Thailand imposes further regulatory scrutiny on crypto
According to Thailand’s deputy prime minister, Wissanu Krea-ngam, more measures to control cryptocurrencies are required, as “digital crimes have become more sophisticated.” The statement from Wissanu Krea-ngam came right after the legal measures “to prevent the misuse of digital currencies” have been implemented in the country.
In May of 2018, a regulatory framework for digital currencies took effect, and Thailand’s Securities Exchange Commission (SEC) was instructed to treat crypto as a new asset class. According to the already established regulatory guidelines, companies or individuals dealing with crypto assets must register with the Thai SEC within 90 days, and failure to do so may lead to fines and even imprisonment. Additionally, SEC has issued hard warnings in regards to ICOs. There were several of them that were launched in the country after May, and they did not meet the regulatory standards.
In early September, Thailand’s Institute of Justice (TIJ) announced that digital currency-related crimes will be on the rise, and in order to be prepared, the legal professionals and law enforcement working in the crypto sector have to go through a rigorous education process. Most likely, establishing additional educational guidelines would be part of Krea-ngam’s stricter measures to tackle crypto-related crimes.