Monday, May 14, 2018

Cryptocurrency traders can now face jail time in Thailand if they do not register with authorities under new law

On May 14, the nation of Thailand initiated a new law which makes the trading of cryptocurrencies a crime if the investors and subsequent exchanges are not registered with financial authorities.

Citing a Royal Decree that cryptocurrencies are securities rather than currencies, all unregistered transactions of cryptocurrencies and ICO's could face both fines and jail time for their trades.

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 laundering, tax avoidance and crime. 
The royal decree stipulates that unregistered token brokers or those who perform token transactions through unregistered brokers will face a jail term of up to two years and fines of at least two times the token values, up to a maximum of 500,000 baht (S$20,930). – Straits Times


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