Thailand SEC wants to improve the present crypto regulatory framework

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The Kingdom of Thailand may be very popular as a holiday destination that promises never-ending days of sun and perfect beaches, but that doesn’t mean the government forgot about the growing importance of cryptocurrencies and blockchain technology.
Though Thailand took the world of crypto by surprise in 2018 when they adopted a set of laws that should welcome crypto-related activities, the local regulators are now back at work with another royal decree that should improve the existing legislation.
Thailand has come to be recognized as one of the few South-East Asian countries that welcomed blockchain-related projects and digital assets bringing its economy in line with this innovative environment. As China confirmed lately its support for blockchain technology, Thailand is now moving even stronger to amend its existing laws to include the digital asset sector in its economy.
Reliable sources from the local media revealed today that the Securities and Exchange Commission of Thailand is considering adjusting the laws governing the activities of cryptocurrencies from 2020. The underlying idea is to facilitate the development of crypto-asset activities in the country and protect users against potential risks.
According to the latest rumors, the Thai SEC will check whether the existing laws that apply to digital assets include aspects that could hinder the progress of crypto-related activities in Thailand.
According to Thai government officials, the legislation should support the market growth and regulators should showcase a degree of flexibility in applying the rules according to the market needs.
The crypto-focused legislation passed by Thailand in 2018 has been created to mainly address the activity of crypto exchanges and companies engaged in token sale offerings, such as Initial Coin Offerings.
The Thai authorities seem to be aware that it’s important to establish a regulatory framework for crypto-related activities and blockchain projects in order to protect all parties from scams, fraud attempts and money laundering activities. However, it is equally relevant that the existing legislation encourages the new industry to benefit the society and economy of Thailand.

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