Thailand Will Issue a Preliminary Document on the Regulation of Cryptocurrency

This month the Thailand Securities and Exchange Commission will provide the public with a preliminary version of the documents, which are designed to regulate the country’s cryptocurrency activities according to the new laws. The taxation of participants in the cryptocurrency market will be considered in the documents as well.

The Thai Ministry of Finance is very much concerned about money laundering incidents which happened through the use of cryptocurrency. For this reason the Ministry of Finance pays great attention to the issue of regulating virtual money.

It is worth pointing out that the Central Bank of Thailand made a notification for all financial institutions in the country about a month ago on preventing investments into cryptocurrency assets, at least for a while.

A little earlier, the Securities and Exchange Commission issued a statement that said that some of the existing tokens could be equated to securities and regulated in accordance with this fact.

Following the main bank of Thailand, another bank (Krungthai Bank) has stopped conducting any financial operations through the private local cryptocurrency exchange TDAX, because of which the latter had to refuse to conduct the initial coin offering.

Perhaps, the new document will cover all possible threats from cryptocurrency without blocking users from decentralized currencies, exchanges and services. Our only option is to follow the news from Thailand, so as not to miss the creation of the first more or less complete document on the regulation of the country’s cryptocurrency.

Subscribe to The Coin Shark news in Telegram: https://t.me/thecoinshark