Thailand Opens Digital Asset Trading Licenses; Jeju Island May Become Korea's Only "ICO Legal Zone"

Overview of Blockchain and Digital Currency Policies

This week saw significant positive trends in blockchain and digital currency policies globally.

International Highlights

Positive Developments

1. Thailand Opens Digital Asset Trading Licenses
   Thailand has begun issuing digital asset trading licenses, marking it as one of the first countries to establish clear legal frameworks for digital assets. The Thai Securities and Exchange Commission (SEC) started accepting applications this week, following the enactment of the Digital Asset Business Act in June and subsequent regulatory measures.
2. South Korea Establishes Financial Innovation Bureau
   South Korea’s Financial Services Commission (FSC) formed a Financial Innovation Bureau to support blockchain and cryptocurrency businesses, signaling strong governmental backing for technological advancement.
3. Jeju Island Advances as a "Blockchain Special Zone"
   Jeju Island is positioning itself as South Korea’s only ICO-friendly region, with plans to attract blockchain startups seeking regulatory clarity.
4. U.S. State Lifts Blockchain Ban
   South Carolina revoked cease-and-desist orders against two blockchain firms (ShipChain and Genesis Mining), citing updated regulatory understanding.
5. Costa Rica Allows Crypto Salary Payments
   Employees in Costa Rica can now receive part of their wages in cryptocurrencies under existing labor laws.

Regulatory Progress

• Liechtenstein Delays "Blockchain Law"
  The highly anticipated legislation is still under review, with no confirmed enactment date.
• South Korea Surveys Blockchain Firms
  The national statistics agency is gathering data from 121 blockchain-related companies to refine industry classification standards.

Increased Scrutiny

• U.S. Congress Targets Crypto in Anti-Crime Bill
  A new bill directs the Financial Crimes Enforcement Network (FinCEN) to study cryptocurrency use in illicit activities.
• Swiss Regulator Sues Unlicensed ICO Firm
  FINMA filed a lawsuit against Envion for raising $100M through an unauthorized token sale.
• G20 Pushes for Anti-Money Laundering Standards
  The Financial Action Task Force (FATF) has three months to clarify how AML rules apply to digital assets.

Domestic (China) Updates

Encouraging Statements

• A senior researcher at the Central University of Finance and Economics urged regulators to avoid over-penalizing compliant fintech platforms during crackdowns.

Stricter Enforcement

• A Renmin University professor reiterated that unapproved ICOs may constitute illegal fundraising, emphasizing the need for regulatory compliance.

FAQ Section

Why is Thailand significant for digital assets?

Thailand’s clear legal framework makes it a pioneer in legitimizing digital asset trading, attracting global businesses.

Can Jeju Island host ICOs legally?

Yes, Jeju is actively promoting itself as South Korea’s only "ICO-permitted" zone, though national regulations remain restrictive.

How does the U.S. bill affect cryptocurrencies?

The bill mandates FinCEN to analyze crypto’s role in financial crimes, potentially shaping future regulations.

👉 Explore more on global crypto regulations

Is Costa Rica crypto-friendly?

Yes, its labor laws permit salary payments in cryptocurrencies, recognizing them as valid assets.

👉 Learn about crypto adoption worldwide

Note: All market data (e.g., BTC: $7,989.60) reflects historical prices from July 2018 and is for reference only.