SEC of Thailand Will Legalize Local Crypto Players
The SEC (Securities and Exchange Commission) of Thailand, has proposed various directions regarding crypto and digital assets trading. Regulators are anticipating about 10 intermediaries to ask for an operating permit after the regulations will get into power. The primary purpose of new rules is to help the public to increase confidence in the cryptocurrency markets.
The new proposition was primarily focused on aspects related to trading digital assets and related activities. The SEC of Thailand is currently recognizing seven cryptocurrencies to be traded and accepted in initial cash offerings. Those are Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), and Stellar (XLM).
All the participants of the crypto market, including ICO operators, digital exchanges, and brokers are required to be registered with SEC within 90 days after new rules will get in power.
The regulators had been working on this for an extended period. After several series of public discussions, a royal order was scheduled on May 14. The released papers contained all the latest and relevant data on cryptocurrency and described them as digital assets and digital tokens. The regulatory range also includes brokerage firms, cryptocurrency exchanges, dealers and all the other functions so allowed by the Ministry of Finance.
The newest regulations also oversee those who are illegally selling the digital tokens and those handling unauthentic seminars and deceiving the potential investors will be penalized heavily, but not more than twice the value of cryptocurrency, but not less than 500,000 baht.
The lawbreakers could also be sentenced up to two years. The license fees, as per the decree issued by the SEC are the following: 2.5 million baht cryptocurrency distribution and trading, totalling in 5 million baht. The annual fee for the digital signature is 0.002% of total trading volume. All crypto exchanges can appeal for the permits till the 14th of August 2018.
The latest guidance of SEC in Thailand will control the harmful trade practices while stimulating the trust growth in crypto space.
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