Thailand Unveils Details of Crypto Regulations, Legalizing 7 Cryptocurrencies

The Securities and Exchange Commission of Thailand has

unveiled the details of the country’s regulatory framework for

cryptocurrencies and initial coin offerings, including licensing requirements,

fees, and a list of seven approved cryptocurrencies.

The Thai Securities and Exchange Commission (SEC) announced

on Friday the details of the country’s cryptocurrency and

initial coin offering (ICO) regulations.

The measures were approved at the regulator’s June 7

meeting and are expected to go into effect later on this month,

according to local media. “The proposed approach

has been through public hearings in several channels,” MGR Online wrote.

This announcement follows the decree which went into effect on May 14,

putting the Thai SEC in charge of crypto regulations.

It also follows the country’s crypto taxation announcement.

According to the Bangkok Post, the SEC expects about 10 firms

to apply for licenses, half of which will be crypto exchanges

and the rest crypto brokers and dealers.

Citing that crypto exchanges have until August 14

to apply for licenses, the news outlet elaborated:

All market participants, including ICO issuers,

digital exchanges, brokers and dealers involved with digital asset

transactions, are required to register with the SEC within 90 days

of the effective date…The participants must also receive the

Finance Ministry’s approval to conduct digital asset business.

Only registered companies in Thailand can apply for licenses,

the Finance Ministry clarified.

There is an upfront fee of 5 million baht (~US$156,194),

“which is separated into 2.5 million each for token

distribution and cryptocurrency operations,” the publication described.

“Fees charged for brokerage firms and digital

asset dealers are 2.5 million and 2 million baht, respectively.”

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