Thailand’s bitcoin exchange is back in operation nearly six months after being shut down by the Bank of Thailand.
Bitcoin Co. Ltd. restarted its exchange service Saturday after receiving word from BoT that it would not prevent it from operating.
“The Bank of Thailand did not change their regulation,” Thai bitcoin advocate Frankie Bishop told CoinDesk. “All they did was affirm what was correct the whole time, that it was out of their scope of regulation.”
For now, bitcoins can be traded unimpeded, but that may change. In July, Thai authorities announced that it was illegal to buy or sell bitcoins or move them in and out of the country.
Now BoT has said that bitcoin exchanges can operate without special permit so long as they dont sell foreign currency.
“If the bitcoin that the company allows to be exchanged into Thai baht […] can also be used to exchange into other foreign currency inside or outside of Thailand, without the company being able to stop these exchanges,” Marc Nickels from BitLegal said. “Then the company may fall within the guidelines that would [require] a permit.”
David Barnes, managing director of the Thai bitcoin exchange, said it’s a positive development that should stimulate the kingdom’s bitcoin trade, CoinDesk reported.
Photo: Antana
