According to a report by the Bangkok Post, Thailand is waking up to the rest of the world on cryptocurrency and blockchain, and doesn’t want to get left behind. The country’s Securities and Exchange Commission (SEC), is working had to make changes to its royal decree regarding the sector, as way to boost growth and development of the industry.
Thailand is now looking to make and effect changes to the crypto clime, and also with customer protection in mind. According to SEC Secretary-general Ruenvadee Suwanmongkol, the Commission is currently combing the royal decree to find out if there are any areas that might be detrimental to the growth of the sector in the country. She said:
“[Authorities] must be flexible to apply the rules and regulations in line with the market environment. For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market. We need to explore any possible obstacles.”
The current royal decree caters to digital assets, requiring exchanges, brokers and dealers to obtain a license from the country’s ministry of finance. It also states that all initial coin offerings (ICO) must first seek approval from the SEC. So far, the ministry has given licenses to five different companies.
Thailand has previous announced the use of blockchain to tackle tax avoidance.
Image Credits: Pixabay
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