The Deputy Prime Minister of Thailand has strictly asked the lawmakers to provide the final prospect of Cryptocurrencies and ICOs by this month latest. The responsible rule binders have come up to an uniform decision to not call upon the controversial Section 44 but put forward a new law for Cryptocurrency.
The Secretary-General of TSEC, Securities and Exchange Commission of Thailand, stated that the alloted teams have met and have started working on the ‘special law’. The aim is to promote governance in the Crypto sector in a more secure and safer way.
The law is assigned to impose regulations on the Initial Coin Offerings (ICOs) and also provide the necessary guidelines for the people indulged in token sales such as Investors, Issuers outlets.
The law has been asked to introduce supervision on the purchase and sales of Cryptos and ICOs so that illegalities can be controlled. Finance Minister of Thailand, Aphisak Tantiworawong, said that the revision is necessary in order to discuss taxation on Cryptos and the unanimous decision of TSEC, Finance Ministry, AML office and Bank of Thailand will take it’s form as a law.
The potential lawmakers of Thailand has noticed the rapid progression of the digital currency market. Various suggestions including addition of Section 44 has popped up but Mr. Wissanu Krea-ngam, Deputy Prime Minister under General Prayut Chan-o-cha informed that there is no need to include section 44 presently and that the revised laws will work for the time being.
The regulators are immensely worried about the final prospect of this Industry in Thailand. There has been clear speculations that the Industry needs an immediate implementation of a new set of regulations.