2020 Crypto Law Set to Change in Thailand

Thailand regulators are planning to see a change to laws on digital assets such as cryptocurrency. This comes after concerns were raised that they had made the country uncompetitive.

Bangkok Post had reported on November 25th, that Thailand’s regulator, the Securities and Exchange Commission (SEC) wants to look back on its crypto policy for the start of next year.

As per CoinTelegraph:

“The reason, it says, lies in poor uptake of its certification and licensing scheme by cryptocurrency businesses. Since it came into power last year, only five companies have completed certification, and of those, just two have launched.”

Amendments are currently on the table now though. despite this, the SEC has not yet given any specific details of how certain practices could potentially change.

The secretary-general of the SEC, Ruenvadee Suwanmongkol was quoted as saying:

“The regulator must be flexible to apply the rules and regulations in line with the market environment.”

Suwanmongkol continued:

“For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market. We need to explore any possible obstacles.”

The country currently has some pretty strict penalties in place for those attempting to sell digital assets without any official approval from the securities commission. This both includes potential fines of at least $16,540, and a two-year jail sentence is on the table too.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!