|May 15, 2018 01:36 AM||By: John Patrick Mullin | 3991 Views|
Thailand has obtained a royal decree to regulate cryptocurrency transactions, ordering all cryptocurrency sellers and brokers to register by the Security Exchange Commission.
On May 13, Thai King Bhumibol Adulyadej proceeded under a royal decree to implement a law that will regulate cryptocurrency transactions in Thailand. The 100-section law was written in The Royal Gazette and defines cryptocurrencies as "digital assets and digital tokens."
According to the Bangkok Post, Thailand's Finance Minister, Apisak Tantivorawong, announced in March that the law is not to prevent cryptocurrency but to protect investors and keep it from breathing used in elicit crimes such as money laundering and tax evasion.
The law not only obligates members of Thailand's Security Exchange Commission (SEC) to manage and regulate digital assets, but also conditions that sellers of cryptocurrency must register with the SEC within 90 days or face a punishment of twice the value of the digital transaction, or at least 500,000 baht (about $15,700 at time of press). Challenging sellers may also face up to two years in jail.
The order will reportedly be extended to require that all private cryptocurrency exchanges, dealers, and brokers register with the relevant authorities.
In February of this year, The Bank of Thailand announced a statement banning financial institutions from buying in or trading cryptocurrency. But this new law, which was inducted in March, reflects a more agreeable sentiment and has given the government a way to track and manage the news asset class.