Cryptocurrencies still outside Thai law, warns SEC

[webfact]

Cryptocurrencies still outside Thai law, warns SEC

By The Nation

 

The Securities and Exchange Commission, Thailand (SEC) is warning that people who invest in Initial Coin Offerings (ICO) and cryptocurrencies generally are taking a risk because Thai laws do not yet have any statutes in place that cover them.

 

Several companies have plans to issue ICO but the SEC did not have any rules to cover such offerings, secretary-general Rapee Sucharitakul said on Sunday.

 

Investors in ICO needed to realise the risks they were taking because the country did not yet have any laws in place to protect them and White Papers detailing the ICO were likely be oral contracts only, he said.

 

“The SEC is studying [potential] rules for ICO but it is an ongoing process,” Rapee added.

 

Source: http://www.nationmultimedia.com/detail/business/30339198

 

-- © Copyright The Nation 2018-02-19

 

[Rjc123]

How can one be 'outside Thai law' when there is no law governing this space? It's like saying jumping on the spot for 3 minutes is 'outside the law' because there's no law governing jumping on the spot.

[Stoker58]

The whole point of cryptocurrencies is that they are not subject to the laws of individual countries. Anyone who tries to 'regulate' cryptocurrencies just doesn't understand them. Of course, that doesn't stop them from trying.

[Acemaker]

2 hours ago, Stoker58 said:

The whole point of cryptocurrencies is that they are not subject to the laws of individual countries. Anyone who tries to 'regulate' cryptocurrencies just doesn't understand them. Of course, that doesn't stop them from trying.

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[DLang]

2 minutes ago, Acemaker said:

Get in now :

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