Thailand embraces ICO regulation, Legalizes 7 Cryptocurrencies and Licensing

[thecryptohype]

Thai Authorities have been busy in 2018 as they implement new policies and enact laws to regulate Blockchain-based digital assets

As regulators around the world are still caught over the debate over what category digital currencies and assets should fall into,
Thailand seems to have skipped the debate altogether as authorities announce an emergency decree in the Royal Gazette
which officially defines both Cryptocurrencies (a medium of exchanging goods) and digital tokens (rights to participate in an investment, or to receive specific goods), resulting in new laws aimed to govern business operations related to this new form of digital assets.

Within a short period of time, the Thai Government has not only legalized few Cryptocurrencies such as Bitcoin
but authorities have made their priority to also regulate Initial coin offering, granting commercial licensing and amending new tax laws.

Visit this Article written by the CryptoHype that sums up Thailand surprising move of providing new legal framework for this disruptive technology.
As a leading Fintech Hub in South East Asia and fast-growing economy Thailand seems ripe for more Cryptocurrency adoption as would provide an alternative financial instrument especially for the those unbanked

[avikz]

Link to the official announcement is given below,

https://www.sec.or.th/mpublish/digitalasset/digitalasset.html

The page language is Thai so you need to use browser translator to read the page. Indeed a great news!

I am surprised to see the courage of Thailand SEC on this matter because a lot of powerful economies are still debating on making the cryptos legal. While a relatively small country like Thailand released and implemented a legal framework already.

[1BTC EQUALS 1CAR]

Thailand is not that progressive like Japan and South Korea but they did the right thing to approve and support the use of cryptocurrencies. I salute these officials who made the decisions and who are brave enough not to follow the big bankers of their countries who only cares about their personal gains and interest.

[hugeblack]

This news is worthless because it is recognition for gains by imposing new tax laws and not recognizing this technology.

There is no explicit recognition of cryptocurrencies as a currency like other currencies, but as an investment and therefore profits from those who want to invest in this new investment activity.
Also, adding ICOs is a sign of greed regulations.

By the way, the article link does not work please check it.

[timerland]

Thai Authorities have been busy in 2018 as they implement new policies and enact laws to regulate Blockchain-based digital assets

As regulators around the world are still caught over the debate over what category digital currencies and assets should fall into,
Thailand seems to have skipped the debate altogether as authorities announce an emergency decree in the Royal Gazette
which officially defines both Cryptocurrencies (a medium of exchanging goods) and digital tokens (rights to participate in an investment, or to receive specific goods), resulting in new laws aimed to govern business operations related to this new form of digital assets.

Within a short period of time, the Thai Government has not only legalized few Cryptocurrencies such as Bitcoin
but authorities have made their priority to also regulate Initial coin offering, granting commercial licensing and amending new tax laws.

Visit this Article written by the CryptoHype that sums up Thailand surprising move of providing new legal framework for this disruptive technology.
As a leading Fintech Hub in South East Asia and fast-growing economy Thailand seems ripe for more Cryptocurrency adoption as would provide an alternative financial instrument especially for the those unbanked

I don't really get why they would only legalize the trading of 7 cryptocurrencies.

This is extremely weird in terms of policy-making, as they essentially give all the competitiveness to these 7 cryptocurrencies and completely ignore the rest when it comes to their legality.

I think that they're taking the right steps IF they are trying to regulate and amend crypto and the tax codes surrounding it, instead of outright banning it like some other nations are doing. Just not sure that they are doing it in the right way, though, by creating this disparity between certain cryptos. They would certainly attract more investors and businesses into their country after their crypto regulation is updated, and clarified.

However, it all depends on the details. If it was just a mere tax reform trying to bring more revenue by raising tax rates on crypto, then it could even negatively impact the crypto space within their country.

[Slow death]

They made much progress:

Bank of Thailand Allows Banks to Open Subsidiaries for Crypto Dealings

Bank of Thailand Announces 'Milestone' Digital Currency Project Using R3 Corda Platform

I hope that in the future they will not create obstacles for cryptos

[Theb]

Posted something related to that on another thread earlier and I talk about how ICO regulation would be good for all of the parties including their citizens, Thailand should be an example for the Chinese Government or in any government for that matter, what they are doing is simply denying their own citizens the proper chance of having a good investment opportunity for them. Instead of banning ICO sales and promotions they should instead find a way to monitor and control who is allowed to do such operations in their country.

They just need to take advantage of this situation by turning it around, if they support the cryptocurrency market in their country they might even see how big of a help in their economy the market will be for them. On the other side, this is really a good news for the country as from what I read before the Thai government has been in the same position of the Chinese government before, the change of heart is a big win for the cryptocurrency market.