Thailand Plans to Reform Cryptocurrency Laws

Asian countries like Thailand are not wasting time preparing their economy for a future that involves crypto assets. China is booming in the field of blockchain technology. And Thailand plans to open up more to the digital asset industry by modifying existing Cryptocurrency Laws.

25 November, 2019 | AtoZMarkets –  The Securities and Exchange Commission of Thailand plans to modify its regulation on digital assets next year. Moreover, the overall goal is to facilitate the growth of crypto assets while protecting investors from unnecessary risks

Thailand Cryptocurrency Laws

SEC Secretary-General Ruenvadee Suwanmongkol said he wanted to explore the possibility of removing obstacles that could hinder digital asset companies in the kingdom. “Laws must not be outdated and must meet the needs of the market. It is especially for new digital asset products and be competitive with the global market. However, we must explore all possible obstacles.”

The current royal decree on crypto companies came into force in May 2018. That was listing four types of secondary business intermediaries, which were crypto exchanges, brokerage firms, dealers, and token portal service providers or ICO portals.

In the current state of the exchanges, brokers need to apply for licenses from the Ministry of Finance. And ICOs also must be approved by the SEC. Ms. Ruenvadee adds that there have been numerous requests from ICOs in Thailand. But that they must first obtain regulatory approval. She said that investor protection is also a priority.

Read More: Bitcoin Team Releases New Version of Bitcoin Core

Digital Asset Licenses Awarded

According to the SEC, seven crypto companies in 2018 and five crypto companies in 2019 have obtained crypto-asset exchange licenses. These include Bitkub Online Co Ltd and Satang Pro Corporation, which are currently operating.

In a move that shocked local markets earlier this year, Bitcoin Co unexpectedly closed the county’s most popular exchange, BX Thailand. The military-appointed government regulators were also demanding unreasonable amounts of transaction data from the company and its customers.

There remain two portals, Bitherb Co Ltd and Huobi Thailand Co Ltd, which have not yet started operations. The regulator also authorized the official licensing of three crypto brokers, Coin TH Co Ltd, bitherb.net, and Bitazza Co Ltd. This initiative was seen as a step forward for Thailand, which is turning more and more to China for political guidance.

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