Thailand Avoids Extreme Cryptocurrency Supervision

nOutburst assessment: The Deputy Prime Minister of Thailand, who is responsible for managing legal affairs, recently stated that he will not manage this area through disputed Article 44 of the Interim Constitution, but should establish specific regulations. Therefore, Thailand’s Securities and Exchange Commission, the Ministry of Finance, the Anti-Money Laundering Office and the Central Bank have reached an agreement to jointly formulate regulatory regulations for the cryptocurrency sector. Since another deputy prime minister has set deadlines for this work, these organizations will have to draw up relevant bills as soon as possible within one month.n
nTranslation: Inan
Special regulations for cryptocurrencyn
According to reports, Thai Securities and Exchange Commission (TSEC) Secretary General Rapee Sucharitakul revealed on Saturday that the relevant organization had already met and decided to establish “special regulations” to manage the entire cryptocurrency area. This task will be handled by TSEC.n

The regulation will also regulate the ICO and provide rules for parties involved in the sale of tokens, including investors, middlemen, issuers and trading platforms. Related reports say:n
n“Special regulations will regulate the purchase and sale of cryptocurrencies and ICOs to avoid market manipulation, money laundering and tax evasion, and multi-level information network marketing programs.”n
nThailand’s Finance Minister Aphisak Tantiworawong told the media that the Thai tax department is considering how to tax digital currencies and is also waiting for the results of the four organizations responsible for drafting the law.n
The four organizations are TSEC, the Ministry of Finance, the Anti-Money Laundering Office and the Bank of Thailand. They recently met and agreed on the need to define and manage cryptocurrencies.n
Thai Deputy Prime Minister Somkid Jatusripitak has ordered these organizations to complete the development of cryptocurrency and ICO regulations within one month.n

Somkid Jatusripitakn
No extreme “Article 44” is neededn
Thai regulators have been worried about the rapid growth of the cryptocurrency and ICO markets. It was suggested that Article 44 of the Interim Constitution was necessary for the immediate regulation of the industry.n
Article 44 of Thailand’s 2014 Provisional Constitution granted the “National Peacekeeping and Order Committee” (NCPO) the right to issue orders to reform any area. NCPO is the military government that has ruled Thailand since 2014. The Thai PBS report said: “Wissanu Krea-ngam, the deputy prime minister in charge of legal affairs, has made it clear that although Article 44 that gives the Prime Minister the final say on everything is still valid, Thailand will use the new constitution.”n
However, Wissanu Krea-ngam told reporters on Friday that there is currently no need to use “Article 44” for cryptocurrencies and that normal supervisory procedures will be used.n

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