The Deputy Prime Minister of Thailand has declared that the law on ICOs and cryptocurrencies will be completed within a month. The regulators have decided that there is no need to engage Section 44 law of Thailand but instead to introduce a “special law” for cryptocurrencies.
Special Law for Cryptoocurrencies
A Secretary-General of the TSEC (Securities and Exchange Commission of Thailand), Mr Rapee Sucharitakul, declared on Saturday that the committees have agreed to enact a “special law” for governing all cryptocurrency areas. The law will govern ICOs totally, which means it will provide rules on parties involved in token sales (investors, issuers, middlemen, trading platforms, etc.). That special law has to regulate the cryptocurrencies and ICOs sales and purchases for avoiding money laundering, market manipulation, tax evasion, and multi-level marketing schemes.
According to Mr Aphisak Tantiworawong, the Thai Minister of Finance, the Thai Department of Revenue is thinking on how to tax digital currencies and is waiting for the outcome of the study from the four offices, which are in charge to draft the law: TSEC, the Anti-Money Laundering Office, the Ministry of Finance, and the Bank of Thailand. They have agreed to define and regulate digital currencies. The law on ICOs and digital currencies has to be finalized within a month.
The regulators of Thailand have been recently concerned about the growth of the ICO and digital currency markets. “Section 44” has been suggested to regulate the industry. The Interim Constitution of 2014 Section 44 empowers the NCPO to issue orders for reforming any fields. It has rules Thailand since 2014. Thus, the prime minister is entitled to make final decisions on any problems remaining in force, although there will be a new constitution in Thailand. According to the deputy prime minister under General Prayut Chan-o-cha, Mr Wissanu Krea-ngam, there is no necessity to use Section 44 for regulating cryptocurrencies, and the normal regulatory procedures will be used instead.