Thai SEC Mulls Tweaking Existing Crypto Regulations to Boost Growth

[elsniper]

Asian nations such as Thailand are wasting no time in preparing their economies for a future that involves crypto assets. China is full steam ahead on blockchain technology, and Thailand is making plans to open up further to the digital asset industry with amendments to existing regulations.

https://bitcoinist.com/thailand-sec-to-tweak-existing-crypto-regulations/

[Kyraishi]

Asian nations such as Thailand are wasting no time in preparing their economies for a future that involves crypto assets. China is full steam ahead on blockchain technology, and Thailand is making plans to open up further to the digital asset industry with amendments to existing regulations.

https://bitcoinist.com/thailand-sec-to-tweak-existing-crypto-regulations/

I think it's very important for developing countries like Thailand and some other Asian countries to take notice of crypto-currencies, especially since the advanced economies are now looking at blockchain technology since they've reached an impasse with their development.

I like this approach, it's nothing that is extremely intrusive and disruptive, but it makes sure crypto-businesses are subject to the same things that other companies would as well, and I think this completely solves the scam ICO problem.

[blckhawk]

This is regulation that would not disrupt the crypto-space, instead make it a better ground for investors to interact with. Regulation does not always mean highly taxed operations, restricted actions, but instead regulating companies that may outright establish their company just to scam people, would be lessen. It also shows that adoption and Bitcoin itself is still in its early stages, and it would not be gone too soon contrary to those who spread FUDs.

[avikz]

Another welcoming news of 2019! Governments with progressive mentality is doing their bit to make the crypto market more robust while governments with regressive mentality is doing exactly the opposite! It's great to know a South Asian country is trying to become a frontrunner in cryptospace to boost its adoption and set the things right!

[hello_good_sir]

Interesting news. They are going down a direction that isn't directly acknowledging that bitcoin and blockchain technology is in a different area of their own, and they aren't going to bother making up their own laws (which in my opinion is definitely needed, especially for exchanges and other payment processors in the crypto scene).

They instead seem to just be shoveling all the crypto companies in the same pile as the other tech countries, and they haven't made any drastic moves towards ICO's. Interesting, I think they won't bother doing anything with ICO's since they aren't getting a lot of attention, compared to other countries.

[joniboini]

I'm not that surprised. A project that I've followed since 2018 has already establish a partnership with Thailand government for their eVOA program. Thailand is surprisingly open to crypto imo.

Let's hope this won't cause ICO frenzy that increase scammers chance to get money from the market in Thailand.

[pooya87]

Let's hope this won't cause ICO frenzy that increase scammers chance to get money from the market in Thailand.

i don't think it can be repeated anymore. in my experience when a method of scamming people is used in the cryptocurrency market for a long time (more than a year mainly in 2017) then it stops being successful as a large number of people would be its victims or aware of the scam.
token creation and raising funds by selling that to gullible people is not going to work anymore. and Thailand market is no exception.

[jseverson]

i don't think it can be repeated anymore. in my experience when a method of scamming people is used in the cryptocurrency market for a long time (more than a year mainly in 2017) then it stops being successful as a large number of people would be its victims or aware of the scam.
token creation and raising funds by selling that to gullible people is not going to work anymore. and Thailand market is no exception.

Yeah, and there's also data to support this:

https://en.longhash.com/news/the-ico-is-well-and-truly-dead

Either way, the article explicitly mentions that ICOs are subject to regulatory approval, so it shouldn't be too much of a concern either way. Bitconnect-like ponzis are a bigger threat nowadays IMO.

[haufranco]

huh. Like we never knew thet promote only that helping them to get personal info easily

[stompix]

Asian nations such as Thailand are wasting no time in preparing their economies for a future that involves crypto assets.

They are not wasting ANY time:

Thailand’s Securities and Exchange Commission plans to amend its digital asset business regulations next year.

And the last line...

In a move that shocked local markets earlier this year, Bitcoin Co unexpectedly closed the county’s most popular exchange, BX Thailand. It was reported at the time that regulators in the military-appointed government were demanding unreasonable amounts of transaction data from the firm and its clients.

Oh yeah, they are in a hurry to know everything and tax everything and lock up everyone!

I'm pretty sure Elwar is thrilled to go to Thailand again.
You people realize we're talking about a military dictatorship lead country here, right?
Just as China is looking at the blockchain and turning its ass to bitcoin, nothing good will come from those control freaks in Thailand either.

[hotmom]

Really. At least some SEC works for the good of the people.