The kingdom nation of Thailand is set to adjust the royal decree it previously issued regarding crypto-asset businesses. This move is meant to allow the country to further accommodate the crypto industry.

Thailand is one of the Asian countries that have warmed up to the blockchain and cryptocurrency technology and putting their economies in line with the emerging technologies in the crypto and blockchain industry. As China confirms its support for blockchain technology, Thailand aims to amend its existing laws to enable it to include the digital asset industry in its economy.

Facilitate Growth of Crypto Assets

A reliable source revealed today that the Securities and Exchange Commission of Thailand plans to adjust the existing laws governing crypto-asset businesses in 2020. The idea behind this move is to facilitate the progress of crypto-asset businesses in the country as well as to protect investors from possible risks.

According to the announcement, the Thailand SEC will check whether the existing crypto laws contain grey areas that might hinder the progress of crypto-asset businesses in the country.

According to Thailand’s SEC Secretary-General Ruenvadee Suwanmongkol, the laws are meant to serve the market.

“The regulator must be flexible to apply the rules and regulations in line with the market environment. Laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market.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.”

Thailand Passed Crypto Laws in 2018

Thailand passed the regulations for crypto-asset businesses in May 2018, during which named four types of secondary business intermediaries such as brokerage firms, dealers, crypto exchanges, and token portal providers or ICO portals.

The existing law requires that brokers, dealers, and exchanges obtain licensing from the country’s ministry of finance while ICOs must gain SEC approval before they begin operations.

“The legislation also aims to protect investors from risk of fraud and deception by dishonest persons, money laundering and exploitation of digital assets to facilitate illegal financial transactions, while ensuring regulatory clarity to facilitate legitimate uses of digital assets,” Ms. Ruenvadee said.

The move by the Thai SEC to amend the crypto-asset business laws is a step in the right direction to foster the progress of the digital industry in the country. Thailand has always depended on China for policy direction.

Featured Image Source: iStock

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