The Thailand SEC is preparing to launch a DLT-based debt instrument trading system to encourage security firms to engage in digital token trading.
Innovations in Debt Instrument Trading
According to Jomkwan Kongsakul, SEC has already approved four digital token projects and is evaluating two more, focusing on green and investment initiatives. Leveraging DLT promises efficiency and process automation, addressing capital market barriers. The new system will fully digitalize bond trading, supporting standardized data exchange, opening new opportunities for participants.
Cryptocurrency Payment Implementation Plan
As part of embracing digital assets by 2025, Thailand considers a pilot crypto payment program in Phuket, backed by Finance Minister Pichai Chunhavajira. The platform will enable tourists to register their digital assets on local exchanges for purchases and payments, automatically converting them into Thai Baht, running within a regulatory sandbox.
Challenges and Prospects for Thailand
However, challenges remain: the Bank of Thailand's opposition to decentralized assets, foreigner restrictions on local exchanges, and upcoming tax reforms may impact foreign investments.
The SEC's initiatives aim to improve trading processes and broaden opportunities for market participants, yet face challenges that need to be addressed moving forward.
