Recently Thailand holds an active position in the regulation of cryptocurrencies. In the search for the legal balance, the country took a very interesting solution that could serve as a precedent for other countries. The new law should put an end to a long-standing dispute about the definition of digital currencies.
The Thai government decided to bypass disputes that are trying in vain to solve the regulators all over the world, and adopted a new law according to which scriptactive are determined simultaneously as both currencies and securities — depending on the goal.
In accordance with the decree of the digital assets (Digital Asset Business Decree), as he called the new law, the regulators have defined two types of digital assets and digital cryptocurrency tokens. The concept of «cryptocurrency» is used when you trade goods or services, and the term «digital token» is used to refer to the participation rights in investment or digitization of specific goods.
The country has also established rules for the management of digital assets for companies wishing to operate as a stock exchange, broker or dealer.
In addition, Thailand has defined the powers of cryptocurrency exchanges, registered and licensed by the Ministry of Finance.
According to the Director of the SEC of Thailand Ashari Spirou (Archari Suppiroj), this step is associated with the desire of the Commission to find a regulatory balance between the opponents of crypto-currencies and those who use them for speculation. She also noted that the regulation is necessary to enter very carefully, because too strict an approach may deter investors.
The country is also taking steps to solve problems with ICO. In particular, in accordance with the new my law for the holding of ICO, the organizers must obtain permission from the Ministry of Finance and to organize the process so that it was similar to the issue of shares or debt bonds.