Thailand Achieves Progress in Cryptocurrency Regulation

While the Central Bank of Thailand has not changed its stance and still prohibits all Thai banks from the involvement in any activities related to cryptocurrencies, such as the creation of crypto exchanges and trading platforms, the Cabinet of Thailand, the executive branch of the country's government, has provisionally passed two royal decree drafts aimed at regulating the digital assets. 

The Act on Digital Asset Businesses deals with the registration and KYC compliance of cryptocurrency operators. The document also implies penalties for entities that violate the law. The second document introduces rules of taxation related to businesses that deal with cryptocurrencies and ICOs. 

The legislation will be further reviewed by the Council of State to be re-submitted to the cabinet for final approval. 

The Ministry of Finance, the Bank of Thailand, the Securities and Exchange Commission and the Anti-Money Laundering Office are also going to contribute to the development of the regulations by providing feedback.