Thailand which has been taking bold steps towards regulating the Crypto industry in recent time still believes the country has not done much to regulate the industry. This was made known through a statement made by the Deputy Prime Minister of Thailand, Wissanu Krea-Ngam at the fourth regional Counter-Terrorism Financing Summit.
Deputy Prime Minister at the Summit
Speaking at the summit, the Deputy Prime Minister argued that the need for more comprehensive legal measures both locally and internationally is pertinent.
Using the summit hosted by Thailand’s Anti-Money Laundering Office in partnership with other regional bodies as a platform, Wissanu urged terrorism and anti-money laundering experts to step up their game and not relent in their effort to protect the interest of investors. He further adviced them to keep up to date with the latest development in the industry.
The Anonymity of Blockchain Technology is a Problem for Thai SEC
Wissanu has pointed out that the difficulty encounter when trying to identifying the bad eggs on various blockchain network due to its largely anonymous nature is a major cause of concern. As a result of this, Thai authorities have put measures in place targeted at keeping up with the technological changes such as the executive decree on digital asset businesses. Even with this, Wissanu still thinks more work is needed and
there is a need for amendments to the existing laws.
Earlier this year, a report made it known that Thailand’s cabinet gave approval to royal decrees which imposed capital gains taxes on cryptocurrency investments. The decree also ensures a proper regulation and documentation of crypto transactions.
Based on a recent report it was made known that the Thai SEC has approved its first ICO portal. The portal is expected to launch this month and by December have approved ICO’s listed on it.