- On March 2021, the Bank of Thailand issued policy guidelines on the crypto regulations of stablecoins throughout the nation
- It launched its crypto academy, an online platform providing free online courses and resources on digital assets and blockchain
- This directly deals with one of the main problems of the crypto market; the need for more information.
The crypto ecosystem had its ups and downs over the past few years. The crypto adoption rate in Africa alone is soaring, and it consistently attracts new crypto traders daily. Blockchain technology had found its perfect match, and Africa’s ecosystem readily accepted its applications. This statement, however, only applies to a few entities within Africa’s ecosystem. Unfortunately, most governments have yet to accept the concept of cryptocurrency. Due to the recent crypto crash, many governments have redacted their decisions on cryptocurrency, stating that its demerits outweigh its usefulness. Thailand, one of the first Asian countries to accept crypto, has taken a turn many did not expect. The Thai Security and Exchange Commission took a bold step after announcing it intended to add various rules to its crypto regulation by introducing a new crypto academy.
Launching Thailand’s new crypto academy will drastically revolutionize the crypto security of its nation by dealing with the root problem; lack of information.
Thailand crypto journey so far
Before diving into the prospects of this new crypto academy, we must acknowledge the feets Thailand crypto traders have accomplished. When blockchain technology and cryptocurrency first debuted on the mainstream network, Thailand had a slow start. Despite this, the crypto addition rate grew steadily over the years and between 2019 and 2021, the numbers soared.
Thailand has been steadily dominating the crypto industry for some time. According to the Thai SEC analysis of its country’s crypto adoption rate, the volume of licensed crypto exchanges increased from $574.5 million in November 2020 to $3.96 billion in November 2021. This represented a 600% increase in a year and continued to grow steadily.On March 2021, the Bank of Thailand issued policy guidelines on the crypto regulations of stablecoins throughout the nation. This issue came after Thailand’s Central bank pegged stablecoins to the Thai baht, essentially creating an alternative to CBDCs.
Under Thailand law, stablecoins are digital units created to serve as a means of exchange for goods, services and other rights. This was a significant step for the crypto industry as the people and governments embraced digital assets. As 2020 progressed, the Bank of Thailand stated that it showed interest in CBDCs.
The research was ongoing to determine the best course of action in adopting and regulating CBDCs. As the crypto industry was steadily growing, so did Thailand’s support for more cryptocurrencies. 2020 was a year for the Thai SEC to embarrass crypt currency. Unfortunately, as the crypto winter slowly crept into its ecosystem, the number of crypto traders significantly reduced. The final blow hit as FTX collapsed, causing one of the highest recorded downsizings of crypto. The Thai SEC had to take action.
The Thai SEC decision on crypto
With the crypto market steadily crumbling beneath its feet, the Thai SEC had to take some action. During the initial downfall of FTX, Thailand SEC announced moves by regulators to tighten its grip on the crypto ecosystem. This was generally no surprise, given the sudden collapse of the crypto ecosystem. Thailand initially intended to become Southeast Asia’s leading trading centre for digital assets. To do this, Thailand must take control of the situation, even if it means adding several restrictions to prevent the collapse of its crypto market.The crypto traders met the additional crypto regulation with hostility. In their eyes, this was a move by the Thai SEC to impose more rules to indirectly attain control of the crypto market, although that was never the initial plan. Everyone later knew Thai SEC’s intentions as it launched its crypto academy. An online platform providing free online courses and resources on digital assets and blockchain. Thai SEC intends to educate its citizens to prevent tragedies like FTX from occurring again.
Crypto Academy courses
The Thai SEC crypto academy currently offers four courses. The first aims to provide new crypto traders and investors with a basic understanding of blockchain technology and elaborate the crypto market in a mundane way. Through this, their users clearly understand what they are dealing with and how it differs from fiat currency.
The second course focuses on the key features of blockchain technology and cryptocurrencies. It covers the essential crypto coins such as bitcoin and the top 10 altcoins to establish the basic knowledge required by newbie crypto traders. It also elaborates on various concepts utilized within the crypto market, such as decentralization and peer-to-peer systems.
The third course discusses the actual crypto events throughout the years. It covers all the ups and downs when dealing with crypto to describe digital assets accurately. This clears up the myths about crypto being a scam, and that crypto is an instant money-making scheme. It contains merits and demerits, and the Thai SEC intends to give its citizens a clear picture of crypto. It also covers the digital assets ecosystem, digital tokens, NFTs, the metaverse and the future outlooks and progressions of the crypto market.
The fourth-course centres around investment strategies, diversification, investor sentiments, asset management, basic price analysis charts, and other indicators. The final course is crucial s it breeds skilled crypto trades who understand the various means of profiting from the crypto market. This aids new crypto traders by giving them the resources they require to kickstart their journey.
The crypto academy also offers a crypto quotient(CQ), a self-assessment for investors to test their crypto knowledge after each course. This tests their understanding of the material they’ve consumed. The tests can also prove whether they are ready to step into the world of digital assets.
What Africa can learn from Thai SEC
Although the Thai SEC imposed various additional crypto regulations, it also provided a means for educating their citizens on what crypto is really about. This directly deals with one of the main problems of the crypto market; the need for more information. Starting your crypto journey without a mentor or the complete picture often leads to disaster.
In most cases, the crypto trader gives up after attempting to make a profit too quickly or paces the wrong investment. In the worst-case scenario, the crypto trader falls for crypto scams, inevitably tarnishing their view on digital assets. Thailand’s government took the initiative and created the crypto academy to educate their citizens on blockchain technology and the crypto market for free.
This significantly reduces the burden on newbie traders. Most crypto educations often come at a high cost, which many need help to afford. Thailand showed us that with the government’s help, we could improve the crypto market of any country. It may be time for various African countries to take a leaf from the Southeastern country and collaborate with individual crypto trades. In addition, instead of only imposing tax laws on the nations, finding new ways to help crypto traders will also see an increase in revenues collected from their transactions. Merely taking without giving will also regress the crypto adoption rate of any country.
Cooperation between governments and crypto traders is guaranteed to improve both sides through the crypto market. The Thai SEC crypto academy may be a beacon of hope and inspiration to other countries, showing that cooperation will be far more profitable.