In Asia, Thailand has, by far, the most explicit legislative bodies to regulate cryptocurrency exchange services. In May 2018, the Thai government announced a Decree on digital assets to establish the requirements necessary for a business to operate in the field of digital assets. Therefore, before deciding to buy Bitcoin in Thailand, you should learn how to buy and sell cryptocurrencies as well as regulations here in advance.
Cryptocurrency legislation in Thailand
The direct supervising authority will be the Securities and Exchange Commission (Thai SEC).
The decree divides between:
- Principal issuance activity (fundraising), applied to the token issuer.
- Secondary market activities (transactions), applied to the trading platform and intermediaries.
With the decree issued, Thailand has also set up three types of licenses:
- The license of the digital asset trading platform.
- Digital asset broker license.
- Digital asset agency license.
Thailand has also specially launched a list of cryptocurrencies that can be accepted as investment capital for ICOs and as trading pairs on the exchange, including BTC, ETH, XRP, XLM. Thailand has not established a clear guide on depository requirements for cryptocurrency businesses. It is currently unknown whether the standards that apply to securities should be applied to digital assets, or whether new regulations need to be developed solely for cryptocurrencies. Thailand does not ban cryptocurrencies but has a strict legal framework for exchanges and ICOs.
Buy Bitcoin in Thailand through Coins.co.th
Coins.co.th is a Bitcoin broker operating in Thailand. Customers can buy Bitcoins through banks or deposits, bank transfers, mobile payments, or ATMs nationwide. They also allow trading with many Altcoins.
Advantages:
- Very easy to use for first-time buyers.
- Great selection of payment methods, including mobile payments.
- They allow you to top up your phone with Bitcoin.
- Support many Altcoins.
Defect
- Do not store BTC in Bitcoin.co.th wallet because it is not safe.
- Privacy support is not supported because the exchange requires that you verify your ID.
Buy Bitcoin at Bitcoin.co.th
Bitcoin.co.th is the easiest way to buy Bitcoin in Thailand. You can deposit money into your account by exchanging via deposit, bank transfer, or at any ATM.
Advantages:
- Super easy way to buy Bitcoin in Thailand.
- Many payment methods are available.
- They allow you to top up your phone with Bitcoin.
Defect
- Fees are not displayed; Fees included in the purchase price.
Buy Bitcoin through Mycelium Local Trader
Mycelium Local Trader helps you find local Bitcoin sellers. When you find a seller, you will meet directly and conduct the transaction. Mycelium charges absolutely no charge. While Mycelium Local Trader works well in densely populated areas, users in low population areas will have difficulty finding sellers.
Advantages:
- Easy and cheap way to buy Bitcoins with cash.
- A private way to buy Bitcoins, no personal information is required in addition to your mobile phone number.
Defect:
- Users in sparsely populated areas will have difficulty.
Buy Bitcoin at Bx.in.th
Bx.in.th is owned by Bitcoin.co.th (listed above). You can buy Bitcoins online in Thailand via online bank transfer for a better rate than Bitcoin.co.th.
Advantages:
- Meager fee 0.25%.
- Support many Altcoins.
- Entirely separate; Only the first name and last name needed to register.
Defect:
- Not as easy to use as other exchanges in Thailand.
- The exchange may be difficult to use for new Bitcoin users; It is directed at traders. Exchanges may request additional personal information for verification purposes at any time.
Buy Bitcoin through Changelly
This exchange allows you to buy Bitcoin with Litecoin, Dogecoin, other Altcoins, etc. Changelly works in almost every country, but you’ll need another cryptocurrency to buy Bitcoin. Exchanges happen practically immediately because Changelly never controls your tokens, only exchanges them.
Changelly.com is the best instant cryptocurrency exchange platform with the best exchange rates for BTC, ETH, LTC, XRP, ADA and 140+ other cryptocurrencies
Advantages:
- The easiest and fastest way to buy Bitcoin with Altcoin.
- Reasonable transaction fee.
Defect:
- Need to own Altcoin to use the platform.
Buy Bitcoin through Binance
Binance is one of the largest cryptocurrency exchanges in the world. Binance was founded by Changpeng Zhao (CZ) – former development manager at Blockchain.com. After conducting the ICO, Binance launched the trading platform in July 2017.
The name Binance comes from a combination of “Binary” and “Finance.” Meaning is to represent the emerging digital financial system.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies
What Is Binance? How To Register On Binance?
Buy Bitcoin on Coinmama
Coinmama allows customers in almost every country to buy Bitcoin with a credit or debit card. However, the fee is quite high, estimated at 6% for each purchase. If you are in Europe, you can also buy Bitcoin with SEPA transfer for a lower fee.
This cryptocurrency exchange offers a lot of convenience. You can buy Bitcoin with a debit or credit card. The second advantage is that the Bitcoin buying process is fast and straightforward because you don’t need to find buyers yourself. The third is an exchange operating in most countries. And is a reliable broker point.
Advantages:
- Works in most countries.
- Highest limit to buy Bitcoin with a credit card.
- Reliable and reliable broker.
Defect:
- Some of the highest fees among credit/debit card Bitcoin brokers.
What Is Coinmama? How To Register On Coinmama?
Buy Bitcoin in Thailand through P2P platform LocalBitcoins
LocalBitcoins is a margin service that also helps suit BTC buyers and sellers. The most common payment method for purchases is cash. However, users can advertise transactions for any payment method they like.
Buying Bitcoin through a live meeting, guaranteed and facilitated by LocalBitcoin, maybe one of the fastest and most private ways to buy BTC in any country.
Advantages:
- It can be private, fast, and easy.
- Direct transactions do not require personal information.
- Buying Bitcoin can be done quickly through deposits.
Defect:
- Beware of fraud.
- It is harder to buy large amounts of Bitcoin than significant exchanges.
- The price is slightly higher than regular exchange; Premium for more top privacy.
Buy Bitcoin through P2P platforms Paxful
Paxful is an online marketplace which allows buyers and seller to meet online and trade Bitcoins. Similar to LocalBitcoins or Remitano, Paxful allows a wide range of payment methods and buying options which can not be found on traditional exchanges.
Paxful aims to be the “Uber” of the Bitcoin community. Paxful enables individuals to become merchants and sell Bitcoin online, similar to how eBay allows people to sell merchandise.
Buy Bitcoin through Bitcoin ATM
One of the easiest ways to buy Bitcoin in Thailand is through the cryptocurrency above exchanges. Ideally, buyers should get a wallet first to store Bitcoin, as some exchanges may require doing so.
People in Bangkok can go to Bitcoin ATMs and buy cryptocurrencies with cash. The advantage of buying Bitcoin via ATM is an immediate purchase, and most of them usually do not require identity verification, making the purchase anonymized.
Source: Coinatmradar
However, be prepared to pay a higher transaction fee of 5% -10% if you buy Bitcoin via ATM in exchange for the privileges.
Another essential thing to note is that there are quite a few places in Bangkok where you can spend your Bitcoin. From nightclubs and bars to accommodation and marijuana, Bitcoin is slowly turning into an alternative means of payment for many businesses in this tourist hotspot.
Therefore, Bitcoin seems to have a great future in Thailand, thanks to the favorable government approach to cryptocurrencies.
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