According to a report by the Bangkok Post on May 13th, a new royal decree was issued for crypto money registrations in Thailand . The hundred-part law issued by the Royal Gazette in the country describes crypto money as “digital assets and digital tokens” and places these assets under the jurisdiction of the Thai Securities Commission (SEC).
According to a statement by the Finance Minister, these new regulations aimed at crypto paralysis do not necessarily mean that crypto money or ICOs are forbidden.
In the direction of the Royal Declaration, digital goods or digital token sellers must register with the SEC within 90 days. According to local sources, if you sell digital money in Thailand and you do not register with the SEC within 90 days, you can pay up to twice the amount of sales you make or at least 500,000 baht (about $ 16,000).
The Ministry of Finance and the SEC will now make the legal regulations, including crypto money and the country’s cryptographic money exchanges much more comprehensive.
Finance Minister Tantivorawong noted that these measures were taken to prevent cryptocurrencies from being used in illegal activities such as money laundering and tax evasion.
In fact, the Royal Decree came into effect as a bill in March of this year and certain improvements have been made since then on the decree. Thailand’s central bank has banned local banks from crypto money trading / investing in the country. Citing legal regulations that include cryptographic money in the country are not yet clear. The Thai Digital Asset Exchange (TDAX) temporarily suspended ICO trade and support during the period when the central bank took this decision. However, these decisions did not include crypto money exchanges in any way, we can say that the stock exchanges in the country are generally free.
