Thai SEC to Foster Greater Innovation By Amending Crypto Laws
Thailand’s Securities and Exchange Commission (SEC) intends to amend its digital asset business regulations in 2020 to hasten crypto assets adoption.
Per report by Bangkok Post, the Thai SEC is planning a series of amendments to its digital asset business regulations next year in order to facilitate the growth of digital assets while “protecting investors from unnecessary risk.”
Ruenvadee Suwanmongkol, SEC secretary-general told the press:
“The regulator must be flexible to apply the rules and regulations in line with the market environment.”
“For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market. We need to explore any possible obstacles.”
According to Ms. Ruenvadee, while the SEC seeks to foster digital asset innovation, the regulatory body is also concerned with consumer protection.
The former SEC secretary-general, Rapee Sucharitakul, said in a statement last year:
“The legislation also aims to protect investors from risk of fraud and deception by dishonest persons, money laundering and exploitation of digital assets to facilitate illegal financial transactions, while ensuring regulatory clarity to facilitate legitimate uses of digital assets.”
It is worthy of note that only five Thai companies have been awarded digital asset exchange licenses to operate within the country.