14 May '18, 10am

Thailand enacts tough cryptocurrency law, including fines and jail terms

BANGKOK - Thailand put a new law in place on Monday (May 14) to control and regulate cryptocurrency transactions and Initial Coins Offerings (ICOs). It comes with hefty fines and jail terms to crack down on fraud and unauthorised transactions. The country enacted a royal decree which stipulates that cryptocurrencies and digital tokens are digital assets. Thailand's Security Exchange Commission (SEC) will be in charge of overseeing and regulating all cryptocurrency transactions and verifying the identity of clients. The law was proposed by the Finance Ministry in February following the Bank of Thailand's ban on cryptocurrency transactions among financial institutions to prevent possible cases of fraud and misconduct. Finance Minister Apisak Tantivorawong said in March that the law was necessary to comprehensively regulate cryptocurrencies and digital tokens to prevent money...

Full article: https://www.straitstimes.com/asia/se-asia/thailand-enacts...

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