Thailand’s Securities and Exchange Commission (SEC) reportedly intends to amend its digital asset business regulations in 2020 to make the laws more favorable towards crypto-assets.
According to a report by local news outlet Bangkok Post, the Thai SEC is planning a series of sweeping amendments to its digital asset business regulations next year in order to facilitate the growth of digital assets while “protecting investors from unnecessary risk.”
SEC secretary-general Ruenvadee Suwanmongkol told the press:
“The regulator must be flexible to apply the rules and regulations in line with the market environment.”
“For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market. We need to explore any possible obstacles.”
Ms. Ruenvadee warned that while the SEC seeks to foster digital asset innovation, the regulatory body is also concerned with consumer protection.
Her predecessor, the former SEC secretary-general Rapee Sucharitakul, said in a statement last year:
“The legislation also aims to protect investors from risk of fraud and deception by dishonest persons, money laundering and exploitation of digital assets to facilitate illegal financial transactions, while ensuring regulatory clarity to facilitate legitimate uses of digital assets.”
So far only five Thai companies have been awarded digital asset exchange licenses to operate within the country.
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