Thailand is about to adjust the Royal Decree it had previously issued regarding the activities of crypto-assets. This move should allow the country to better adapt to the crypto industry.
The Thai Stock Exchange Officer is currently studying whether the current regulatory framework, adopted earlier in 2018, is still appropriate and if it does not hinder the development of digital asset trading in Thailand, reports Bangkokpost yesterday. As China confirms its support for blockchain technology, Thailand is considering amending its existing laws to include the digital asset sector in its economy.
Facilitate growth of cryptographic assets
A reliable source revealed today that the Securities and Exchange Commission of Thailand is considering adjusting the laws governing the activities of crypto-assets in 2020. The underlying idea is to facilitate the development of crypto-asset activities in the country and protect against risks.
According to this announcement, the Thai SEC will check whether existing cryptographic laws contain shadow zones that could hinder the progress of crypto-asset activities in the country.
"The regulator must be flexible in enforcing the regulation in accordance with the market environment. For example, laws should not be outdated, they should meet market needs, particularly for new digital asset products, and be competitive with the global market. We need to explore all possible obstacles," said Ruenvadee Suwanmongkol, SEC Secretary-General.
Thailand passed crypto laws in 2018
Thailand adopted the regulation on crypto-asset activities in May 2018, including four types of secondary intermediaries such as brokerage companies, cryptographic exchanges and token portal providers or ICO portals. The current law requires brokers and exchanges to obtain a licence from the country's Ministry of Finance, while Icos must obtain approval from the SEC before they begin operations.
"The legislation also aims to protect investors from the risks of fraud and deception by dishonest persons, money laundering and the exploitation of digital assets in order to facilitate financial transactions illegal, ensuring clarity of regulation to facilitate legitimate uses of digital assets,' said Ms Ruenvadee.
The decision of the Thai SEC to amend the trade laws governing cryptographic assets is a step in the right direction to foster the progress of the digital industry in the country. Thailand has always depended on China for political direction.
Today, five local platforms have been licensed to offer cryptocurrency trading. However, only two of them are active. The other three, including the platform of the Thai subsidiary of giant Huobi, have not yet launched their service or have already closed their doors.