[2018-07-02] Crypto Regulation: a Positive Move for Thailand

Bitcoin Garden | Crypto Regulation: a Positive Move for Thailand
https://bitcoingarden.org/crypto-regulation-a-positive-move-for-thailand/

“If you can’t beat them, join them” goes the saying.

According to popular wisdom, then, Thailand has made a smart move with its recent decision to regulate cryptocurrency transactions.

As of 13th May 2018, a royal degree came into force, which defines cryptocurrencies and their transactions, digital assets and ICOs, as well as comprehensively regulating them. The legislative bodies are still at work to refine regulations and taxation, attempting to reach an even broader spectrum. They appointed the Security Exchange Commission with this task and sellers are required to register with this SEC within 90 days, otherwise they will be fined.

This is really nothing new in the historical struggle between governments and controversial entities.

Let’s take alcohol as an example: if you prevent people from drinking alcoholic beverages, they will not stop doing so, they will simply find other, probably illegal ways to do it. This generates money of course, and it’s all money that the state is losing, as it goes in the pockets of those enterprising enough to invest in it. However, start regulating the market and you will provide the citizens with safer products (thus gaining popularity – always good to have, especially if close to election time) and the government’s coffers with a fresh batch of taxes....