On March 11th, Rapee Sucharitakul, the Secretary-General of Thailand’s Securities and Exchange Commission passed a “special law” that will result in the TSEC governing everything cryptocurrency related. It was stated by a local news outlet that, “The special law will regulate the purchases and sales of cryptocurrencies and ICOs in order to avoid market manipulation, money laundering, tax evasion, as well as multi-level marketing schemes.”
Laws concerning cryptocurrency were stressed earlier this month when Prawit Wongsuwan, Thailand’s deputy prime minister required that laws regarding cryptocurrencies and ICO’s must be in place within a month. The “special law” that has been passed will see strict regulations placed on ICOs, as well as rules issued to all parties involved in token sales. This means that trading platforms, investors, issuers and middlemen will all have to answer to TSEC.
Cryptocurrency and the ICO’market’s quick growth has long been weighing on the concerns of Thai regulators. Before Rapee Sucharitakul’s “special law” was put in place, regulators were considering placing cryptocurrency under the country’s controversial Section 44 law, a law that would give the The National Council for Peace and Order (NCPO) complete power to give any orders and bring change to any field.
Since 2014, the NCPO has been in complete rule of Thailand. PBS Thailand said it best in regards to the NCPO, “The deputy prime minister in charge of legal affairs has made clear that Section 44 which empowers the prime minister to have absolute power to make final decision on all problems will remain in force although the country will have the new constitution in use,”
To the satisfaction of cryptocurrency traders in Thailand, on Friday, March 9th the deputy prime minister decided that currently there was no need for the Section 44 law in regards to cryptocurrency. He further stated that for now normal regulatory procedures would be enough.