Thailand vs. Estonia-Which Is More Crypto-Friendly?
It has not been long since Thailand’s Securities and Exchange Commission, popularly known as SEC, has legalized the trading of seven Cryptocurrencies. These include Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, Litecoin, and Stellar. The Thailand exchanges are licensed to trade these cryptocurrencies.
So, now is the billion-dollar question, which is the preferred country when it comes to trading electronic currency-Estonia or Thailand. To solve this dilemma, we compare both these nations by rounding up valuable points you must know before making your first investment.
Complex Requirements to Obtain Cryptocurrency License in Thailand
There is a myriad of benefits to getting the license in Thailand. Firstly, you’ll have to make a centralized exchange deposit of 50 million TBH, which is around 1.47 million euros. Whereas in Estonia, the entire process of obtaining the license for setting up an exchange is less complicated, it hardly takes a few days to get government approval.
Do you know the license application fees are 30,000 TBH in Thailand?
On the other hand, the cost of filling the application for getting the crypto exchange is quite nominal. Another problem faced by Crypto investors and exchanges in Thailand is that the token to be sold has to be first approved by the Securities and Exchange Commission (SEC). The taxes imposed on crypto exchanges in Thailand are heavy, especially when it is a developing nation.
So, in a nutshell, it is a no-brainer to suggest that the government policies for cryptocurrencies are favorable in Estonia in comparison to Thailand.
Why is Estonia the Best Destination to Launch Your Crypto Exchange?
Cryptocurrency is regulated in Estonia by the government. There is no deposit for submitting the application for running a crypto exchange in this Northern European nation. There is no additional VAT over the trading of cryptocurrencies in Estonia.
When you obtain the license, you get the complete freedom to issue your own coins and offer the wallet facility to their registered crypto users.
The procedural time for the license approval in Estonia is 30 days by law, but it in reality; it hardly takes one to two weeks.
Do you know Estonia is ranked as the one ecosystem for startups in the world? Why? Because there is 0% corporate tax!
The e-residency program of Estonia is a powerful tool to access various government services, easily register your business 24/7, and easily manage your business online.
The Major Difference between Thailand & Estonia
Estonia is a technology-driven nation, which has seriously encouraged the growth of crypto culture in the country. The government has taken many initiatives to create an environment where investors have the freedom to trade and business people can easily start their crypto venture here.
On the other hand, Thailand has recently legalized crypto trading, so in the years to come, this small Asian country will have its big say on the global map.