Thailand regulatory framework for cryptocurrency comes into effect from May 2018

August 7, 2018

According to the Bangkok Post on May 13, Thailand’s legal framework for cryptocurrency has come into force by royal decree. Published in the Royal Gazette on May 13, this 100-section law defines cryptocurrencies as digital assets and digital tokens and bring them under the control and administration of Thai SEC.

Apisak Tantivorawong – Thai Finance Minister shared with Bangkok Post that the law was not proposed to ban cryptocurrency and ICOs. Otherwise, Thai SEC is always supporting ICOs as long as they are legalized in this country..

Based on this law, before the sellers public their ICOs or cryptocurrencies, they must register their projects to SEC within 90 days. If they do not follow to rules, they will carry a sanction up to double the value of illegal online transaction, or at east 500,000 baht which equal to $15,700.

The framework also covers all domestic crypto exchanges as well as individual crypto brokers and dealers to register to the Finance Ministry and SEC.

This measures, said by Minister Tantivorawong, aim to protect crypto investors, as well as prevent the unlawful transactions, money laundering and tax prevention.

This decree has been through several revisions since it was publicly introduced this March. Awaiting the finalized laws, the pending action made the Thai central bank to ban domestic banks from crypto trading and investment in February this year. Also in the same month, legal confusion also lead the Thai Digital Asset Exchange (TDAX) to freeze all ICO trading and registration activities temporarily. In the other hand, crypto exchanges themselves have still been allowed to operate freely. And in this March, the Ministry confirmed its finalized taxation measurement for cryptocurrency.

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