In an attempt to push the growth of digital assets, Thailand’s Securities and Exchange Commission (SEC) is planning to amend the royal decree on the industry next year.
Reported by the Bangkok Post on Monday, the regulator already began studying the various roadblocks in the decree, which came into effect last year, affecting digital asset businesses.
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“The regulator must be flexible to apply the rules and regulations in line with the market environment,” Ruenvadee Suwanmongkol, secretary-general of the SEC, told the local publication.
“For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market.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.”
Despite #Bitcoin‘s price crash, countries such as #Thailand have revealed that their regulators are working on a way to tweak laws to facilitate the growth of cryptocurrencies within the region. This will be done keepin mind the security of investors. #crypto #blockchain
— Tron Weekly Journal (@TronWeekly) November 25, 2019
Thailand’s royal decree classifies the digital asset businesses into four categories – digital exchanges, brokerage firms, dealers, and token portal service providers. Companies opting to operate as the first three have to apply for a license from the finance ministry, while ICO portals need the SEC’s approval.
“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,” Suwanmongkol added.
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To date, five companies received Thai authorities nod to run digital asset exchanges. However, one of them – Bitcoin Co – stopped operation earlier this year while two others – Bitherb Co (bitherb.net) and Huobi Thailand – are yet to start their business.
Meanwhile, the country’s ICO portal SE Digital is poised to make a debut with the first investment token in the country with a target transaction size of THB 2 billion and THB 3 billion ($65.8 million and $98.7 million respectively).