The Deputy Prime Minister of Thailand granted a mandate that requires that the law on the Cryptocurrency and ICO be completed within a month. Regulators met and agreed that there is no need to refer to existing laws of the country, but instead introduce instead of them a “special law”.
Special law for cryptocurrency
Secretary-General of the Securities and Exchange Commission of Thailand (TSEC) Rapi Suharitakul said on Saturday that the relevant committees had met and decided to adopt a “special law” regulating all areas related to the cryptocurrency.
This law will also regulate the initial offering of coins (ICO), including the provision of rules to the parties involved in the sales of tokens, such as investors, intermediaries, issuers and trading platforms.
The information agency Thai Rath reports:
The special law will regulate the purchase and sale of crypto and ICO to avoid market manipulation, money laundering, tax evasion, and multi-level marketing schemes.
Thai Finance Minister Mr. Aphisak Tanatvoravong informed the news agency that the Revenue Department of the country is considering how to charge taxes on the digital currency and is waiting for the results of the study from the four divisions responsible for drafting the law.
The proposals are formed by TSEC, the Ministry of Finance, the Anti-Money Laundering Office (AML) and the Bank of Thailand. Representatives of agencies recently met and agreed that it is necessary to determine the rules for regulating cryptocurrency.
Deputy Prime Minister Mr. Somkid Jatuppripitak ordered to complete the law on crypto-currencies and ICO within one month.
Thai regulators are concerned about the rapid growth of the cryptocurrency market and ICO. Also, high-level proposals were made that “Section 44 of the existing law can be used for the immediate regulation of the industry.”
Section 44 of the Interim Constitution of 2014 authorizes the National Council for Peace and Order (NCPO) to issue an order to reform any areas. The PBS news agency reports:
The Deputy Prime Minister in charge of legal issues made it clear that section 44, which authorizes the Prime Minister to have absolute power to make a final decision on all issues, will remain in force, although the country will use the new constitution.
Nevertheless, Mr. Vissan Krea-ngam, who holds the post of Deputy Prime Minister, told reporters on Friday:
At present, there is no need to use section 44 for crypto-vaults. Instead, regulatory procedures will be used.