Thailand: The legal framework for digital currencies enters into force

in #bitcoin6 years ago

The Bangkok Post reported on Sunday (May 13th) that a legal framework for digital currency legislation had come into effect under a royal decree in Thailand. The 100-part law, published yesterday in the Royal Gazette, defines digital currencies as "digital assets and digital symbols" and falls under the regulatory mandate of the Securities and Exchange Commission (SEC).

Thai Finance Minister Abisak Tantifuraung was quoted by the Bangkok Post as saying the new measures were not aimed at banning digital currency or digital currency offerings. The position of the Minister of Finance is confirmed by the Securities and Exchange Commission of the country, which has been widely supportive of initial digital currency offerings, as long as they are subject to regulation.

Under the royal decree now in force, vendors of digital assets or codes must register with the Securities and Exchange Commission within 90 days. According to the Bangkok Post, failure to do so carries a penalty of double the value of unauthorized digital transaction, or at least 500,000 baht (about $ 15,700). Non-compliant sellers may face up to two years' imprisonment.

The Ministry of Finance and the Securities and Exchange Commission will now expand the framework, and oblige all local currency exchanges, as well as independent brokers and traders, to register with the relevant authorities as provided for in the Royal Decree.

Minister Tantifuraung stressed that the measures focus on protecting investors, as well as preventing the use of digital currency in criminal activities, money laundering and tax evasion.

The decree has been subject to revisions since it was first introduced in a draft version in March this year. Pending final regulations, uncertainty caused the Thai central bank to ban local banks from trading and investing in digital currencies in February of this year. In the same month, regulatory uncertainty also caused the Thai Digital Asset Exchange (TDAX) to stop the circulation and temporary registration of the digital currency offering. At the same time, the digital currency exchanges themselves were allowed to operate freely. In late March, the ministry announced its long-awaited final tax framework for digital currencies.

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