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

Santhosh M

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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.





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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.

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Altcoins

Cardano’s focus is on staying loyal to ecosystem’s scalability & interoperability, says Charles Hoskinson

Arijit Sarkar

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Charles Hoskinson shares Cardano's vision to enable scalable and interoperable crypto ecosystem
Source: United States Air Force

As numerous developments continue to change the face of the cryptocurrency space, IOHK’s CEO Charles Hoskinson shared Cardano’s latest innovations in its ecosystem through another one of his AMA sessions. While the entrepreneur expanded on the expected launch of its Haskell and RUST testnets, the AMA was also focused on sharing his aggressive plan to enable Cardano’s smart contracting.

Hoskinson attributed the vision’s ultimate success to three main factors, which include ability to train new developers, the model itself and Cardano’s ability to interface with the broader functional programming community. He supported this idea by saying,

“This is a huge untapped community full of credentialed and qualified programmers. By interfacing our foundation with that community, we should be able to see a lot of really interesting DApps produced for Cardano rather quickly.”

Comparing Cardano’s credibility to the infamous JAVA platform, Hoskinson claims to have made 20 reiterations of the project “because programming language theorists are perfectionists and they really want to get this done right.”

While the Cardano team continues to work towards the deployment of Shelley and Marlowe on the testnet, Hoskinson also hinted at some incremental upgrades that will be expanded upon in the next AMA, as well as on the company’s official website. Out of the many iterations, Cardano’s primary focus will be to stay loyal to the ecosystem’s scalability and interoperability across other crypto-based ecosystems.

Hoskinson also mentioned that his past contributions to Ethereum helped his team explore the design space of the code, which ultimately helped them develop a seamless ecosystem focused on user experience and ease of use. He added,

“People want to keep regulators happy. That said, we will also begin exploring some privacy ideas and how we can also increase privacy on these transactions.”

In addition to backend development, it is also important to note that Cardano’s [ADA] crypto-adoption has allowed it to dethrone Tron [TRX] from the 11th position, with respect to market cap.





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