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Thailand's Securities And Exchange Commission Holds A Discussion to Elucidate New Digital Currency And ICO Regulations

May 22, 2018 Posted /  3313 Views

Thailand's Securities And Exchange Commission Holds A Discussion to Elucidate New Digital Currency And ICO Regulations

Local news publishing Siam Blockchain reports, Thailand's Securities and Exchange Commission (SEC) held a meeting on the regulation of digital currency, which was streamed on Facebook Live. The hearing concentrated on the SEC's approach towards digital currency-related organisations and raising funds through Initial Coin Offerings.

The discussion made it clear that funds can only be raised by ICO's in the form of Thai baht and digital currencies that are allowed by the SEC, the ones that have high liquidity and are not related with laundering money. ICOs that are working on projects, applications of which must be finished within sixty days, will likewise need to hold fast to standards of KYC and AML.

Siam Blockchain additionally states that the ICO Portal of Thailand won't register any international ICOs and that the Thai SEC Will not be associated with the ICOs of stable coins, which rather are regulated by the national bank.

A week ago, the Thai SEC launched a digital currency regulatory system that characterised digital currencies as digital resources and digital tokens under their regulatory framework. Thai Finance Minister, Apisak Tantivorawong, stated that the new enactment is encouraging of the ICOs, as long as they are authoritatively enlisted.

It was revealed a week ago that due to the new regulations Thai digital currency organisations are left befuddled about how to follow the system, especially the segments on taxes and registrations, as the new directions will require that all Thai-based digital currency exchanges, merchants and traders enrol under the correct authorities.

The general secretary of the Thai SEC recently affirmed with a local news source that additional laws will be implemented with the digital currency regulatory structure. Siam Blockchain reports that a Thai SEC hearing on digital currency will take place on May 30.

This year in February, the Thai Digital Asset Exchange (TDAX) reported they were postponing the registration and trading of ICOs for two weeks while sitting tight for the SEC's regulatory structure.

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Tags: Thailand's Securities And Exchange Commission SEC initial coin offerings digital currency

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