Thailand New Crypto-currency Law Takes Effect

Thailand’s new crypto-currency law took effect on Monday May 14, 2018.  ) The law is intended to control and regulate crypt currency transactions and Initial Coins Offerings (ICOs).

The new law provides for criminal penalties and fines for fraud and unauthorized transaction.

Pursuant to a royal decree crypto-currencies will be treated as digital assets. Thailand’s Security Exchange Commission will oversee and regulate all crypt currency transactions. The new law provides for  unregistered token brokers including  persons  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).

Fraudulent filings will be punished by a maximum five-year jail sentence. Those who carry out unauthorized business in digital assets face jail terms of between two and five years.

 

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