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Thailand opens doors to retail investments in cryptocurrencies

19 January 2024

Thailand opens doors to retail

investments in cryptocurrencies

The Thai Securities and Exchange Commission (SEC) has overturned

previously imposed restrictions on retail investors investing in

digital currencies supported by real estate or infrastructure projects.

Previously

Retail investors were limited to investments up to 300,000

baht ($8,500) in these cryptocurrencies.

The new amendments, published in the Official Gazette on

16 January, remove this limit,

This allows retail investors to invest more freely in the real estate market

and infrastructure-supported digital currencies (REIT).

This decision

by the Securities and Exchange Commission comes in light of

the growing cryptocurrency market in Thailand.

In September 2023, KBank, Thailand's largest bank

bought cryptocurrency exchange company Satang,

This indicates the increasing acceptance of

digital assets in Thailand's financial system.

Restrictions on digital codes supported by real estate or infrastructure

were eased by the Thai Securities and Exchange Authority.

In addition

The new rules allow the creation of local

and secure storage wallets to store digital assets.

This portfolio is

allowed to operate in Thailand through public

shareholding companies with expertise in digital asset storage.

The General Securities and Exchange Authority is also responsible for licensing

digital asset service providers (DASPs) to start their business in this area.

The relaxation of regulations on

digital codes is consistent with the appointment of Sansiri's former head of

real estate, Sritha Thavicin, as Thailand's prime minister in August 2023.

Thavicin is an active investor in digital assets and owns

its own digital code called SiriHub Token.

In addition

to regulatory changes

the Thai government announced plans to distribute 10,000 baht ($274)

to citizens aged 16 and over via a network of digital portfolios.

However

this initiative aimed at boosting the economy and enhancing

digital technology skills was postponed due to uncontrolled conditions.

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