Digital assets at the crossroads
As policymakers wrestle with the regulatory framework, crypto enthusiasts fear that an opportunity is slipping from Thailand's grasp
With the recent unveiling of the digital asset decree as an overarching apparatus to regulate digital asset investments and transactions, opinions are divided on whether the framework will help domestic digital fund-raising leap forward or retreat backward into oblivion.
Like many countries around the globe, Thailand saw a virtual gold rush in 2017 as the price of bitcoin skyrocketed more than 400%. The phenomenon enticed amateur investors to place bets on the cryptocurrency and buy massive amounts of graphics processing units at tech expos.
But fears of money laundering, tax avoidance and scams linger in the minds of conservative Thai authorities, prompting the decision to put in place stringent regulations to safeguard investors and the country's financial stability.