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SEC regulates digital currency market

BANGKOK, 8th June 2018 (NNT) – The Securities and Exchange Commission (SEC) has issued measures to regulate the digital currency market to ensure security and protect against fraud and money laundering.

Director of the SECs FinTech Department, Archari Suppiroj said today that regulatory measures will extend to cryptocurrencies such as Bitcoin, and Litecoin, as well as digital tokens issued to raise funds in return for the token’s speculative profit or the ability to exchange the token for specific goods or services. Entities that issue such digital assets must be large companies that are incorporated according to Thai law, have no history of crime or security law violation, possess a clear business plan, and disseminate financial statements and investment information on their assets.

Furthermore, fund raising using digital currencies must utilize digital currencies listed by the SEC such as Bitcoin, Ethereum, Litecoin, or Ripple. Exchanges, brokerage services, and sellers of digital assets must also receive the approval of the Minister of Finance.

Those already engaged in such businesses are able to continue their business for 90 days or until August 14. In the meantime, they must apply for a business license in accordance with the Digital Asset Management Act of 2016.

Source: National News Bureau of Thailand (NNT) National News Bureau & Public Relations :

Reporter : Jettana Pantana / Rewriter : Rodney McNeil