Thailand is one of the first countries to develop a regulatory framework for cryptocurrencies – and put it into effect in 2018. According to the Bangkok Post, the new 100-section law defines cryptocurrencies as “digital assets and digital tokens”, bringing them under the regulatory jurisdiction of the Thai Security Exchange Commission (SEC).
According to the Bangkok Post, Thailand’s Finance Minister Apisak Tantivorawong said that the measures are not intended to prohibit cryptocurrencies or ICOs – but instead support them and lead towards potential regulation.
Now that this royal decree is in force, sellers of digital assets or tokens must register with the Thai’s SEC offices within 90 says. Failure to do so carries a penalty of up to twice the value of the digital transaction (at least 500,000 baht or $15,700). Therefore, any noncompliant sellers could face this fine as well as a jail sentence of up to two years.
Currently, the Finance Ministry and SEC are both planning to expand the framework, requiring all domestic cryptocurrency exchanges to register with relevant authorities. The minister also emphasized that the measures are
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