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Thailand to Adopt a more measured approach to Cryptocurrency regulations

Thailand to Adopt a more measured approach to Cryptocurrency regulations

BANGKOK: Thai Deputy Prime Minister, Somkid Jatusripitak has called for the necessary laws that will regulate the cryptocurrency market in Thailand to be passed within the month. In February 2018, BTCManager reported that the ICO regulations were imminent in Thailand.

Both the country’s Securities and Exchange Commission (TSEC) as well as the Stock Exchange body have been collaborating to prepare a comprehensive legal framework to regulate the ICO market in Thailand. An important part of the process of establishing regulatory measures to prevent fraud, according to the country’s SEC, has also been striving to stimulate growth in the market.

According to the news outlet Thai Rath, a unique set of laws to regulate the cryptocurrency market in Thailand were being formulated. This announcement was made known by the Secretary-General of TSEC, Rapee Sucharitakul.

The Secretary-General said that a number of committees were working on a regulatory framework to govern all areas of the cryptocurrency market.

Sucharitakul also revealed that the TSEC would be in charge of overseeing the regulation of the crypto market in the country.

The country’s Minister of Finance, Aphisak Tantiworawong also told reporters that the government is also considering a tax framework for the cryptocurrency market.

The Minister revealed that the Depart of Revenue already has four units carrying out independent studies on how to go about taxing the cryptocurrency market.