Thailand to Change Its Regulatory Framework in 2020
In Year 2020, the Securities and Exchange Commission (SEC) of Thailand could adjust its regulatory framework for cryptocurrency to accelerate industry growth.
Thailand is about to adjust the Royal Decree it had previously issued regarding the activities of crypto-assets. This move should allow the country to better adapt to the crypto industry.
The Thai Stock Exchange Officer is currently studying whether the current regulatory framework, adopted earlier in 2018, is still appropriate and if it does not hinder the development of digital asset trading in Thailand, reports Bangkokpost yesterday. As China confirms its support for blockchain technology, Thailand is considering amending its existing laws to include the digital asset sector in its economy.
According to this announcement, the Thai SEC will check whether existing cryptographic laws contain shadow zones that could hinder the progress of crypto-asset activities in the country.
"The regulator must be flexible in enforcing the regulation in accordance with the market environment. For example, laws should not be outdated, they should meet market needs, particularly for new digital asset products, and be competitive with the global market. We need to explore all possible obstacles," said Ruenvadee Suwanmongkol, SEC Secretary-General.
A reliable source revealed today that the Securities and Exchange Commission of Thailand is considering adjusting the laws governing the activities of crypto-assets in 2020. The underlying idea is to facilitate the development of crypto-asset activities in the country and protect against risks.