According to the Bangkok post report, Thailand’s SEC announced to amend crypto regulations in order to boost the crypto market. Secretary-general of the Thailand SEC, Ruenvadee Suwanmongkol, stated that they wish to study exiting regulations and modify them to improve digital asset businesses within the kingdom.
“Need to explore any possible obstacles.”
Secretary-general Suwanmongkol further mentioned that crypto regulations should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market. According to her, the SEC needs to explore any possible obstacles to help the industry grow.
According to the current laws, crypto exchanges and dealers are required to apply for licenses from the Finance Ministry, while ICOs must be approved by the SEC.
Five companies received crypto exchange licenses.
According to the SEC, they have granted five crypto companies a crypto exchange license in the country. Suwanmongkol also informed that they received several ICO applications. Bitkub Online Co Ltd and Satang Pro Corporation are two of the five exchanges that received licenses.
With the new crypto regulations, the SEC aims to protect investors from the risk of fraud and deception by fake businesses and also prevent money laundering and other illegal activities.
