The Legal Status of Bitcoin in Thailand

Despite stern warnings from central banks all over the world, the adoption of Bitcoin and other digital currencies is thriving. Consumers are looking for access to [improved] financial services, and Bitcoin offers them exactly that. Putting users in full control of their finances is the way this world should work. But what about the status of Bitcoin in Thailand, as there seems to be some confusion regarding that matter.

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Bitcoin is Not Illegal in Thailand

Despite what the Wikipedia article might want people to believe, Bitcoin is not illegal in Thailand. Up until this point, many people assumed the popular digital currency has effectively been outlawed by the local government. However, those rumours have never been confirmed by an official party, leaving Bitcoin’s status in Thailand in the “grey zone”, so to speak.

While Thailand is trying to figure out whether or not they want to regulate Bitcoin, the digital currency is thriving in the country. In fact, Thailand has two fully licensed Bitcoin exchanges in operation this very day, which says a lot about the leniency towards digital currency right now.Entering the financial market in Asia is not an easy feat, especially when the business model revolves around a currency not issued nor controlled by the local government.

At the same time, not every Bitcoin company is successful in obtaining regulatory approval in Thailand either. Bitcoin Co. Ltd applied for a regulatory stamp of approval but was denied thatby Thai authorities. Back then, the Bank of Thailand deemed buying and selling of Bitcoin illegal, but only in the sense of “we don’t have regulation or legislation covering it, therefore, do it at your own risk”.

It is important to distinguish between such a statement and effectively banning Bitcoin in Thailand. There is no point in attempting to ban a decentralized currency. At most, government officials and the Bank of Thailand can send a message to third-party payment processors to discourage them from working with Bitcoin-related companies. But that didn’t happen either, as there are two regulatory-compliant Bitcoin exchanges active in the country right now.

Obtaining Bitcoin In The Country

That being said, there are multiple Bitcoin exchange opportunities in Thailand. Not only is there Coins.co.th – which has been dubbed to be Thailand’s leading Bitcoin wallet – but there is also bitcoin.co.th , Bx.in.th, and, of course, LocalBitcoins. Plenty of opportunities for consumers and businesses to buy and sell Bitcoin without too much hassle.

Another option worth exploring is attending the Bitcoin Meetup in Bangkok, which takes place every Monday under the  Bangkok Satoshi Square name. With close to 300 members and 119 Meetups under their belt already, this is one of the most active Bitcoin meetup groups in the world today.

Source: News tip Via Email / DC Academy

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