Amid regulatory uncertainty for the Asian crypto ecosystem as recorded in China and India, Thailand is aiming toward boosting the country’s crypto businesses by amending its regulation for the sector.
Following an announcement by the head of Thailand Security Exchange Commission (SEC), Ruenvadee Suwanmongkol, as reported today by Bangkok Post, the country is analyzing the success and failure of its earlier policies for the crypto space, to determine how to amend the regulation.
Ruenvadee noted that regulations governing an industry like crypto should be formulated in a way that would create room for amendment, to suit new crypto-related businesses, and stay ahead of its competitors. More precisely, she reportedly stated:
[Crypto] laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market.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.
Thailand’s royal decree for crypto-related companies became effective on May 14, 2018. The rule was formulated to cover four distinct aspects of cryptocurrencies, including crypto exchanges, brokerage firms, dealers, and ICO portals.
At the time of the launch, crypto firms, including exchanges, brokerage, and dealers, were required to obtain licenses from the country’s Finance Ministry before commencing operations, while ICOs must get regulatory approval from the SEC.
Three months after the royal decree on crypto businesses came into effect, the SEC acknowledged that 20 exchanges have registered for licenses, and about 50 ICO projects indicated interest in operating in the country.
Last month, Coinfomania reported that the Thai SEC granted SE Digital, a subsidiary of Seamico Securities, the necessary approval to become the first regulated ICO portal in the country.
The SEC is still focused on mitigating the risk associated with cryptos for investors, as today’s report cites former SEC secretary-general Rapee Sucharitakul’s stance on protecting crypto investors.
“The legislation also aims to protect investors from the 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,” Sucharitakul said.