Thai Securities and Exchange Commission to announce cryptocurrency market regulatory framework in March,

nOutburst comment: Thai financial regulators are drafting bills to regulate the local cryptocurrency industry. A number of media have revealed that the regulatory framework is expected to be introduced by the end of March. The reason why Thailand hopes to formulate cryptocurrency regulations as soon as possible is not only to prevent money laundering and fraud in this new industry, but also to impose taxation on this market and increase fiscal revenue while safeguarding market security.n
nTranslation: Inan
According to the Associated Press, Thailand is drafting a bill to oversee cryptocurrency transactions and tax the local cryptocurrency market.n
According to government spokesman Nathporn Chatusripitak, the Thai Ministry of Finance advocated cryptocurrency supervision because they wanted to prevent cryptocurrency money laundering and fraud. The new regulatory measures are expected to be announced later this month.n
In mid-February, the Governor of the Bank of Thailand issued a circular demanding that all Thai banks stay away from cryptocurrency transactions and investments, while prohibiting banks from participating in the creation and operation of cryptocurrency exchanges and trading platforms. However, this notice is only for banks and does not address cryptocurrency exchanges. These exchanges can now also be operated in Thailand.n
Last September, the Securities and Exchange Commission of Thailand announced that it would support the supervision of ICO. The Thai Digital Asset Exchange (TDAX) also postponed the transaction and registration of its ICO project in mid-February, pending the disclosure of its regulatory framework by the Securities and Exchange Commission of Thailand.n

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