The crypto space is changing with every passing day. In that context, regulators and authorities are striving to come up with laws to effectively govern the nascent industry. Some nations still oppose the crypto idea while others are gradually embracing the new technology.
Reports have emerged that lawmakers in Thailand now are contemplating reforming crypto laws. They debated this issue after raising concerns that the old laws have made the country uncompetitive. According to a Bangkok Post report of November 25, the Securities and Exchange Commission (SEC), Thailand’s regulator, wants to reconsider its crypto policy in 2021.
Authorities Must Be Flexible
The given reason is that it lies in poor uptake of its licensing and certification scheme by crypto businesses. Since it ascended into power in 2018, just five companies have completed certification, and among them, only two have launched.
Currently, the amendments are on the table. However, the SEC is yet to give a precise directive of how the current practices would change. Bangkok Times quoted the secretary-general of the SEC, Ruenvadee Suwanmongkol as saying:
“The regulator 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 For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market.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.”
Only a Single Approved ICO Launched
Thailand is known for imposing stiff penalties for the people trying to sell digital assets without due approval from the SEC. They include probable fines of not less than 500,000 baht ($16,540) and even two-year jail sentences.
But, when the country’s first ICO under the new rules launched in October 2019, it pointed to a considerable step forward from state policy many years ago. That policy favored a total crypto ban in the country.
Throughout the world, initial coin offerings have almost died out. Analysts and commentators attribute the lack of momentum to mounting regulatory pressure.
