Thailand Central Bank confirms that cryptocurrency will be legalized for which all the regulatory powers of this sector will be given completely to the country’s ICO friendly SEC. The law would be finalized within this month.
Thailand SEC to regulate the crypto industry completely!
The Central Bank of Thailand has finally confirmed its plan to crypto regulation. The idea is to legalize them as a means of exchange. It has been revealed by the governor of the bank, Veerathai Santiprabhob that the meeting between the finance minister and deputy prime minister of the country and the related agencies have agreed to enact a new law where the cryptocurrencies will be regulated entirely.
It has been stated that this new law will grant the complete regulatory powers to the Securities and Exchange Commission (SEC) which is ICO favorable. This law is expected to be finalized by this month.
Reportedly, a few days back the deputy prime minister Somkid Jatusripitak said:
“Virtual coins will be classified as digital assets, not currency, so the royal decree will empower the Securities and Exchange Commission (SEC) to regulate all aspects of virtual coins.”
Rapee Sucharitakul, the secretary general of SEC has divulged that a royal decree will be looked on as a way to authorize the SEC in order to regulate cryptocurrency, exchanges, and ICOs among all the other aspects of the crypto market. The focus is for SEC to completely handle the crypto industry.
Also, read…G20 Meeting: Crypto G20 Summit To Focus On Money Laundering Issues
A crypto market & ICO favorable country…
The former Finance Minister Kom Chatikavanij who is a Fintech advocate currently also supports the government’s move. Chatikavanij has been recognized as the “Global Finance Minister of the year” for his economic plan during the global financial crisis
According to Kom:
“I agree with the Finance Ministry view of letting the SEC be the only organization governing digital assets because it already oversees securities and has a profound understanding of digital assets. Digital assets are new to everyone, no one knows everything (about them), so all parties should be open-minded, learn about them and have proper rules and regulations”.
Coming on to the ICOs, Thailand SEC is positive towards it and stresses on the fact that the agency does “realizes the potential of ICO in providing new forms of funding for businesses and startups.”
After being extended twice, the ICO framework draft is now being seen by SEC. Moreover, the mandatory requirement for ICO operators to must have the minimum registered capital of 5 million baht or about $160,000 for investment participation is already accepted by market participants.
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