Architecture of the Hyperledger Blockchain Fabric - Christian Cachin - IBM Research Zurich
THAILAND BLOCKCHAIN LANDSCAPE · blockchain adoption and use. Among the global technology giants...
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ASIABLOCKCHAINREVIEW.COM OCTOBER 2019 THAILAND BLOCKCHAIN LANDSCAPE
Transcript of THAILAND BLOCKCHAIN LANDSCAPE · blockchain adoption and use. Among the global technology giants...
ASIABLOCKCHAINREVIEW.COM
OCTOBER 2019
THAILAND BLOCKCHAIN LANDSCAPE
OUTLINEGENERAL LANDSCAPE1.1 What is Blockchain1.2 Economic Background1.3 Social Conditions1.4 Technological Infrastructure1.5 Regulatory Overview1.6 SWOT Analysis
BLOCKCHAIN MARKET2.1 Observations and Milestones2.2 Ecosystem Map2.3 Ecosystem Map Zoom-In2.4 Major Industry Players2.5 Notable Industry Players
SURVEYS AND QUESTIONNAIRES3.1 The Respondents3.2 Development Stage3.3 Issues and Challenges3.4 Benefits and Advantages3.5 Timeline for Mainstream Use3.6 Industry Disruption3.7 Key Challenges to Adoption3.8 Critical Success Factors3.9 Fostering Approaches3.9 Observations and Trends
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1.1 WHAT IS BLOCKCHAINFEATURES OF BLOCKCHAIN TECHNOLOGY
DECENTRALIZED(P2P)
AUTOMATED
TRANSPARENT IMMUTABLEAlthough the use of cryptographic techniques originated back in 1991, blockchain was conceptualized by the mysterious Satoshi Nakamoto in 2008 by introducing a Hashcash-like method to add blocks to a cryptographically secured chain without requiring them to be signed by a trusted party. The following year, blockchain was deployed as the underlying technology for the legendary cryptocurrency Bitcoin, a blockchain-based public ledger serving as a record of all the transactions carried out on its network.
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Blockchain which is also referred to as distributed ledger technology (DLT) consists of a growing list of records (i.e. blocks) that are linked (i.e. chained) together using cryptographic techniques.
TYPES OF BLOCKCHAIN NETWORKS
PUBLIC NETWORKS WHICH
ALLOW ANYONE WITH AN
INTERNET CONNECTION TO
JOIN
PRIVATE NETWORKS
WHICH ONLY ALLOW
THOSE WHO HAVE
PERMISSION TO JOIN
HYBRID NETWORKS WHICH
COMBINE ASPECTS OF
PUBLIC AND PRIVATE
NETWORKS
FEDERATED/CONSORTIUM
NETWORKS WHICH
OPERATE UNDER THE
LEADERSHIP OF A GROUP
As blockchain is still very much in its infancy, the different types of blockchain networks only serve as a general guide. The nebulous categorization of the different types of blockchain networks means that the features and characteristics of any particular blockchain network may fall into different categories, whereby no rigid categorization may be possible.
1.1 WHAT IS BLOCKCHAINThere are at least four types of blockchain networks with their own distinct features and characteristics.
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1.1 WHAT IS BLOCKCHAIN
PoW PoS DPoS PoB
Blockchain epitomizes democracy by operating based on consensus algorithms which are group-based decision-making processes, whereby individuals are required to support the decision of the majority on thebasis that the majority knows what is best for the group as a whole.
MAIN TYPES OF BLOCKCHAIN CONSENSUS ALGORITHMS
Proof of Work (PoW):Anyone can be a minerby verifying transactionblocks through solvingmathematical problems
Proof of Stake (PoS):Only coin holders can be a miner, whereby miningcapabilities are based on the number of coins owned
Delegated Proof of Stake (DPos): Uses real-time voting together with a social reputation system to obtain consensus with active delegates being voted in by coin holders
Proof of Burn (PoB):Coin holders are requiredto burn their coins bysending them to an “eateraddress” in order to beable to mine in theprotocol
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1.1 WHAT IS BLOCKCHAINBlockchain can support the operations of commercial entities across a wide range of industries, though certain industries have taken the lead in terms of
blockchain adoption and use.
Among the global technology giants that have developed their own blockchain platforms are IBM (HyperledgerFabric), Microsoft (Azure), Amazon (AWS), Baidu (Totem), and Tencent (TrustSQL). In this report, our primary
focus will be on the adoption and use of blockchain in the cryptocurrency and financial service industries,though other industries will also be covered.
CRYPTOCURRENCY
FINANCIAL SERVICES
SUPPLY CHAIN MANAGEMENT
ENERGY TRADING
INTERNET OF THINGS (IOT)
GAMING
LEADING INDUSTRIES IN BLOCKCHAIN ADOPTION AND USE
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1.0 2.0 3.0
1.2 ECONOMIC BACKGROUNDInitially, there was Thailand 1.0, focusing on the agriculture industry. This was succeeded by Thailand 2.0,which emphasized the development of light industries, and then Thailand 3.0, or the developmentof heavy industries.
THAILAND1.0
THAILAND2.0
THAILAND3.0
Fast forward to 2019, and Thailand finds itself caught in the ‘unbalanced trap’, the ‘inequality trap’, andthe ‘middle-income trap’. The unbalanced trap is rooted in the unbalanced growth of Thailand’seconomy due to Thailand’s narrow focus on its export-oriented manufacturing sector, while theinequality trap is caused by the uneven distribution of the country’s wealth. As for the middle-incometrap, this phenomenon is generally prevalent among developing countries such as Thailand.
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1.2 ECONOMIC BACKGROUNDTo get Thailand out of these so-called traps, the government had in 2016 introduced the Thailand 4.0 development initiative, a masterplan for the country to embrace Industry 4.0 through a four-pronged approach, one of the prongs being economic prosperity. Under this objective, Thailand aims to create a value-based economy driven by creativity, innovation, and technology.
RESEARCH & DEVELOPMENTEXPENDITURE TO BE INCREASED TO 4% OF GDP BY 2032
DIGITAL ECONOMY TOCONTRIBUTE TO 25% OF GDP BY 2020
NATIONAL INCOME PER CAPITA TO BE INCREASED TO US$15,000 BY 2032
In early 2018, the Eastern Economic Corridor was established, under which Thailand aims to developthe eastern provinces of Chonburi, Rayong, and Chachoengsao into a leading ASEAN economic zonewith a special focus on the development of new technologies.
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N-CURVE INDUSTRIES WITH POTENTIALFOR BLOCKCHAIN USE
DIGITAL ROBOTICS NEXT-GENERATIONAUTOMOTIVES
INTELLIGENTELECTRONICS
S-CURVE INDUSTRIES WITH POTENTIALFOR BLOCKCHAIN USE
1.2 ECONOMIC BACKGROUNDUnder the Thailand 4.0 development initiative, the government aims to develop 5 N-Curve Industries and 5S-Curve Industries within the Eastern Economic Zone, as part of efforts to transform the country’s economyinto one which is value-based and innovation-driven.
Global market intelligence firm IDC has forecast that 61 percent of Thailand’s economy will be digitalizedby 2022, with IT-related expenditure for the period from 2019 - 2022 estimated at US$72 billion.
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1.3 SOCIAL CONDITIONSThe population of Thailand (approx. 69 million) is among the most digitally connected within the global
population, be it in terms of ownership of electronic devices or time spent on the internet.
Smartphone
Laptop/Desktop PC
Tablet
71% OF THE POPULATION
25% OF THE POPULATION
12% OF THE POPULATION
Surfing the Internet
Social Media
Content Streaming
9 HOURS 11 MINUTES/DAY
3 HOURS 11 MINUTES/DAY
5 HOURS 14 MINUTES/DAY
OWNERSHIP OF ELECTRONIC DEVICES AVERAGE TIME SPENT ON THE INTERNET
Under the Digital Economy and Society Development Plan 2016, Thailand aims to have a digital literacyrate of 100% and total broadband penetration among the population by 2026 as part of its human capital
development policy to support the local digital economy.
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92.33
1.3 SOCIAL CONDITIONSWith a 4G LTE availability rate of 85.58% as of the end of 2017, Thailand is ahead of its ASEAN peers, such as Singapore (84.43%), Malaysia (74.88%), Indonesia (72.39%),and Vietnam (71.26%), in terms of cellular network technology development.
MIL
LIO
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ILLI
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MIL
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N51
INTERNET USERS
(82% POPULATION PENETRATION)
MOBILE SUBSCRIPTIONS (133%
POPULATION PENETRATION)
ACTIVE SOCIAL MEDIA USERS (74%
POPULATION PENETRATION)
With Huawei’s choice of Thailand as the launchpad of its first 5G testbed in Southeast Asia (SEA), Thailand is set to continue leading the way for SEA in the development of cellular network technology.
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1.4 TECHNOLOGICAL INFRASTRUCTUREUnder the Digital Economy and Society Development Plan 2016, Thailand aims to develop its digitaleconomy through four phases, the first of which is focused on digital infrastructure and connectivity.
A survey conducted by Asia IoT Business Platform found that 89% of companies in Thailand are willing toinvest in IoT (Internet of Things) solutions — a higher rate than that of other Southeast Asian countries, such as
Malaysia (86%), Indonesia (83%), the Philippines (80%), and Vietnam (79%).
FOUR PHASES OF THE DIGITAL ECONOMY AND SOCIETY DEVELOPMENT PLAN 2016
PHASE 1:Building a Digital Foundation
(1 year and 6 months)
PHASE 2:Ensuring Digital Inclusion
(5 years)
PHASE 3:Full Transformation into
a Digital Country(10 years)
PHASE 4:Global Digital Leadershipas a Developed Country
(10 - 20 years)
1 2 3 4
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1.4 TECHNOLOGICAL INFRASTRUCTURETHAILAND’S RANKING IN GLOBAL DIGITAL INDICES
UN E-GOVERNMENT DEVELOPMENT INDEX 2018Current Rank: 73Target Rank: Top 50Other Countries: Singapore (7), Malaysia (48),Philippines (75), Vietnam (88) and Indonesia (107)
ICT GLOBAL DEVELOPMENT INDEX 2017Current Rank: 78Target Rank: Top 40Other Countries: Singapore (18), Malaysia (63),Vietnam (108), Philippines (101) and Indonesia (111)
WEF NETWORKED READINESS INDEX 2016Current Rank: 62Target Rank: Top 25Other Countries: Singapore (1), Malaysia (31),Indonesia (73), Philippines (77) and Vietnam (79)
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1.5 REGULATORY OVERVIEWThailand has come a long way since the Bitcoin ban imposed by the Bank of Thailand back in July 2013 which has since been revoked in August 2018. Currently, cryptocurrencies and digital tokens are regulated as digital assets under the Royal Decree on Digital Asset Businesses.
The SEC has granted ICO portal licenses to Longroot (Thailand) Co., Ltd, SE Digital Co., Ltd, and T-BOX (Thailand) Co., Ltd whereby none of them has yet to commence operations. The approvals granted to SE Digital and T-Box are subject to the SEC’s inspection and validation of their systems before they can commence operations. As for digital asset businesses, Bitcoin Co. Ltd, Bitkub Online Co. Ltd, Satang Corporation Co. Ltd, BitHerb Co., Ltd, and Huobi (Thailand) Co., Ltd are the five approved digital exchanges, of which only the first three have commenced operations. As for digital asset brokers, licenses have been granted to BitHerb Co. Ltd, Bitazza Co., Ltd, and Coins TH Co. Ltd, though only Coins TH has commenced operations. Coins TH is the sole approved digital asset dealer and has also commenced operations in this capacity.
PROVISIONS UNDER THE ROYAL DECREE ON DIGITAL ASSET BUSINESSES
List of ApprovedCryptocurrencies
Issuance of DigitalAssets
Establishment ofan ICO Portal
Operating Any DigitalAsset Business
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APPROVED CRYPTOCURRENCIES IN THAILAND
BITCOIN RIPPLE STELLAR ETHEREUM
1.5 REGULATORY OVERVIEWEffective from March 2019, Thailand only recognizes four cryptocurrencies, after Thailand’s Securities and Exchange Commission(SEC) banned three out of the initial seven cryptocurrencies that were approved to be used for Initial Coin Offerings (ICOs) and asbase trading pairs against other cryptocurrencies.
The three cryptocurrencies whose approval has been withdrawn are Bitcoin Lite, Ethereum Classic, and Litecoin. Nonetheless,the SEC noted that the withdrawal of the approvals was unlikely to have any significant impact on the local ICO market, as the marketis still in its infancy and the affected cryptocurrencies were not listed as base pairs on any exchange in the country.
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ONE COIN IPUX HASHBX TRIPXCHAIN
1.5 REGULATORY OVERVIEWAs part of its investor protection measures, the SEC maintains two lists of websites, coins, and tokens which the publicshould take precautions against. The first list consists of digital tokens which have yet to apply, or obtain approval, for theirofferings, while the second list consists of the identities of persons and websites related to unlicensed digital assets.
NOTABLE UNAPPROVED DIGITAL TOKENS IN THE SEC’S LIST
As of July 2019, there were 21 digital tokens which have been red-flagged as having yet to obtain the SEC’s approval and 18 websites identifiedas being related to digital assets which have yet to be licensed by the SEC.
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KEY TAKEAWAYS FROM THE ROYAL DECREE ON DIGITAL ASSET BUSINESSES
1.5 REGULATORY OVERVIEW
The Royal Decree regulates the primary market, which involves the issuer of digital assets and the ICO portal, as well as the secondary market, which involves the operators of digital asset businesses.
“Digital asset” refers to both cryptocurrencies and digital tokens. The difference between a cryptocurrency and a digital token is that the former functions as a medium of exchange and the latter functions as a determinant of rights.
Digital tokens are required to be explicitly categorized as investment or utility tokens, and the rights of token holders must be clearly set out in the draft prospectus submitted to the SEC.
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1.5 REGULATORY OVERVIEW
1 REQUIREDLICENSE
3 LIMITATIONSOF OFFERINGS
4 FEESPAYABLE
5 OTHERPROVISIONS
2QUALIFICATIONSOF LICENSEAPPLICANTS
Digital Asset Issuer License
Business entity is registered under the company laws of ThailandDirectors, executive directors, and other management personnel are required to have a clean record i.e. free of any prohibited financialor offense record as prescribed by the SECHave a business plan which is fundamentally sound, supported by financial statements which have been audited in accordance with Thai laws and standards
No limit for public offerings of digital tokens to institutional investors, ultra-high-net-worth individuals, private equity firms, and venture capitalistsA minimum limit of THB 300,000 per round of public offering of digital tokens to retail investorsA maximum limit of a sum equivalent to four times the shareholders’ equity of the issuer or not more than 70% of the total offering amount (whichever is higher)
Application fee of THB 200,000 (for applications submitted within 2019) and THB 300,000 (for applications submitted from 2020 onwards)Submission fee of THB 300,000 for registration statement and prospectus
License holders are required to (1) submit to the SEC the source code of the underlying smart contract of its issuance framework and (2) periodically report to the SEC on the status and progress of its projectLicense holders are required to comply with AML/CTF, KYC/CDD, and transaction reporting requirements applicable to financial institutions under Thai laws
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1.5 REGULATORY OVERVIEW
1 REQUIREDLICENSE
3 LIMITATIONSOF OFFERINGS
4 FEESPAYABLE
5 OTHERPROVISIONS
2QUALIFICATIONSOF LICENSEAPPLICANTS
ICO Portal Business License
Business entity is registered under the company laws of ThailandRegistered capital amounting to not less than THB 5 millionProper working system, suitable management structure, and adequate staff responsible for the operations of the portalGood financial status so as not to pose any risks to users of the portal
No limit for public offerings of digital tokens to institutional investors, ultra-high-net-worth individuals, private equity firms, and venture capitalistsA limit of THB 300,000 per round of public offering of digital tokens to retail investorsNo limit cap for the trading of digital assets with approved digital asset operators
Application fee of THB 50,000Annual fee of THB 100,000
License holders are required to properly screen the characteristics of the digital tokens offered through their portals and the credentials of the issuer, as well as to ensure the accuracy of any information in the registration statement and prospectus, including any information which is set out on the offeree’s websiteLicense holders are required to comply with AML/CTF, KYC/CDD, and transaction reporting requirements applicable to financial institutions under Thai laws
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1.5 REGULATORY OVERVIEW
1 REQUIREDLICENSE
3COMPLIANCEOBLIGATIONS OFLICENSE HOLDERS
4 FEESPAYABLE
5 OTHERPROVISIONS
2QUALIFICATIONSOF LICENSEAPPLICANTS
Digital Asset Exchange License
Business entity is registered under the company laws of ThailandPaid-up registered capital amounting to THB 50 million or more (for normal exchange)Paid-up registered capital amounting to THB 10 million or more (for non-asset exchange)
Ensure that its shareholders’ equity is equal or more than THB 50 million (for normal exchange) / THB 10 million (for non-asset keeping exchange)Conduct mandatory screen of investment products traded on the platformMaintain a fair marketplace as well as adequate cybersecurity and asset safekeeping systems
Application fee of THB 30,000Licensing fee of THB 2.5 millionAnnual fee of 0.002% of the total trading value, with a minimum annual fee of THB 0.5 million and a maximum annual fee of THB 20 million
License holders can accept payment in Thai Baht or any cryptocurrency in the SEC’s approved list which were obtained from approved Digital Asset BusinessesLicense holders are required to comply with AML/CTF, KYC/CDD, and transaction reporting requirements applicable to financial institutionsunder Thai laws
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1.5 REGULATORY OVERVIEW
1 REQUIREDLICENSE
3COMPLIANCEOBLIGATIONS OFLICENSE HOLDERS
4 FEESPAYABLE
5 OTHERPROVISIONS
2QUALIFICATIONSOF LICENSEAPPLICANTS
Digital Asset Exchange License
Business entity is registered under the company laws of ThailandPaid-up registered capital amounting to THB 25 million or more (for normal broker)Paid-up registered capital amounting to THB 5 million or more (for non-asset keeping broker)
Ensure that its shareholders’ equity is equal or more than THB 25 million (for normal broker) / THB 5 million (for non-asset keeping broker);Properly take into account clients’ sustainabilityEstablish and maintain adequate cybersecurity and asset safekeeping systems
Application fee of THB 30,000Licensing fee of THB 1.25 millionAnnual fee of 0.001% of total trading value with a minimum annual fee of THB 0.25 million and a maximum annual fee of THB 10 million;
License holders can accept payment in Thai Baht or any cryptocurrency in the SEC’s approved list which were obtained from approved Digital Asset BusinessesLicense holders are required to comply with AML/CTF, KYC/CDD, and transaction reporting requirements applicable to financial institutionsunder Thai laws
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1.5 REGULATORY OVERVIEW
1 REQUIREDLICENSE
3COMPLIANCEOBLIGATIONS OFLICENSE HOLDERS
4 FEESPAYABLE
5 OTHERPROVISIONS
2QUALIFICATIONSOF LICENSEAPPLICANTS
Digital Asset Exchange License
Business entity іs registered under the company laws of ThailandPaid-up registered capital amounting to THB 5 million or more (for normal dealer)Paid-up registered capital amounting to THB 1 million or more (for non-asset keeping dealer)
Ensure that its shareholders’ equity is equal or more than THB 1 million (for both normal dealer and non-asset keeping dealer)Establish and maintain an adequate cybersecurity system
Application fee of THB 30,000Licensing fee of THB 1 millionAnnual fee of 1% of the total trading value with a minimum annual fee of THB 0.1 million and a maximum annual fee of THB 5 million
License holders can accept payment in Thai Baht or any cryptocurrency in the SEC’s approved list which were obtained from approved Digital Asset BusinessesLicense holders are required to comply with AML/CTF, KYC/CDD, and transaction reporting requirements applicable to financial institutions under Thai laws
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1.6 SWOT ANALYSIS
• Firm government policy support withwell-structured regulations
• High digital penetration rate and internetuse among the population
• Ranked by BitDefender as the country with the 5th highest cybersecurity risk levels in Asia and 11th
highest in the world• Country with the most malware infections in SEA
based on joint report by FireEye and Singtel
• Technological infrastructure lagging behind neighboring countries, such as Singapore and Malaysia• Cybersecurity deficiencies as illustrated by the threats faced by the local digital industry
• Thailand’s Board of Investment has designated 2019 as ‘Thailand Investment Year’, with up to 50% corporate income tax reduction for investment in digital services• A ready crypto market base, as Thailand has the world’s second-highest cryptocurrency ownership rate
S W
T O
WEAKNESSESSTRENGTHS
OPPORTUNITIESTHREATS
SWOT ANALYSISOF THAILAND’S
LANDSCAPEFOR BLOCKCHAIN
ADOPTION AND USE
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2.1 OBSERVATIONS AND MILESTONESThe Royal Thai Government is leading by example in terms of blockchain adoption and use, deploying the technology in various industries such as banking and finance, logistics, identity verification, and taxation.
THAI STATE AGENCIES BLOCKCHAIN USERS
BANK OF THAILAND(PROJECT INTHANON)
THAILAND POST(LOGISTICS TRACKING)
ELECTRONIC TRANSACTIONSDEVELOPMENT AGENCY
(DIGITAL ID PROJECT)
MINISTRY OF FINANCE(DETECTION OF TAX FRAUD)
In January this year, the Ministry of Science and Technology’s National Electronics and Computer Technology Center (NECTEC) successfully completed thedevelopment of its blockchain-based voting system and is looking for trial partners to test out the system on a small scale, such as elections in universities,provinces, and communities, etc.
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2.1 OBSERVATIONS AND MILESTONESThailand has been touted as one of the leading blockchain hubsin the Asia Pacific, and the facts and figures speak for themselves.
FACTS AND FIGURES OF THE BLOCKCHAIN MARKET IN THAILAND
26Blockchain Startups in Bangkok (as of February 2019)
10%of the Population are Ownersof Cryptocurrency
15THHighest Bitcoin Trading Volumeby Country in 2018
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2.1 OBSERVATIONS & MILESTONES
Siam Commercial Bank enters into a collaboration with Japan’s SBI Remit and Ripple to launch a blockchain-powered payment service between Japan and Thailand.
Bank of Ayudhya PCL. (Krungsri) and IBM successfully pilot test a blockchain platform, which will be used to streamline Krungsri’s contract management process.
The Royal Decree on Digital Asset Businesses, which provides for the regulation of digital assets and cryptocurrencies, comes into effect, with the SEC designated as the main regulator.
Thailand's only listed cryptocurrency company JFin begins pre-sale trading.
The SEC issues a public guidance on ICOs, in which it advises that digital assets which are similar to securities may fall under the scope of the Securities and Exchange Act.
JUNE 2017 SEPTEMBER 2017 NOVEMBER 2017 FEBRUARY 2018 MAY 2018
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2.1 OBSERVATIONS & MILESTONES
The Thai Bond Market Association announces that it plans to develop a blockchain-based bond registrar services platform for the processing of corporate bond transactions.
Thailand’s then-opposition Democrat Party successfully holds primary elections involving 12,000 voters using Zcoin’s blockchain platform.
The SEC approves 7 cryptocurrencies for use in ICO activities as well as base trading pairs against other cryptocurrencies and published ICO regulations come into effect on July 16th, 2018.
SCG and SCB subsidiary Digital Ventures launch the world’s first digital procurement solution, which operates using R3’s blockchain platform.
The Thai cabinet approves the Digital Identification bill, which paved for the legal recognition of e-KYC platforms to facilitate transactions and ensure the security of online users.
KBank and Visa successfully pilot test their cross-border, blockchain-based payment system, the "Visa B2B Connect."
The SEC announces that the Ministry of Finance has issued three digital asset exchange licenses to Bitcoin Co., Ltd., Biktub Online Co., Ltd., and Satang Corporation Co., Ltd. and one digital asset broker license to Coins TH Co., Ltd.
JUNE 2017 SEPTEMBER 2018 NOVEMBER 2018 JANUARY 2019
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Tezos Southeast Asia and Chulalongkorn University announce their collaboration to establish Thailand’s premier blockchain education and research program.
Siam Commercial Bank and national petroleum oil company PTT Exploration and Production Plc successfully pilot their cross-border B2B payment system.
Wipro and R3 develope a blockchain-based prototype which enables digital currency to be used for interbank transactions by a consortium consisting of the Bank of Thailand and eight other local banks.
The Securities and ExchangeAct of 2019 is amended to allow fundraising to be conducted via Security Token Offerings (STO).
Bank of Thailand enters into a collaboration with the Hong Kong Monetary Authority to undertake joint research on blockchain to promote financial innovation.
With the support of the Bank of Thailand, Blockchain Community Initiative Thailand launches its blockchain-based electronic Letter of Guarantee (e-LG) network with the participation of 22 local banks.
Thailand’s Digital Economy and Society Ministry plans to integrate digital technologies such as blockchain as part of the country's digital economy, particularly for the development of mobile applications and e-commerce solutions over the next three months.
2.1 OBSERVATIONS & MILESTONES
APRIL 2019 MAY 2019 JUNE 2019
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2.2 ECOSYSTEM MAPREGULATORS ASSOCIATION
MEDIA/INFLUENCER COMMUNITY
COMMUNITY WALLET
WALLET LICENSED EXCHANGE/BROKER/DEALER
TRAINING - EDUCATION
TRAINING - EDUCATION
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LICENSED EXCHANGE/BROKER/DEALER
ACCELERATOR - INCUBATOR - VCS
STARTUPS
STARTUPS ADVISORY CRYPTO DTB MINING
LEGAL FINANCIAL INSTITUTION
ICO PORTAL
2.2 ECOSYSTEM MAP
SUPPLY CHAINS
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ENERGY
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2.3 ECOSYSTEM MAP ZOOM-IN(REGULATORS)
BANK OF THAILANDThe central bank is responsible for issuing regulations and supervising the business operations of commercial banks and securities companies operating in Thailand, including the use of blockchain-based financial applications such as for issuing bonds and letters of guarantee.
MINISTRY OF FINANCEThe government ministry responsible for the management of public finance, the treasury, government properties, and operations of government monopolies, including policy matters in relation to the regulation and taxation of the local crypto industry.
MINISTRY OF DIGITAL ECONOMY AND SOCIETY The government ministry responsible for the planning, promotion, and development of activities which are related to Thailand’s digital society and economy, including the hosting of blockchain seminars and exploring the possible manners of integrating blockchain with the country’s digital economy.
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REVENUE DEPARTMENTAn agency under the Ministry of Finance which is responsible for enforcing taxation laws and policies, including the Emergency Decree No. 19 which amended the Thai Revenue Code to cover income and gains derived from digital assets.
THE STOCK EXCHANGE OF THAILANDThe national stock exchange body responsible for securities listing, supervision of listed companies, market surveillance, as well as investor education. The SET launched a blockchain-powered crowdfunding platform for startups and SMEs in the country in February this year.
SECURITIES AND EXCHANGE COMMISSIONAn independent state agency established under the Securities and Exchange Act which is responsible for building a sustainable capital market, including the regulation of activities and transactions related to digital assets and digital currency by enforcing the Royal Decree on Digital Asset Businesses.
2.3 ECOSYSTEM MAP ZOOM-IN(REGULATORS)
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2.3 ECOSYSTEM MAP ZOOM-IN(ASSOCIATIONS)
THAI FINTECHASSOCIATION (TFA)
THAILAND BLOCKCHAINASSOCIATION (TBA)
THAI BOND MARKETASSOCIATION (THAIBMA)
https://thaifintech.org/Facebook l Twitter
Facebook l Linkedin https://thaibma.or.th/Facebook l Twitter
Founded in 2016, TFA aims to promote and enhance the financial ecosystem in Thailand by supporting Fintech startups to expand globally. TFA has collaborated with ICORA F13 to offer a crypto revolution course which aims to provide participants with a complete understanding and knowledge of crypto asset investments.
Founded in 2018, the activities conducted by TBA include the sharing of news and regulations related to digital currency and the carrying out of promotional undertakings to enhance the general understanding of digital currency among the local population in Thailand with the aim of boosting the nation’s economic growth.
Founded in 2005, ThaiBMA performs surveillance and enforcement measures to ensure fairness in the local bond market. In July 2018, ThaiBMA announced its plans to launch a blockchain-based registrar bond service platform which aims to speed up the bond certificate issuance process in order to boost the liquidity of the secondary market.
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Bitcoin Addict Thailand
Blockchain & Crypto News Review
bitcoin-addict.com/
Facebook l Twitter
Siam Blockchain
2.3 ECOSYSTEM MAP ZOOM-IN(MEDIA AND INFLUENCERS)
Blockchain & Crypto News Review
siamblockchain.com/
Facebook l Twitter l Linkedin
Coinman
Tech Insight Marketing Analysis
Review
coinman.co / Facebook
Blockchain Review
Article Knowledge
blockchain-review.co.th/
Facebook l Twitter
Blockchain Mango
Blockchain Event Update
Facebook Group
(Private Group)
อายุน้อยร้อยเอ็กซ์Investment Knowledge of ICOs
Facebook Group
(Public page)
Cryptonist
Blockchain & Crypto Investment
News Review / cryptonist.co
Facebook l Twitter
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Bitcoin Center Thailand
Articles, Interviews, Events, etc.
bitcoincenter.co.th
Asia Blockchain Review Media & News, Community
Builder
www.asiablockchainreview.com
Bitfish
Blockchain Community Builder
bit.fish
Block Mountain
Blockchain Conference
Dash Embassy Thailand
Blockchain Community Builder
dashthailand.org
UnionSpace
Blockchain Co-working Space,
Events
unionspace.co.th
EOS Bangkok Monday
EOS Bangkok Monday
Blockchain Community
Builder
CryptobeachCrypto Education Events
cryptobeach.in.th
Ethereum Thailand
Use Case Updates
ethereum-th.com
2.3 ECOSYSTEM MAP ZOOM-IN(COMMUNITIES)
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2.4 MAJOR INDUSTRY PLAYERS*
Company (Coin Ticker): OmiseGO (OMG)HQ: ThailandFounded: 2013Mission: Enable real-time, peer-to-peer value exchange and payment services across jurisdictions and organizational silos using both fiat money and decentralized currencies. OMG facilitates cross-border trade between businesses by eliminating forex charges and other costs associated with centralized banks.ICO Status: Ended July 23rd, 2017 (~US$25,000,000)Website: https://omise.co
Company (Coin Ticker): Zcoin (XZC)HQ: ThailandFounded: 2016Mission: Overcome privacy issues that are associated with using a public ledger by allowing only the sender and receiver to know the details of transactions carried using its platform. Newly minted XZC can be made private and stored away from prying eyes.ICO Status: Privately HeldWebsite: https://zcoin.io
Crypto WalletFinancial Services
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*BASED ON COINMARKETCAP RANKINGS (AS AT 1 JULY 2019)
*BASED ON COINMARKETCAP RANKINGS (AS AT 1 JULY 2019)
2.4 MAJOR INDUSTRY PLAYERS*
Company (Coin Ticker): Loom Network (LOOM)HQ: ThailandFounded: 2017Mission: Speed up the scaling process for decentralized applications (DApps) while allowing them to operate using the Ethereum network, thereby facilitating the development of truly scalable blockchain games and DApps while allowing them to benefit from the security offered by the Ethereum mainnet.ICO Status: Ended January 11th, 2018 (~US$45,810,000)Website: https://loomx.io
Company (Coin Ticker): Power Ledger (POWR)HQ: AustraliaFounded: 2017Mission: Democratize energy trading through the establishment of a peer-to-peer (P2P) energy exchange platform which allows individuals and communities the autonomy of choosing the source of their power. ICO Status: Ended October 6th, 2017 (~US$13,232,290)Website: https://powerledger.io
Energy TradingService Provider
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*BASED ON COINMARKETCAP RANKINGS (AS AT 1 JULY 2019)
2.4 MAJOR INDUSTRY PLAYERS*
Company (Coin Ticker): Everex (EVX)HQ: SingaporeFounded: 2017Mission: Apply blockchain solutions to cross-border payments, trading, and lending through a decentralized network which provides global credit histories and scorings for individuals as well as small and medium-sized enterprises (SMEs).ICO Status: Ended August 31st, 2017 (~US$25,840,000)Website: https://everex.io
Company (Coin Ticker): Six Network (SIX)HQ: Thailand, KoreaFounded: 2018Mother company: OOKBEE U Company Limited and Yello Digital Marketing Global PTE LTD.Mission: Reinvent the digital and creative economy by using its decentralized platform to create a more transparent, fair, secure, and efficient ecosystem for all stakeholders.ICO Status: Ended May 31st, 2018 (~US$42,000,000)Website: https://six.network
Crypto Wallet and FundingFinancial Services
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*BASED ON COINMARKETCAP RANKINGS (AS AT 1 JULY 2019)
Company (Coin Ticker): ZMINE (ZMN)HQ: ThailandFounded: 2018Mission: Establish an advanced system for cryptocurrency mining using the one-of-a-kind WRYGC (We Rent Your Graphic Card) business model, whereby users can allow their graphic processing units (GPU) to be used for crypto mining activities in return for a share of the cryptocurrency mined.ICO Status: Privately HeldInvestors/ Partners (Prominent): Strek Co., Ltd.Website: https://zmine.com
Company (Coin Ticker): Yocoin (YOC)HQ: India, Thailand, United Arab EmiratesFounded: 2015Mission: Provide a decentralized peer-to-peer (P2P) cryptocurrency alternative to Bitcoin, whereby the Thai public can use their YOC to subscribe to insurance policies offered through the Yocoin insurance platform.ICO Status: Privately HeldWebsite: https://yoclub.net
Payment SystemCrypto Mining
2.4 MAJOR INDUSTRY PLAYERS* 40
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*BASED ON COINMARKETCAP RANKINGS (AS AT 1 JULY 2019)
2.4 MAJOR INDUSTRY PLAYERS*
Company (Coin Ticker): HOT Token (HOT)HQ: Thailand Founded: 2014Mission: Provide a platform for games to be integrated with its marketplace system which allows users to buy and sell digital assets, whereby ad space and real-life coupons can be received as in-game prizes.ICO Status: Privately HeldWebsite: https://hotoken.io
Company (Coin Ticker): Bitex (XBX)HQ: Thailand Founded: 2017Mission: Ensure that the benefits of the cryptocurrency-based digital economy reach those who are under-served or left out of the current banking system by working at the local level to ensure that its solution can bring about a local impact.ICO Status: Ended November 14th, 2018 (~US$2,760,000)Website: https://bitex.global
Financial ServicesIn-Game Rewards
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*BASED ON COINMARKETCAP RANKINGS (AS AT 1 JULY 2019)
Company ( Coin Ticker): Carboneum (C8)HQ: ThailandFounded: 2018Mission: Establish a social trading and analytics platform for cryptocurrency with copy trading features which allow C8 holders to follow the trading patterns of experts by using radar tracking functions.ICO Status: Ended July 7th, 2018 (~US$6,337,157)Investors/ Partners (Prominent): StockRadarsWebsite: https://carboneum.io
Company ( Coin Ticker): KulapHQ: ThailandFounded: 2018Mission: Operate using a decentralized best rate protocol to gather real-time digital asset exchange rates from worldwide marketplaces and leverage its algorithm i.e. the KULAP Best Rate API to automatically find the best trading prices for users.ICO Status: Privately HeldWebsite: http://www.kulap.io
Crypto TradingCrypto Trading
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*BASED ON COINMARKETCAP RANKINGS (AS AT 1 JULY 2019)
Company ( Coin Ticker): J Ventures (JFIN)HQ: ThailandFounded: 2018Mother company: Jaymart Mission: Connect banks, payment providers, and digital asset exchanges through a decentralized digital lending platform that provides a frictionless experience for global monetary transactions using smart contracts, which comply with industry security standards and the applicable regulations.ICO Status: Ended February 2018 (~US$18,494,544)Website: https://www.jfincoin.io
Company: Sbuy MiningHQ: Thailand Founded: 2018Mission: Provide a platform which allows the public to invest in its crypto mining technology in return for monthly dividends in the form of ETH tokens.Industry: Crypto MiningICO Status: Privately HeldInvestors/ Partners (Prominent): DomecloudWebsite: https://sbuymining.com
Crypto MiningCrypto Lending
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*BASED ON COINMARKETCAP RANKINGS (AS AT 1 JULY 2019)
Company: ICORA HQ: ThailandFounded: 2017Mission: Address market gaps in relation to token sales credibility, valuation inflation, and regulatory risks by working with accredited accelerators as well as venture partners and, in the process, employ investment banking best practices through active engagement with securities and exchange regulators in Asian countries.ICO Status: Privately HeldWebsite: http://icora.asia
Company: Cryptovation XHQ: ThailandFounded: 2017Mission: Utilize Artificial Intelligence (AI) to build an industry-leading robo-advisory platform for digital asset investment with an overarching vision of creating wealth for all.ICO Status: Privately HeldCollaborators (Prominent): Cryptovation, AVA Advisor and Asia Wealth GroupWebsite: https://cryptovationx.io
Crypto AdvisoryCrypto Advisory
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*BASED ON COINMARKETCAP RANKINGS (AS AT 1 JULY 2019)
Company: YellowHQ: ThailandFounded: 2018Mission: Assist blockchain startups through the provision of seed investments, mentorship, software solutions, and advisory services which cover the areas of STOs, token economics, marketing, fundraising, and listing.ICO Status: Privately HeldInvestors/ Partners (Prominent): Ethereum, Arnold Bangkok and MAD Website: https://www.yellow.com
Company: AtatoHQ: ThailandFounded: 2017Mission: Integrate the business operations of companies with blockchain networks and build new applications which leverage blockchain to enhance the efficiency of such operations.ICO Status: Privately HeldInvestors/ Partners (Prominent): Ethereum, Consensys, Modex,and IBMWebsite: https://atato.com
Service ProviderCrypto Advisory
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*BASED ON COINMARKETCAP RANKINGS (AS AT 1 JULY 2019)
Company: STO Search & FilterHQ: ThailandFounded: 2018Mission: Empower people to take claim to asset ownership investment opportunities to broaden their personal and institutional income as well as overall portfolio diversity by providing them with access to a database of digital security offerings from across the globe.ICO Status: Privately HeldWebsite: https://stofilter.com
Coin (Ticker): Travelkoin (TKT)HQ: ThailandFounded: 2018Mission: Establish a blockchain-based platform facilitated by smart contracts to provide decentralized payment systems and white-labelled loyalty programs for the travel industry.ICO Status: Ended April 13th, 2018 (N/A)Website: https://iko.travel/solutions-payment-loyalty
Travel and LoyaltyCrypto Database
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2.5 NOTABLE INDUSTRY PLAYERS(EXCHANGES AND BROKER)
Platform
Website
Year Founded
SupportedCurrencies
BITKUB ONLINE CO. LTD.
bitkub.com
2018
27ABT, ADA, BCH, BTC, BSV, CTXC,
CVC, ENG. ETH, GNT, INF, IOST,
JFIN, KNC, LINK, LTC, MANA, OMG,
RDN, SIX, SNT, USDT, WAN, XRP, XLM,
ZIL, ZRX
COINS.CO.TH
coins.co.th
2018
1BTC
SATANG CORPORATION CO. LTD
pro.satang.com
2018
11BCH, BSV, BTC, BTG, DOGE, ETH, ETN,
GRFT, LTC, XZC, ZEC,
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3.1 THE RESPONDENTS
SAMPLE OF RESPONDENTS
CRYPTO WALLET
CRYPTO MINING
MEDIA
STARTUP
CRYPTO ADVISORY
PLATFORM
LOGISTICS
FINANCIAL INSTITUTION
INCUBATOR
ENERGY TRADING
EXCHANGE PLATFORM
SURVEY METHODOLOGYThe survey was carried out through an email interview with business startups and organizations in Thailand which are using blockchain for their business operations. These startups and organizations represent the views of a wide cross-section of the industry, with the input coming from top management personnel with decision-making roles.
BUSINESS VERTICAL
25% TECHNOLOGY 20% FINTECH 15% EDUCATION 30% 30%OTHERS (MEDIA, ICO SERVICE, CRYPTO,ADVISORY, LOGISTICS, GAMING
FINANCIALINSTITUTIONS
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3.2 DEVELOPMENT STAGE
What is the current development stage of your organization'sblockchain project or undertaking?
RESEARCH ANDDEVELOPMENT
PILOT TESTING
ACTIVE USE(I.E. PASSED BETA
TESTING)
STRATEGYBUILDING
7%
16%
70%
7%
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3.3 ISSUES AND CHALLENGES
What were the main issues and challenges faced by your organizationin deploying blockchain as part of its operations
12.2%
51.3%
12.2%
24.4%
PUBLICAWARENESS
LEGALCOMPLIANCE
COSTEXPENDITURE
INTEROPERABILITYISSUES
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3.4 BENEFITS AND ADVANTAGES
14.3%
28.6%
ENHANCED BUSINESSOUTLOOK
IMPROVED TRANSPARENCYAND ACCOUNTABILITY
14.3%
42.9%
GENERAL COSTSAVINGS
OPERATIONALEFFICIENCY
What were the expected benefits or advantages which droveyour organization to use blockchain as part of its operations?
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3.4 BENEFITS AND ADVANTAGES
To what extent have the expected benefits or advantages which drove yourorganization to use blockchain as part of its operations materialized?
28.5%
14.3%14.3%
42.9%NOT SURE
ALMOST COMPLETELY
NOT REALLY
QUITE SUBSTANTIALLY
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3.5 TIMELINE FOR MAINSTREAM USE
58%28%
14%
How long do you think it will take before blockchain will be widely usedin your industry i.e. used by more than 50% of market players in your industry?
1-3 YEARS
4-6 YEARS
6-10 YEARS
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3.6 INDUSTRY DISRUPTION
Which industry do you think will be most disruptedby blockchain?
14.3%
57.1%
14.3%
14.3%
4.0TECH
FINANCIALSERVICES
ENERGY
PUBLICSERVICES
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5%
30%
THE TECHNOLOGYIS STILL NOVEL
LACK OF EDUCATIONINITIATIVE
35%
30%
LACK OF A COMPREHENSIVEECOSYSTEM
LOWMARKETAWARENESS
3.7 KEY CHALLENGES TO ADOPTION
What are the key challenges to blockchainadoption in Thailand?
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3.8 CRITICAL SUCCESS FACTORS
PUBLICAWARENESS
MOST CRITICAL LEAST CRITICAL
TECHNOLOGICALINFRASTRUCTURE
REGULATORYFRAMEWORK
POLICYINCENTIVE
33%
9%
25%
33%
50%
50%
What do you think are the most critical and least critical success factorsfor the development of the local blockchain industry?
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3.9 FOSTERING APPROACHES
How can we foster the blockchain ecosystemin Thailand?
23.5
29.4%
CONNECTION WITHOTHER BLOCKCHAINHUBS IN THE REGION
AND THE WORLD
INCENTIVES/INITIATIVES
FROM THEGOVERNMENT
35.3%
11.8%
MORE EDUCATIONCOURSES ANDWORKSHOPS
POLICY ADVOCACYFOR A BETTERREGULATORYENVIRONMENT
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3.9 OBSERVATIONS AND TRENDSCONTEXTUAL OVERVIEW OF SURVEYS AND INTERVIEWSThailand is undoubtedly one of the blockchain trailblazers in SEA as state agencies such as the Bank of Thailand, Thailand Post, Electronic Transactions Development Agency, and the Ministry of Finance having deployed blockchain as part of their operations. In the context of the local digital talent pool, recruitment startups play a key role in matching specific tech skills such as those relating to application development and programming languages.
From a regulatory perspective, the Thai SEC had in March this year approved the country's first ICO portal and amended the Securities and Exchange Act to allow STOs to be undertaken in the country before announcing that STO guidelines are on the way. As part of its public protection measures, the Thai SECmaintains a list of websites as well as a list of coins and tokens which the public should take precaution against. There are currently 18 websites in the first list and 21 digital tokens in the second list. Fortunately, Thailand has to date not played host to any major cryptocurrency scam.
With this in mind, we set out to explore the thoughts of market players regarding the blockchain developer talent pool in the country, as well as industry trends, regulatory developments, and the level of protection afforded to local crypto investors.
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3.9 OBSERVATIONS AND TRENDSBLOCKCHAIN-SKILLED DEVELOPERS TALENT POOLBased on our interviews with some of the market players, we gathered that although the general developer talent pool in Thailand is sufficient to meet the demands of the local industry, there is a lack of blockchain-skilled developers, resulting in the need for market players to hire foreign developers, mainly from Western Europe. Even where local developers are available for hire, it is more expensive for Thai companies to hire local developers compared to their counterparts in other SEA markets, notably those from Vietnam, where the services of blockchain-skilled developers are more affordable due to the bigger talent pool there.
In this regard, the markets players have proposed the establishment of an industry-academia collaboration to establish blockchain courses, with the government setting the quality standards for such courses. As our survey findings indicate, there is a need for more policies and workshops on blockchain and crypto as well as the development of connections between local blockchain networks with those in the region and around the world.
INDUSTRY DEVELOPMENT TRENDSWith regard to industry development trends, market players believe that although local companies are carrying out in-depth studies on the possible uses of blockchain for their business operations, they find it difficult to develop use cases due to the cost factor. Accordingly, they envisage that blockchain adoption in Thailand is likely to be undertaken through a top-down approach, where by startups will showcase their blockchain use cases to major industry players, who will then make cost-benefit considerations before deciding whether to proceed with the use of blockchain for their business operations.
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3.9 OBSERVATIONS AND TRENDSMarket players feel that blockchain adoption and use in Thailand will be led by the retail industry, particularly for loyalty programs and financial services such as P2P loans and credit scoring facilities, with cannabis trading being a novel use case as well. Some notable top-down adoption examples in Thailand include that of local payment services provider Omise through its affiliate OmiseGO as well as the collaboration between local blockchain-based remittance settlement startup Velo with retail giant Charoen Pokphand Group and international convenience store chain 7-Eleven. It is notable that survey respondents from the local financial services industry think that blockchain will go mainstream in their industry within the next 1-3 years.
REGULATORY DEVELOPMENTS According to survey respondents, it is of more critical importance that the government work on improving the regulatory framework, as legal compliance issues were the main challenges faced by the respondents in their adoption and use of blockchain as part of their business operations. In the local crypto industry, market players feel that the provisions for ICO portals under the Royal Decree on Digital Asset Businesses is a step in the right direction, as it has paved the way for STO adoption in Thailand. Market players envisage that once ICO portals are fully operational and STO regulations are in place, local companies including major players will have sufficient confidence in the local STO market to undertake STOs, with real estate tokenization expected to lead the way for the market.
Nonetheless, the market players have expressed reservations about the possibility of the SET having the upper-hand in the STO market due to the capital gains tax exemptions it is able to offer to investors — an advantage that local STO startups may find difficult to compete with.
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PROTECTING LOCAL CRYPTO INVESTORSIn terms of investor protection, market players are looking forward to the SEC’s upcoming regulations for ICO fund managers and consultants. The regulations are expected to mitigate the problem of self-proclaimed investment gurus in the local crypto industry, and in turn, reduce the risks of local crypto investors losing money to fraudsters and scammers. Survey findings also indicate that public awareness is not considered a critical success factor for industry development. Markets players believe awareness among local crypto investors is sufficient, thanks to the prevalent use of social media by industry stakeholders, which has reduced the life cycle of frauds and scams in the country to about 3 months and significantly limited the losses incurred by investors.
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1. Baker McKenzie, A Complete Guide to Regulations on Cryptocurrencies and ICOs in Thailand (14 September 2018). Accessible at https://www.bakermckenzie.com/-/media/files/insight/publications/2018/09/bk_thailand_completeguidecryptoicos_sep18.pdf?la=en 2. Blockchain Hub, Blockchain Technology Handbook (September 2017). Accessible at https://s3.eu-west-2.amazonaws.com/blockchainhub.media/Blockchain+Technology+Handbook.pdf3. C. Jones and P. Pimdee, Innovative Ideas: Thailand 4.0 and the Fourth Industrial Revolution (January 2017). Accessible at https://www.researchgate.net/publication/321337414_Innovative_ideas_Thailand_40_and_the_fourth_industrial_revolution4. DTAC, Realizing Digital Thailand (June 2016). Accessible at http://www.telenor.com/morethan/wp-content/uploads/2016/06/6.-REALIZING-DIGITAL-THAILAND.pdf5. Ibinex, Global Cryptocurrency Market Report 2018. Accessible at https://media.ibinex.com/docs/Global_Cryptocurrency_Market_Report_2018.pdf6. International Labour Organization, Thailand 4.0 and the Future of Work in the Kingdom (March 2017). Accessible at https://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/documents/meetingdocument/wcms_549062.pdf7. K. Ootsahkarn, The Eastern Economic Corridor, Thailand (January 2018). Acccessible at https://www.researchgate.net/publication/322165181_The_Eastern_Economic_Corridor_Thailand 8. N. Wongpunya, What Thailand Needs to Do to Become a High-Income Country (October 2016). Accessible at https://www.iseas.edu.sg/images/pdf/ISEAS_Perspective_2016_56.pdf 9. P, Louangrath, Thailand 4.0 Readiness (August 2017). Accessible at https://www.researchgate.net/publication/319006594_Thailand_40_Readiness 10. R. Bukht and R. Heeks, Digital Economy Policy: The Case Example of Thailand (2018). Accessible at https://diodeweb.files.wordpress.com/2018/05/thai-digital-economy-policy-diode-paper1.pdf 11. Thailand Securities and Exchange Commission, Royal Decree on Digital Assets Businesses (2018). Accessible at https://www.sec.or.th/EN/Documents/EnforcementIntroduction/digitalasset_decree_2561_EN.pdf12. Thailand’s Ministry of Information and Communication Technology, Digital Thailand. Accessible at http://ict.rid.go.th/main/images/en/public-doc/doc/590915_Digital_Thailand_pocket_book_EN.pdf 13. We are Social and Hootsuite, Digital 2019: Thailand (January 2019). Accessible at https://www.slideshare.net/DataReportal/digital-2019-thailand-january-2019-v01
4.0 REFERENCES(LAWS, REPORTS AND ARTICLES)
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4.0 REFERENCES(WEBSITES)
1. Asia Blockchain Review, IDC: 61% of Thai GDP will be Digital by 2022 (21 March 2019). Accessible at https://www.asiablockchainreview.com/idc-61-of-thai-gdp-will-be-digital-by-2022/ 2. Asian Correspondent, Thailand Ranked 5th Highest Risk for Cybersecurity Threats in Asia. Accessible at https://asiancorrespondent.com/2016/02/thailand-faces-5th-highest-risk-for-cybersecurity-threats-in-asia-bitdefender/ 3. Bangkok Post, Legal Expert: Libra May Have Thorny Thai Debut (9 July 2019). Accessible at https://www.bangkokpost.com/business/1709035/legal-expert-libra-may-have-thorny-thai-debut4. Blockonomi, Thailand Emerges as Leading Blockchain Economy (3 September 2018). Accessible at https://blockonomi.com/thailand-blockchain-economy/#Thailand_is_Implementing_Blockchain_Technology5. CBInsights, Banking Is Only The Beginning: 55 Big Industries Blockchain Could Transform (11 June 2019). Accessible at https://www.cbinsights.com/research/industries-disrupted-blockchain/6. CCN, Thailand Bans Bitcoin Cash, Ethereum Classic, Litecoin from Trading Pairs & ICOs (1 March 2019). Accessible at https://www.ccn.com/thailand-bans-bitcoin-cash-ethereum-litecoin-ico-trading-pairs 7. CoinDesk, Thai Government Agency Develops Blockchain Tech for Elections Voting (3 January 2019). Accessible at https://www.coindesk.com/thai-government-agency-develops-blockchain-tech-for-elections-voting 8. CoinDesk, Thailand`s Securities Watchdog Approves Country’s First ICO Portal (13 March 2019). Accessible at https://www.coindesk.com/thailands-securities-watchdog-approves-countrys-first-ico-portal9. CoinMarketCap, Top Cryptocurrencies by Market Capitalization. Accessible at https://coinmarketcap.com/10. Cryptoscanner, Global Digital Report 2019: Thailand Ranks Second In Crypto Ownership (19 February 2019). Accessible at https://cryptoscanner.co/article/global-digital-report-2019-thailand-ranks-second-in-crypto-ownership11. Medium, Thailand: The Emerging Trailblazer in Blockchain (24 April 2018). Accessible at https://medium.com/@vertechcapital/thailand-the-emerging-trailblazer-in-blockchain-7995da15a06512. OpenSignal, The State of LTE (February 2018). Accessible at https://opensignal.com/reports/2018/02/state-of-lte
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4.0 REFERENCES(WEBSITES)
13. Pugnatorious Ltd, Regulatory and Industry Update 2019: Baht, Blockchain & Bitcoin (3 May 2019). Accessible athttps://pugnatorius.com/bbb/14. Reuters, Thailand Launches Huawei 5G Test Bed, Even as U.S. Urges Allies to Bar Chinese Gear (8 February 2019). Accessible athttps://www.reuters.com/article/us-huawei-thailand/thailand-launches-huawei-5g-test-bed-even-as-u-s-urges-allies-to-bar-chinese-gear-idUSKCN1PX0DY15. Royal Thai Embassy (Washington DC), What Is Thailand 4.0? Accessible athttps://theaseanpost.com/article/thailand-40-coming-fruition16. Thailand Board of Investment, “Thailand Investment Year” Sets to Accelerate Economic Shift and Boost Economic Growth(11 February 2019). Accessible at https://www.boi.go.th/upload/content/ThailandInvestmentYear_5c6cc320d4954.pdf17. The Asean Post, Is Thailand 4.0 Coming to Fruition? (6 December 2018) https://theaseanpost.com/article/thailand-40-coming-fruition18. The Tokenist, Thai SEC Approves 4 Cryptocurrency Exchanges, Opens The Door For Compliant Digital Assets In Thailand (13January 2019). Accessible athttps://thetokenist.io/thai-sec-approves-4-cryptocurrency-exchanges-opens-the-door-for-compliant-digital-assets-in-thailand/19. TotalCrypto, Bitcoin Adoption: Trading Volume by Country (10 August 2018). Accessible athttps://totalcrypto.io/bitcoin-adoption-trading-volume-country/20. Tracxn, Blockchain Startups in Bangkok (6 February 2019). Accessible athttps://tracxn.com/explore/Blockchain-Startups-in-Bangkok/21. United Nations, E-Government Knowledgebase. Accessible athttps://publicadministration.un.org/egovkb/en-us/Data/Country-Information/id/169-Thailand22. World Economic Forum, Networked Readiness Index. Accessible athttp://reports.weforum.org/global-information-technology-report-2016/networked-readiness-index/?doing_wp_cron=1558190387.0005888938903808593750
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