Bitcoin, Crypto currency, Blockchain

Thailand’s new crypto-law comes into force

3a88f70765d5d0fcf65548e37e0f911b - Thailand's new crypto-law comes into force

The new regulation, according to the need to register all sellers of crypto-currencies in Thailand by a state Agency. Otherwise there is a risk of imprisonment.

On Sunday, the 13. May, is entered into Thailand, the new crypto-law in force. The final rule includes 100 paragraphs, and defined crypto-currencies, digital assets and Tokens, which must be regulated and controlled. Responsible for this regulation is the Thai Security Exchange Commission (TSEC).

Within 90 days after the publication of the new law must notify all of the sellers of crypto-currencies in the case of the TSEC and register. If they do not, penalties will be charged according to the transaction amount. The minimum penalty for unregistered crypto-trade is 500,000 Baht (about 13.100 Euro), the maximum penalty shall not exceed two times the traded value. Accordingly, imprisonment of up to two years.

Crypto-currencies remain legal in Thailand

The law passed in the last few months through several Revisions. Prior to the legalization of crypto-trade, the government must educate the population, first of all, the associated risks, it said. The reasons for the strict regulation to Prevent money laundering, tax evasion and other crimes, according to Minister of Finance Apisak Tantivorawong. It is important, however, that crypto-currencies will remain legal: In the confusion of the negotiations to the new rules, the Thai had said the Central Bank in February to the trade of crypto-currencies temporarily. At the end of March, a Plan for the taxation of gains on the crypto market was, however, already.

ICOs will consider the Thai regulators to be more positive than negative. The Chairman of the Thai Fintech Association (TFA) and former Minister of Finance, Korn Chatikavanij, said that ICOs benefits for small businesses to raise capital. Therefore, related regulations should not be too strict. In addition, the Thai government sees Blockchain-technologies away from crypto-currencies also as useful as a high-ranking employee of the Ministry of Finance recently emphasized. As the implementation of the new crypto-appearance act in Thailand, we will know in the next few months.

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