Riding the Cryptocurrency Wave Despite Market Struggles
In a brave move that might cause even the most seasoned traders to raise an eyebrow, Thai cryptocurrency exchange Satang Corp. is pushing forward with its plans to raise nearly $10 million through a security token offering (STO). This comes amidst what can only be described as a market meltdown that could make a rollercoaster seem like a gentle breeze. But don’t count them out just yet; they’ve got the backing of the Thai government who seems eager to bolster the nation as a blockchain hub.
Ceiling the Deal: What Is the STO About?
According to Poramin Insom, the CEO of Satang, this fundraising initiative is slated for the first quarter of 2019. The goal? To develop a state-of-the-art e-wallet for seamless payments and to roll out Satang Shops in popular tourist spots like Phuket and Pattaya, where sun-kissed tourists can pay with a swipe and perhaps treat themselves to a refreshing coconut or two.
Treading the Regulatory Tightrope
However, this ambitious plan comes with its own unique set of challenges. STOs in Thailand exist in a gray area of regulatory mumbo jumbo. The newly introduced financial product is caught between two classifications, and recent statements by Tipsuda Thavaramara, deputy secretary of the Thai Securities and Exchanges Commission, suggest that certain STOs launched in international markets may not be on the up and up with local laws. Poramin and his team might want to invest in a good lawyer, just in case!
Blockchain and Politics: A Match Made in Tech Heaven?
In a bid to flex their blockchain muscles, Insom and his team were also involved in deploying blockchain technology for a primary election within the Democrat Party of Thailand. It’s a brave new world when a mobile app can host an election, and the only thing separating a vote from the blockchain is a secure password. Insom expressed hope that this technological marvel could inspire not just local parties, but those across the region to embrace blockchain for larger scale e-voting and polling as well.
Thailand’s Tax Department Joins the Blockchain Party
But wait, there’s more! Thailand’s Revenue Department is getting in on the act, testing out blockchain to keep tabs on value-added tax (VAT) payments. As Ekniti Nitithanprapas, the director general of the department, puts it, the aim is to thwart VAT refund fraud and compel evaders into the light of the formal tax system. Coupled with aspirations to integrate machine learning and AI into their operations, the department is keen on outsmarting those pesky tax-cheating practices like a cat chasing a laser beam!
The Future of Blockchain in Thailand
With ambitious plans, government backing, and a bit of jiggery-pokery in the regulatory landscape, Satang Corp. and Thailand’s government seem poised on the brink of something monumental in the blockchain arena. Whether they achieve their goals or trip down the regulatory rabbit hole remains to be seen. One thing is for sure: it’s an exciting time to be in the digital currency game.
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