Just like in other countries, the digital currency market in Thailand has been bearish for almost two years. Investors hope that the market will be bullish again.
The closure of BX has affected investor sentiment a lot. Although SatangPro and Bitkub said incumbent investors of BX turn to them right after the closure of BX. New investors remain reluctant and not confident in joining the investment sphere.
Change came when Thailand’s Securities and Exchange Commission (SEC) gave the green light to ICO Portal entrepreneurs SEDigital, Bit-Box, and Longroot, to legally operate in the country. Fundraising through ICOs is now legal in Thailand.
Investors in the blockchain and digital currency industry in Thailand are looking forward to seeing who will be the first to launch ICOs. All three ICO operators have a number of customers on their list but they have to screen them carefully. If the first effort to launch the ICOs fail, it will not be easy to drive the next fundraising projects. Many startups and SET-listed companies express their interest in the fundraising by the three operators.
As for the fundraising through the Securities Token Offering (STO), the SEC remains unclear about it. The recent royal decree allows the operators to raise funds through “investment token”, which is similar to STOs. Each project will be thoroughly examined before getting approved.
In addition, new digital currency exchange websites are waiting for the SEC’s approval after the BX shutdown. It is expected that more than ten players will join the investment space next year. In this connection, Huabi Thailand has the highest potential to become the best player in the Thai market. Players need to inject market budget to drive themselves to dominate the Thai market.
Later this year, a big event called “Blockchain Thailand Genesis 2019” will take place in Bangkok. The event will show how much Thais are eager to know about blockchain technology and digital currencies.
How the SEC handled the situation right after the closure of BX brought investor confidence back. All digital assets were returned to investors. However, many stay tuned to what’s next with the regulations on the technology.