In 2018, Thailand became one of the first jurisdictions globally to specify rules for cryptocurrency-related businesses. Fast forward to a little over a year later, the country’s Securities and Exchange Commission (SEC) is reviewing the earlier regulations to see if any sections are hindering the growth of the young industry.
According to a report by the Bangkok Post, the agency’s secretary-general Ruenvadee Suwanmongkol confirmed the ongoing study and possible amendments. However, the modifications would still maintain the primary objective of protecting investors while facilitating the growth of digital assets.
Suwanmongkol is quoted in the report as noting how important it is for a regulator to be flexible, and apply the rules and regulations that fit with the current “market environment." She then added:
For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market. We need to explore any possible obstacles.
Although the SEC official did not disclose any specifics regarding laws that they’re likely to meanwhile, it is known that regulation for the Thai crypto ecosystem covers different businesses, including crypto exchanges, brokerage firms, dealers, and ICO portals.
All such businesses must acquire an operating license with the Thai SEC and carry out their activities according to rules provided by the regulator.