On Sunday, May 13, Thailand joined[1] a pool of countries that have introduced regulatory frameworks regarding cryptocurrencies. The 100 section law, published in the country’s Royal Gazette[2], defines cryptocurrencies as digital assets and digital tokens that fall under the regulatory jurisdiction of the Thai Security Exchange Commission (TSEC), making it the main policeman of crypto transactions in the country.
TSEC is in charge
Thailand’s government has been discussing the idea of a regulatory framework since last February, when Veerathai Santiprabhob, governor of the Central Bank of Thailand asked[3] all banks in the country to halt all cryptocurrency affairs before the corresponding laws are introduced.
The chief concerns regarding crypto for the Thai government are typical for conservative politicians, although there has been a clear course towards regulations instead of a ban. Therefore in March, Deputy Prime Minister Wissanu Krea-ngam explained that the government needed to issue new laws to regulate cryptocurrencies and initial coin offerings (ICOs) because they could be used in the context of “money laundering, tax avoidance and crime”.
Finally, as reported[4] by The Bangkok Post, Thai Finance Minister Apisak Tantivorawong echoed their statements as the law was finally introduced on May 13, saying that the new measures are not intended to prohibit cryptocurrencies or ICOs in the country.
That position reiterates that of the TSEC, which has been broadly supportive of ICOs, as long as they are regulated. As local media outlet Matichon states[5], under the new law, the TSEC will become responsible for regulating digital asset businesses, setting the fees and requirements for the registration of cryptocurrencies, issuing guidelines regarding potential problems and dealing with other areas related to crypto that have not been specified in the document.
