South Asia’s position on cryptocurrencies

Vietnam is one of those countries that stands firmly against cryptocurrencies, judging by their legal actions. Country officials are currently pushing for more regulations to be introduced for cryptocurrency trading and transactions.

Thailand is in the same position as Vietnam. The two countries are anti-crypto and officials are looking for ways to prevent businesses from using cryptocurrencies in any way.

According to a recent article in Thailand Business News, South Asia is somehow characterized by a heavy regulatory framework on cryptocurrencies. Or at least, one that is coming to force very soon. This is why Vietnam ordered businesses to stop any cryptocurrency activity in early 2018.

Vietnam’s fear seems to be a common one among countries: the anonymity of cryptocurrencies and their potential use for financing illegal activities and wars.

Thailand is in the same boat, but with a different point of arguing why cryptocurrencies need to be strictly regulated. In the Thailand Business News, research shows that while 95% of all ICOs will fail, the remaining 5% will be very lucrative and successful businesses in the future. The SEC in Thailand reckons that as long as there is such high risk inherent to how cryptocurrencies are used (ICOs), then regulation on these will also need to be heavy and strict.

While the governments of these two countries are all for cryptocurrency regulations, the introduction of two cryptocurrency exchanges may speak for slight “liberalization” of the cryptocurrency market in the future.

Jibex, a cryptocurrency exchange, recently opened in Thailand, and while the supported digital coins are not a lot (around five), expansion of the portfolio is on the horizon.

Vietnam saw its first live cryptocurrency exchange introduced, called Kenniex.

Interestingly enough, Thailand banned Bitcoin in 2013, declaring it was an illegal method of payment and transacting. They turned it around in 2014, but still cryptocurrencies are viewed as illegal and dangerous in both Thailand and Vietnam. In some cases, jail warnings have also been issued, in order to remind how serious the situation actually is.


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