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Thailand Initiates A Rigorous Study For Crypto-Integration

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Thailand Initiates A Rigorous Study For Crypto-Integration

The Thailand Ministry of Commerce, in collaboration with the United Kingdom Embassy in Thailand, has kicked off a feasibility study led by TPSO – Thailand’s Trade Policy and Strategy Office. The study will try to determine the possibility of using blockchain technology to manage copyrights and intellectual property (IP). The Bangkok Post broke the news on October 9th.

Details of the Research

According to the popular Thai news outlet, Thailand’s Trade Policy and Strategy Office (TPSO) has already launched the initial phase of the study. Explaining further, the daily stated that this phase of the study will focus on certain key areas. They include traceability, trade financing, company and IP registration management, and digital IDs. As you can see, this stage of the research will demystify how to maximize transparency, reduce operations cost, and streamline relevant processes. For those who may not know, TPSO is an arm under the bigger Ministry of Commerce.

Other Aspects of the TPSO Study

In addition, the article pointed out that the study will focus on reviews of IP management processes, interviews with stakeholders, and IP laws. What’s more? The TPSO will unravel and tackle any possible challenges that can appear before the mass adoption. Moreover, the TPSO will develop an experimental sandbox that will enable developers to test blockchain technology use cases in agriculture.

The reason for that is that Thai farmers had earlier complained about expending time in processing organic rice for export. The farmers lamented that they use 15 to 20 days to go through a rigorous process of documentation. The study already notes that they pass through at least seven different agencies of Thai government. However, the TPSO firmly believes that blockchain technology can introduce a paradigm shift. It hopes to reduce the number of days expended in the bureaucratic bottleneck to a maximum of three. In the end, it will eliminate parasitic middlemen.

Thai Inroads on Blockchain Technology

In recent times, Thailand is exploring the possibility of using the technology to improve its lot. For instance, in June, the Thai Government legalized seven popular cryptocurrencies. These virtual currencies include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Stellar Lumens (XLM), and Litecoin (LTC). Also, the country has encouraged digital currency exchanges and broker-dealers to apply for licenses. That’s not all. In July, the Thai Securities and Exchange Commission (SEC) gave more digital token issuers the green light to file for applications. Moreover, in the same month, the Thai SEC categorized ICOs into three classes: utility tokens, investment tokens, and cryptocurrencies. Indeed, this study and other moves point to the fact that Thailand is an emerging blockchain-centric hub.

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