Thailand Dodges Extreme Cryptocurrency Regulations

[webfact]

Thailand Dodges Extreme Cryptocurrency Regulations

 

Mr. Somkid Jatusripitak.

 

The Thai Deputy Prime Minister has mandated that the law on cryptocurrencies and initial coin offerings be finalized within a month. The regulators have met and agreed that there is no need to invoke the country’s controversial Section 44 law but to introduce a “special law” for them instead.

 

Mr. Rapee Sucharitakul, Secretary-General of the Securities and Exchange Commission of Thailand (TSEC), revealed on Saturday that related committees have met and decided to enact a “special law” to govern all areas of cryptocurrency, with the TSEC in charge, Thai Rath reported.

 

This law will also regulate initial coin offerings (ICOs) including providing rules on parties involved in token sales such as investors, middlemen, issuers, and trading platforms, the news outlet detailed, adding:

 

"The special law will regulate the purchases and sales of cryptocurrencies and ICOs in order to avoid market manipulation, money laundering, tax evasion, as well as multi-level marketing schemes."

 

Full story: https://news.bitcoin.com/thailand-dodges-extreme-cryptocurrency-regulations/

 

-- News Bitcoin 2018-03-12

[YetAnother]

2 hours ago, webfact said:

no need to invoke the country’s controversial Section 44 law but to introduce a “special law” for them instead.

good on the first part; given the nature of 'laws', i.e., the rules of a society, then all laws are 'special' , so calling this one 'special' suggests a weak understanding of 'laws' by our lawmakers

[thhMan]

Should be interesting

First they need to know what the heck Crypto is

Edited March 12, 2018 by thhMan

[PAIBKK]