Connect with us

News

Thailand dodges extreme regulations on cryptocurrency. Will it be favorable for the market?

Santhosh M

Published

on

Thailand dodges extreme regulations on cryptocurrency. Will it be favorable for the market?
Source: Pixabay

Generally, for any finance regulation in Thailand, a controversial law known as Section 44 is mandated. But the regulators of Thailand have met and come to a conclusion for framing a new law and not invoking the controversial Section 44.

This came right after press release of the Thai Deputy Prime Minister expressing the regulators to frame a new law for the transactions involving cryptocurrency and ICO to be formulated within a month. It is a norm in Thailand for Securities and Exchange Commission of Thailand [TSEC] to act as the regulator for all finance related domain and cryptocurrency is not an exception to this.

The issued statement says:

“The special law will regulate the purchases and sales of cryptocurrencies and ICOs in order to avoid market manipulation, money laundering, tax evasion, as well as multi-level marketing schemes.”

It has been finalized that TSEC shall be in charge of governing the new law that is to be enacted to regulate all areas of cryptocurrency. This news was made official by Mr. Rapee Sucharitakul, Secretary-General of the TSEC.

This special law shall address all areas of cryptocurrency including rules and regulations on ICOs, rules for the parties involved such as the investor, middleman, issuer and trading platforms. The new law will make sure that market manipulation, tax evasion, and multi-level marketing schemes are averted.

The Thai Minister of Finance, Mr. Aphisak Tantiworawong expressed the fact that digital currencies shall be brought under taxation. The country’s Department of Revenue is thinking of possible ways of mandating taxes on digital currencies and is awaiting the results of the study being made by four units in charge of drafting the law.

The four units are TSEC, the Anti-Money Laundering Services [AML] Office, the Bank of Thailand, and the Ministry of Finance.



The Thai BPS reported:

“The deputy prime minister in charge of legal affairs has made clear that Section 44 which empowers the prime minister to have absolute power to make final decision on all problems will remain in force although the country will have the new constitution in use”

The regulators in Thailand are concerned about the rapid growth of cryptocurrencies and ICO market over the past financial year and have suggested to necessarily implement Section 44 for regulating the industry.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Santhosh is a full-time reporter at AMBCrypto. He is an engineer with a major in Mathematics and Computer Science. He developed a key interest in the blockchain space and has been studying and researching about it ever since. He is currently authoring a book on Blockchain and its use cases in the Education domain. He currently does not hold any value in any cryptocurrency or its projects.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Basic Attention Token surges by over 6% as Ad Launch nears

Namrata Shukla

Published

on

Baisc Attention Token surged by over 6% over ads launch hype
Source: Pixabay

The cryptocurrency market appears to be bleeding, however, few altcoins have reported small surges over the past few days, like Basic Attention Token [BAT].

The coin, on April 18 when the entire market was mostly red, surged by over 10% and was trading at $0.3618, its all-time high since July 2018. On April 20, BAT reported a growth of over 6% and was valued at $0.3947, breaking its immediate resistance.

Source: CoinMarketCap

Source: CoinMarketCap

BAT reported a market cap of $493 million and a 24-hour trading volume of $57 million. The coin noted a 6.47% rise in its price over the past day and reported a seven-day surge of 31.20%. BAT continued to register a growth of 1.18% over the past hour.



Crypto-enthusiasts speculate the reason for the surge in prices to be the launch of advertisements on the Brave Browser this month. The BAT token is essentially based on entertainment and can be obtained through a variety of advertising and attention-based services on its platform. According to Twitter user @CryptoNilla,

“They are about to launch ads this month hence the pump.”

BAT was highly traded on ZB.COM exchange as it noted a volume of $8 million via the BAT/USDT pair. The second place was taken by Binance, the largest cryptocurrency exchange as it reported a trading volume of $7 million via the BAT/BTC pair. IDCM was on the third place with $6 million in volume via the BTA/BTC pair.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending