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Thailand Finally Creates Laws on Cryptocurrency Tradings

May 28, 2018

Thailand creating laws about crypto trading

As stated by Finance Minister of Thailand, Apisak Tantivorawong that a regulatory framework governing digital currencies will become clearer after the Bank of Thailand barred and prohibited financial institutions from supporting crypto-trading activities in February, the royal decree was finally set in place. On May 13, 2018, a law stipulating that virtual currencies are to be treated as digital assets has come into effect. From this point forward, crypto-activities in their country will be under the purview of the Security Exchange Commission. Digital Assets transactions will no longer be prohibited neither will Initial Coin Offerings be forbidden.

Coin sellers now have 90 days to register with the SEC in Thailand. Failing to meet the terms will merit stringent sanctions or a fine of no more than twice the amount of their transaction or a minimum of 500,000 baht ( around $15,671 USD). Imprisonment of up to two years is also possible.

The Ministry of Finance will be working with SEC to come up with comprehensive laws for cryptocurrency exchanges, dealers, and brokers to register with relevant institutions required.

Regulating cryptocurrency and digital tokens will be for the prevention of tax avoidance,crime, money laundering, and other illegal activities. In many countries where cryptocurrencies are being traded, regulation is what they need to shed further clarity on cryptocoin dealings and to boost investor confidence.

Thailand's new 100-section law recognizes cryptocurrencies and digital tokens as digital assets. It's about time you recognize your opportunities on Orozu