Despite blockchain and cryptocurrency technology being praised for pioneering in the next generation of the virtual revolution, license and government concerns continue to hinder the widespread adoption of virtual currencies and its supporting technology. Electroneum is changing that.
So, while some lawmakers across the world such as those in the US, China, and India retort with preemptive bans and injunction, other countries are assuming a more progressive stance towards balancing legislation with consumers and investors safety.
At present, countries in the Southeast Asia region are leading the way in exploiting the potentials of virtual currency in their respective jurisdictions by issuing favorable legislation and regulations to open their doors to maximize the sizeable business and technological opportunities blockchain offers.
Blockchain and Cryptocurrency Regulatory Evolution in Thailand
Among the countries in the Southeast Asia region, Thailand is among the first countries that are opening its doors to crypto-related businesses, passing crypto laws to regulate the offering of virtual assets.
Since January 2018, Thailand continues to show strides in adopting a more liberal and progressive stance towards blockchain and cryptocurrency, having legalized the exchanging of 7 legitimate virtual currencies. Initially, these guidelines and regulations were meant to address issues surrounding security and fraud in this emerging technology while guiding initial Coin Offerings (ICOs) after a series of bad publicity that had rocked the industry.
With the emergence of new offerings in the virtual currency sphere, regulations continue to evolve, putting in place better-placed structures.
Thailand’s financial regulator, the Security, and Exchange Commission (SEC) consistently plays an active role in the development of country’s blockchain technology by adopting the latest innovations while also imposing stable guidelines.
Recently, Thailand made significant strides forward in the crypto market when SEC approved the licenses of 4-crypto exchange companies that permitted them to operate in the country. SEC also rejected the applications of two exchanges, on valid grounds of insufficient Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
Thailand continues to lead the way for many other nations in the Southeast, and the greater Asia region on matters cryptocurrency and blockchain.
Traditional and Emerging Markets Embracing Blockchain and Cryptocurrency
As more and more markets, both traditional and emerging look towards blockchain and crypto as possible solutions to their socio-economic problems, it is becoming evident to many the benefits of the technology.
Cryptocurrency alternatives to fiat currencies are quickly becoming popular thanks to the many opportunities the emerging markets are offering, predominantly the capability to disrupt a widely cash-based economy to allow greater participation in the emerging virtual economy.
Considering Thailand and Southeast Asia has one of the highest rates of smartphone penetration internet accessibility, this region is primed to lead in the ongoing global digitalization transformation.
For instance, in early 2018, South East Asia reported having over 370 million internet users with an internet penetration rate of about 60 percent of the entire population. The average South East Asia internet consumer consumes more internet bundles on smartphones compared to any other region. Thailand’s mobile internet consumer leads the pack with over 4 hours of internet usage per day.
Thailand’s Dental Clinic to Accept Electroneum as a mode of Payment
The little-known cryptocurrency, Electroneum (ETN), is a complementary virtual currency that was developed to allow anyone, regardless of their technical know-how, the access to the structures of virtual currency.
The Electroneum technology strives to bring the entire combination of mining, buying and selling processes of its digital coin, all into the reach of a smartphone through a user-friendly app that is straightforward to use.
1st Dental clinic in Thailand accept electroneum pic.twitter.com/OXakOmFRg1
— suchat thongwimolpan (@SThongwimolpan) June 26, 2019
Earlier today, a Thai national became the first person ever to use cryptocurrency, Electroneum, for paying his dental bill after the dental clinic became the first clinic to accept the virtual currency.
Although crypto still has a long way to prove itself in the dentistry industry, this latest move is undoubtedly a good step in the right direction. Patients can now mine or buy their Electroneum coins and use them to pay for their dental bills, at least in Thailand. Consequently, this is another reason to smile for crypto enthusiasts.
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