Thailand Issues Royal Decree To Regulate Cryptocurrency

Thailand Issues Royal Decree To Regulate Cryptocurrency

Thailand Issues Royal Decree To Regulate Cryptocurrency

A regulatory framework for cryptocurrencies and ICOs came into force on Sunday, which tasks the SEC to control and regulate cryptocurrencies. Sellers of digital tokens will face a fine or even jail time if they fail to register with the regulator within 90 days.

The Thai Governments mandate to initiate regulation of cryptocurrencies and also ICO's will be effective from Monday. The Digital Asset Management Act BE 2561 was approved by the Thai cabinet in March and has been amended since.

The revenue code revision code No 19 was announced meant to tax the profits from cryptocurrencies at 15%.

The country's Securities and Exchange Commission (SEC) will be in charge of overseeing and regulating all digital currency transactions in addition to verifying the identity of clients.

The publication outlines four areas the SEC will be responsible for. The first is to regulate the issuance and offering of cryptocurrencies and digital asset businesses. Secondly, they will be involved in setting the requirements and fees for cryptocurrency registration and approval and also the operators. Third, making a guideline which will help in the provision of solutions for potential issues. The fourth concerns all other areas not previously mentioned.

The royal decree stipulates that unregistered token brokers or those who perform token transactions through unregistered brokers will face a jail term of up to two years and fines of at least two times the token values, up to a maximum of 500,000 baht (S$20,930). Those who carry out unauthorised business in digital assets face jail terms of between two and five years.

Therefore, the news outlet gave elaborations that "the [finance] ministry and SEC will now work on organic laws requiring all digital asset transactions, including those of digital asset exchanges, brokers, and dealers, to be registered with the relevant authorities according to the decree". The BOT has previously banned financial institutions from crypto activities. Let us know in the comments section below.

Images courtesy of Shutterstock and Thai SEC. Check our tools section.

Notícias recomendadas

  • FG unveils 'killer' of Nigerian diplomat in Sudan

    FG unveils 'killer' of Nigerian diplomat in Sudan

    Meanwhile, the ministry said the process of conveying the remains of the deceased to Nigeria for a proper burial is being finalised.
    Treasury Wine shares sink after over-supply reports

    Treasury Wine shares sink after over-supply reports

    The United States and China resume trade talks on Thursday over tens of billions of dollars in tit-for-tat tariffs. Nervous investors pushed Treasury Wine shares down as much as 12 percent, their biggest fall since 2014.
    Yankees games against Nationals on Wednesday postponed

    Yankees games against Nationals on Wednesday postponed

    Stanton's 1,000th hit was not exactly the sort of thing one might expect from the big slugger: A blooper to shallow right in the fifth inning Tuesday.
  • US Senate backs effort to restore 'net neutrality' rules

    US Senate backs effort to restore 'net neutrality' rules

    Bitcoin and cryptocurrency may be decentralized but people buy and sell them on exchanges hosted by internet service providers. They would prefer to see Congress pass bipartisan legislation on net neutrality, including addressing internet privacy issues.
    Head-To-Head Research: Hanwha Q Cells (HQCL) and Canadian Solar (CSIQ)

    Head-To-Head Research: Hanwha Q Cells (HQCL) and Canadian Solar (CSIQ)

    With $19 highest and $15 lowest target Canadian Solar Inc has $17.14 average target or 3.13% above the current ($16.62) price. This is a breakdown of recent ratings and price targets for Hanwha Q Cells and Canadian Solar, as provided by MarketBeat.com.
    More Heartbreak For Tony Award-Winning Actress After Daughter Killed

    More Heartbreak For Tony Award-Winning Actress After Daughter Killed

    Two months after her daughter was killed in a vehicle crash, Broadway star Ruthie Ann Miles suffered another tragedy. Miles' attorney confirmed Wednesday night that she lost the baby on Friday.
  • Gianluigi Buffon tipped to announce retirement this week

    Gianluigi Buffon tipped to announce retirement this week

    However, the 2006 World Cup victor , close to tears at times, did not say whether he was retiring from the sport altogether. The former Parma goalkeeper will make his 640th and final Serie A appearance for Juventus against Verona in Turin.
    Britain slashes top stake on gambling machines to 2 pounds

    Britain slashes top stake on gambling machines to 2 pounds

    Miss Crouch said: "Problem gambling can devastate individuals' lives, families and communities". In addition it will launch a probe into the public health impact of betting.
    Sports Gambling Might Be Coming To California

    Sports Gambling Might Be Coming To California

    Hockey is among the games being broadcast on 47 flat screens above while gamblers sit in leather seats to watch and strategize. The in-house satellite radio station praised the decision as enlightened. "The discussions are on-going", Larrick said.
  • National Dialogue for Peace Begins in Nicaragua

    National Dialogue for Peace Begins in Nicaragua

    The government of Nicaragua says it will welcome a visit by the Organization of American States Human Rights Commission following weeks of protests.
    Woman tortured to death by a pack of dachshunds

    Woman tortured to death by a pack of dachshunds

    Six of the dogs are believed to have been mixed with a terrier, but one - the biggest and oldest - could be part-border collie. Garcia was mauled at the intersection of Banyon and Mary Niblack roads and later died from her injuries, according to KTEN.
    Former Trinidad star dies in vehicle  crash

    Former Trinidad star dies in vehicle crash

    Jlloyd Samuel played youth football for Charlton before joining Villa, where he made almost 200 appearances between 1999 and 2007. More recently, he was player-manager at non-league side Egerton FC, which called Samuel an "inspiration".

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.