Crypto Laws in Thailand will Change in 2020
November 25, 2019 10:09 pm
Thailand’s lawmakers have planned to reform the cryptocurrency laws after raising concerns that they have made the country uncompetitive. According to the reports from the Bangkok Post, Thailand’s regulator, the Securities and Exchange Commission (SEC) wants to reconsider its crypto policy in 2020.
The SEC states the reason, lies in poor uptake of its certification and licensing scheme by cryptocurrency businesses. Since it came into power last year, only five companies have completed certification, and just two of them have launched.
Ruenvadee Suwanmongkol, the secretary-general of the SEC, quoted to Bangkok Times:
“The regulator must be flexible to apply the rules and regulations in line with the market environment.”
Now, amendments are on the table, but the SEC has not yet given precise details of how current practices would change.
“For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market.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.”
A recent report from BangkokPost revealed that Thailand regulator has announced that they will revise regulation laws to prevent cryptocurrency usages in illegal activities. Pol Maj Gen Preecha Charoensahayanon, the acting Secretary-General of the Thai Anti-Money Laundering Office (AMLO), said that cryptos will be used for money laundering.
According to the regulator:
“We may not find any clue, but that doesn’t mean the wrongdoing does not occur.”