Wat Phra Kaew, also known as the Temple of the Emerald Buddha, and officially known as Wat Phra Si Rattana Satsadaram, residing in Bangkok, Thailand
Wat Phra Kaew, also known as the Temple of the Emerald Buddha, and officially known as Wat Phra Si Rattana Satsadaram, residing in Bangkok, Thailand. Freepik

Thailand’s Securities and Exchange Commission (SEC) is planning to amend the country’s cryptocurrency law in 2020, local news outlet the Bangkok Post reported on 25 November.

According to the report, the decision was made after the Thai SEC voiced some concerns that the current laws are making the country non-competitive.

According to the SEC’s data, since its current licensing regulations came into power in May 2018, only five companies have been able to complete the certification, of which only two have launched.

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The Thai government is now planning to adjust the existing crypto laws as to accommodate the digital asset industry in the country, while still continuing to shield investors from possible risks.

Even though the regulator has not given details on how exactly current practices would change, the SEC’s Secretary General, Ruenvadee Suwanmongkol, said that they should be “flexible to apply the rules and regulations in line with the market environment”.

She further stated:

“For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market.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.”

The current law requires that exchanges, dealers and brokers apply for a license with the Finance Ministry, while ICO portals must first be approved by the SEC before they become operational.

The country also imposes strict penalties to those that sell digital tokens without the SEC’s approval. Sellers of unauthorised digital tokens can be fined for up to twice the value of the transaction, or at least 500,000 baht (around $16,500), and face a jail term of up to two years.

Last month, SE Digital, a subsidiary of financial services company Seamico Securities, became the first ICO portal to be approved by Thailand’s securities regulator.

At the time the company announced its plans to launch the first investment token in Thailand, with a targeted transaction size of 2-3 billion Baht (between $65.6 million and $98.7 million).

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