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Thailand Stands By Cryptocurrency Despite Cautions

Samui Times Editor



Thailand Stands By Cryptocurrency Despite Cautions | Samui Times
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Despite global uncertainty, Thailand launched Huobi giving access to it and other cryptocurrency exchanges such as Bitcoin and Ethereum. As of recently, it received full clearance to operate from the Securities and Exchange Commission after receiving its Digital Assets License in 2019.

The Kingdom has joined a small list of countries that officially recognize cryptocurrency with authorities agreeing that cryptocurrency businesses may aid the economy largely by offering future job opportunities.

However, many are warning to be cautious after shifts in value have already displayed concerning results over the months of February and March. In this time of global uncertainty, the idea that the biggest single cryptocurrency Bitcoin could be a safety net is being challenged by those who doubt its robustness.

Thai authorities, however, seem unwaivered in their commitment to cryptocurrencies. Last year, they started discussions on amending laws that dictate the ways in which these types of currencies can be traded with the hopes of gaining more licensed companies involved with the trade. So far, only five companies have applied for licenses and authorization to join the market.

The ability to trade cryptocurrencies on a daily basis regardless of weekends could help them be more immune to weekend slumps – an idea that Thai authorities have undoubtedly considered when backing the trade.

SOURCE: Phuket News

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