Thailand’s Largest Cinema Joins the Cryptocurrency Bandwagon
Earlier this week, the Thai Securities and Exchange Commission (SEC) has issued the acceptance of the license apps from cryptocurrency operators.The Largest movie theater of Thailand have also joined the bandwagon to accept cryptocurrency payments for their services.
The major Cineplex in Thailand has regulated their businesses by accepting cryptocurrency payments for their products and services, such as Showtime, movie tickets, events, gift cards, popcorns, etc.
According to the Nation Multimedia reports:
The movie theater has decided to accomplish the partnership with Rapidzpay, a Swizz payment company. With this collaboration, they are planning to build a digital ecosystem in Thailand. The largest operator of movie theaters is one step ahead of what its competitors are up to.
The report also says, “Major and Rapidzpay will integrate cryptocurrency payments into established payment gateways to make payment for Major products and services more seamless, secure and efficient.”
Major Cineplex and Rapidzpay in a Partnership
Major Cineplex Group Public Co. Ltd., established in December 1995, is the largest operator of the movie theaters in Thailand. Together with EGV Entertainment and its subsidiary; they own 490 screens all over Thailand.
The Forbes reported on May last year that, “The company has “678 screens, including 9 in Laos and 7 in Cambodia, further they are planning to explore up to 1,000 screens by 2020.”
Considering its properties:
- Thailand’s largest multiplex is at Siam Paragon, the Paragon Cineplex, with 16 screens and 5,000 seats. It also has the IMAX Theater.
- The second largest Theater in Thailand is the SF Cinema City.
The Paragon Cineplex is the Major Group that has signed the partnership agreement with Rapidzpay.
Rapidzpay is a Switzerland-based company, and one of the leading cryptocurrency payment gateways. This platform allows linking of the merchants with crypto users. Merchants can easily accept cryptocurrency and fiat currency by using the Rapidz point-of-sale system.
While the Major Group is yet to announce the cryptocurrencies that will be accepted. However, the Rapidzpay app currently supports Bitcoin, BitcoinCash, and Litecoin.
The marketing director of Major Cineplex Group, Chanya Tamrongweenichai, was stated by the Nation mentioning the group believes “Rapidzpay will explore our other businesses and lead the change in Thailand’s financial ecosystem to be cashless,” noting:
You’ll be able to buy any services and products from us, such as movie tickets, popcorn, and other different products with cryptocurrency.
What is the Status of the Cryptocurrency Regulation in Thailand?
Last month, the announcement by SEC says that it will allow the trade of seven cryptocurrencies via exchanges in the country. The cryptocurrencies namely are BTC, BCH, ETH, ETC, LTC, XRP, and XLM.
The Securities and Exchange Commission (SEC) in Thailand has primarily added the regulations of cryptocurrency into their businesses. Since then the cryptocurrency regulation in Thailand seems to be in effect.
This week, the Secretary-General at SEC, Rapee Sucharitakul explained that
“The SEC is now accepting the application approval to operate the digital asset business, as the announcement by Finance Ministry on digital asset licenses has come into action”.
The Nation further elaborated:
Rapidzpay is targeting a million active users in Thailand within its first year by attracting both existing and new crypto-enthusiasts who are looking for a simple and convenient platform to convert between fiat and cryptocurrency.
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