Thailand is perhaps not the first country that springs to mind when considering the mainstream adoption of cryptocurrency. The south-east Asian state has until recently adopted a fairly hardline stance towards initial coin offerings (ICOs), which seemed to take some of the steam out of the sector’s development. But increasingly there are signs of a softening of their approach, and this week the country’s largest cinema operator has announced that it is launching a pioneering crypto payment system.
The trailblazing move is the result of a partnership between Major Cineplex, the country’s largest cinema operator, and RapidzPay, a Swiss financial technology company. The new system will enable customers to buy tickets, food and drink using a brand new point-of-sale payment system, and will also support payments via mobile app to the RapidzPay’s multi-purpose digital wallet.
Since opening a new office recently in Bangkok, RapidzPay are aggressively expanding their operation in Thailand. The company aim to be market leaders in the provision of payment gateways for crypto, and their dedicated wallet enables storage and trading of a range of crypto and fiat currencies, including the Thai baht.
Major Cineplex are also blazing a trail. With more than 20 multiplex theatres in Thailand, and a combined total of nearly 700 screens, the company is growing rapidly and bought out its nearest competitor to expand even further. Founder and owner Vicha Poolvaraluck is now one of Thailand’s richest men, with estimated net worth of $465 million.
Thailand as a whole has had a checkered political history, and suffered a major financial collapse in the late 90s which is credited with triggering the broader Asian financial collapse. But things are looking up, and recently the country has changed its stance and rolled out a range of crypto-friendly regulations, including a comprehensive ICO regulatory framework.
CONNECT WITH CRYPTO TRADERS
