Thailand Introduced Legal Framework, But Players Don’t Know How to Comply

On Sunday, May 13, Thailand joined a pool of countries that have introduced regulatory frameworks regarding cryptocurrencies. The 100 section law, published in the country’s Royal Gazette, defines cryptocurrencies as digital assets and digital tokens that fall under the regulatory jurisdiction of the Thai Security Exchange Commission (TSEC), making it the main policeman of crypto transactions in the country. The royal decree has already come into force. That means that sellers of digital assets or tokens must register with the TSEC within 90 days, before Aug.14. Those who fail to comply risk facing a penalty of up to twice the value of the unauthorized digital transaction. The harshest punishment for unauthorized sellers is a jail sentence of up to two years. However, the situation remains unclear, as local companies and exchanges are only preparing to register with the SEC. The regulatory framework isn’t exactly ready, either.

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