Thailand are the next country to roll out a new round of cryptocurrency regulations. Whilst Europe and the United States seem to be taking an awfully long time to establish regulations, many Asian states are making very quick tracks to ensure that their countries are prepared to work either for, or against the cryptocurrency and blockchain revolution.
With Japan leading the race towards a safer and more controlled blockchain industry, other countries such as India have taken the opposite approach, in making moves towards an outright ban. Thailand seem to be next to fully establish a new set of regulations, in light of recent announcements made by the government back in March.
Thankfully, the regulations established in Thailand are more similar to what we are seeing in Japan and are unlike those seen in India. Essentially, Thailand are recognising cryptocurrency as an asset and thus believe that regulation is the key, as opposed to prohibition.
According to the Bangkok Post, the new cryptocurrency regulations came into force on Sunday the 13th of May. The regulations come in the form of a new, one hundred-section law which will work along side the Thai SEC (Securities and Exchange Commission) to help control and regulate cryptocurrencies.
According to the Bangkok Post:
“All sellers are required to register with the SEC within 90 days of the law taking effect. Sellers of digital tokens unauthorised by the SEC will be fined no more than twice the value of the digital transaction or at least 500,000 baht. They could also face a jail term of up to two years.”
You can see the full Bangkok Post article for yourself, here- https://www.bangkokpost.com/business/news/1464522/cryptocurrency-law-takes-effect
The regulations now recognise cryptocurrencies as digital money and are designed to prevent money laundering and fraud. Moreover, the regulations will still allow ICO’s but will also work towards ensuring that these are carried out in the safest way possible. By ensuring exchanges and traders are registered with the SEC, they can be held accountable for any illegal actions that they take. Hopefully, this means trading in Thailand, is about to become a whole lot safer.
Remember, those who fail to register with the SEC in 90 days, could be subject to some quite severe criminal proceedings.
This is very positive for cryptocurrencies overall. Thailand join the ranks of some very technologically progressive countries and will be the part of a revolution for cryptocurrency in Asia. With the rest of the world looking on, it won’t be long before European states start to follow suit.