April 1, the SEC agreed on a new rule regarding cryptocurrency regulations in the country. It states that new investors will not be able to jump into the game without any know-how. Those who want to start investing will have to pass a special test. It will check if investors are aware of how crypto works and whether they are aware of the risks involved.

While this may seem like a hurdle, people in Thailand were glad that the government did not impose stricter laws. A mere test is a success in the eyes of crypto enthusiasts. It is a much lighter regulation as compared to other strict laws that were being contemplated by the SEC. All in all, crypto won against Thai regulators. If you want to win cash for yourself, be sure to give book of ra a visit.

Trading Accounts Can Be Set Up Remotely

Thailand’s Anti-Money Laundering Office, a.k.a AMLO requires all exchanges to verify their users via a dip-chip. This means that new crypto investors will need to be physically present in order to set up their accounts. The rule will take effect towards the end of this year. This physical verification process is meant to stop fraudulent accounts from being created. In Thailand, authorities are known to take crypto scam prevention extremely seriously.

Thai Businesses Reflect the Conservative View of the Government

The Thai people are not on par with the rather hesitant stance of the government regarding cryptocurrency. In fact, twelve Thai casinos embrace Bitcoin so much that they accept it as a valid payment method. As the government eventually agreed that they would support crypto, albeit imposing elaborate security systems, many more businesses will likely adopt coins as a valid payment method in the near future.

The definition of cryptocurrency encompasses a vastly innovative way of looking at transactions. It is a promising technology, and we are glad that it got the green light in Thailand. What do you think of crypto? What are your favorite coins? Please share your opinions in the comments below!

About the Author

Jeffrey Bishop is a programmer, blogger, and cryptocurrency news enthusiast from Michigan, USA. His main interest is learning about new tech solutions and then sharing his knowledge with the public. His successful weekly blog gets read by tens of thousands of his fans, who are very enthusiastic about Jeffreys’ insights, wit, and know-how on the latest tech trends.