Thailand’s Securities and Exchange Commission (SEC) is reportedly planning to make changes to the royal decree on cryptocurrency-related businesses in 2020 to bolster the industry.
The Thai SEC intends to introduce regulations that will promote the growth and adoption of the crypto asset industry while ensuring consumer protection, according to a report by the Bangkok Post.
The federal regulator is currently looking into whether the royal decree has any parts that may hinder the development of digital asset firms, according to Ruenvadee Suwanmongkol, secretary general of the nation’s SEC.
“The [SEC] must be flexible to apply the rules and regulations in line with the market environment…laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market.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.”
The Thai royal decree, which covers digital currencies, tokens, and other electronic entities, went into effect in May of 2018.
The regulatory document says that there are four main secondary business third-parties, including crypto exchanges, brokers, dealers and digital token portal providers, also referred to as initial coin offerings (ICOs).
Local exchanges, brokerage firms and dealers must apply for licences through the nation’s finance ministry. ICO portals are required to obtain approval from the Thai SEC.