Thailand cryptocurrency law

Reports have even suggested that the number of active trading accounts has fallen from , to , in half a year. Thailand has still been quick to issue licenses to exchanges. Reportedly, the country has now approved four more crypto operators in the previous week.

Currently, with the new approval, the total number of licenses for digital asset operators has reached This number also includes three fund managers, nine exchanges and nine brokers. The need for the updated regulation also came in because, at the present moment, the Central Bank does not accommodate the regulatory framework apart from notifying that crypto is not a legal mode of payment for goods and services. This framework lacks clarity and is too enough to regulate the industry so the industry needs to receive an overhaul.

Many digital asset firms have also tried to forge artificial trading volumes, SEC fined Bitkub for doing the same. This makes it an absolute necessity for Thailand Central Bank to increase investor protection through stringent rules.

For updates and exclusive offers enter your email. Sign Up I consent to my submitted data being collected and stored. Leave this field empty if you're human:. That picture is one of the many reasons more and more people are choosing to invest in cryptos. Primarily as a hedge against inflation, not just USD but all currencies, as well as a way to protect wealth and earn some profits.

This is not true. It is still investing and it requires knowledge, patience, and the willingness to lose. One rule of crypto is to never invest more than you can lose. Investing needs some discipline, like putting money on the side every month, conducting research, picking the right stocks, bonds, real estate investment, or cryptocurrencies.

Finding a gem and getting X the return is rare. But Bitcoin has been the best investment continuously for 13 years in a row with only a one-year exception. On May 17th, , I sent a message to our clients telling them to be careful in this current economic situation.

I was totally right. The next day, on May 18th, the crypto market collapsed. When it was down, I bought a little, sold 2 days later, and it collapsed again on the next day. Yes, it is volatile, but the gains you can make are exceptional. I also believe the current stock market and real estate market are in a bubble just about to burst, but the economic stimulus handouts are postponing the big bust.

Protect yourself, have cash available. There might be opportunities that you might never see again in your life. There is no such thing as easy money. This is why lots of financial groups and market funds call cryptos a fad that will die away. However, that is not true either. Cryptos are not a fad and the blockchain technology that all cryptocurrencies use is here to stay.

That is true for any stock or market. Risk is always a factor. The bottom line is cryptos are here to stay. Certainly not ALL the cryptos that are on the market today. But there is a high degree of certainty that a few of the cryptos today will be with us for the long term. Some are very likely to replace traditional payment methods and services.

Finding Information about Cryptocurrencies As of today, there are more than 10, different cryptocurrencies traded. I will not try to list them all for you. The best resource for information on all cryptocurrencies in terms of volume, value, and general market performance is CoinMarketCap because of its easy-to-use interface and real-time market tickers.

As far as news related to cryptocurrencies the best website is CoinDesk. There you can learn about major players in the crypto markets, innovators in blockchain technology, listen to conferences, and get tips and advice about investments and potential trends in cryptos. Instead, the majority of crypto news is found on Twitter. That in itself can have a serious impact as anyone who follows Elon Musk will know. But overall, there are many, many people and organizations that offer insight into cryptos.

Here are three different articles from different sources on who to follow on Twitter for the best cryptocurrency news and trends. Full disclosure, Ethereum is my choice for the crypto that emerges on top and be used regularly in business transactions and contracts in the very near future. Ethereum might flip Bitcoin soon, but you must also think that other platforms like Solana, Cardano, or Polka Dot could become huge quite fast. De-fi or Decentralized Finance is the future and will hit banks hardly.

You have to adapt and this is why we are writing about cryptos this month. Along with Twitter accounts, another good option for learning about and staying informed about crypto markets is, of course, YouTube. It is often easier to listen to videos on YouTube than to scroll through Twitter feeds to learn what you want to know. So, again I have some articles that can point you to the best YouTube channels for Crypto news and education.

Be careful about the people telling you that they found the coin that will make people rich. You must select the right people. They are the ones who are honest, well-informed, pay attention to details, and have a good record of making the right investments. And, of course, do your own research. This is only scratching the surface really. There are thousands of Twitter and YouTube channels dedicated to the world of cryptocurrencies. And with that comes certain dangers from scammers, phishing schemes, and outright fraud.

Not because cryptos are bad or dangerous, but because the information is concentrated on social media sites and the internet in general. The scammers, snake-oil salesmen, and Ponzi schemes you will find all over social media are some of the main reasons people distrust cryptos. He has single-handedly made people into millionaires and in less than 24 hours reduced them to beggars. Only using less than 72 characters and a few emojis on Twitter. The actions of Elon Musk have highlighted the power social media has on markets and economies as well as businesses and personal finances.

It is worrying that only ONE person can move the market up or down in crypto, but this is crypto: volatile, new technology, fascinating and a world apart. Blockchains will be everywhere in the future, just like the Internet is now part of our lives.

Blockchains will be bigger than the Internet. Be aware of that. They will be on your passport, IDs, title deeds, medical records, tickets that you buy, financial transactions, insurance transactions, lottery, music or video streaming, everywhere. They assure a level of security that has never been seen before. Whether Twitter, YouTube, or some other social media platform, you need to make sure you are getting information from actual people or organizations that have a real stake in the crypto market.

There are a few tips you can use to make sure the accounts you follow are worthy of your attention. Make sure you are following verified accounts. This means a blue checkmark next to the name on Twitter and on YouTube, it will be a grey checkmark next to the channel name below the title of the video.

In which case, check when the account was created. If it was a week ago, beware! If it was 2 months ago, proceed with caution, and if it was 2 years, you are probably dealing with the real deal. Are there hundreds of thousands following a 2 month old account? Meaning they are not real people. Here are two articles to help understand more, Spot a Bot: Identifying Automation and Disinformation on Social Media and How fake accounts constantly manipulate what you see on social media — and what you can do about it.

Independent Research — One of the easiest ways! Simply google the channel or account and see what comes up in the results. If you fail to do this simple task any financial losses will be on your shoulders. This is a reference to a tweet he made and a crypto called CumRocket. As of writing this newsletter, it seems the internet has begun to turn on Elon, even though his tweets continue to influence the ups and downs of the cryptocurrency market. So, again due diligence is the most important step you can take when investing in cryptos.

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Regulatory authorities periodically issue sub-regulations to stipulate the regulatory requirements and ongoing compliance for industry parties. However, the inspection by ICO Portals is not the final stage of approval for a prospective issuer, as the SEC Office may still reject any proposed ICO project if it considers that the ICO project in question conflicts with public policy or on other reasonable grounds.

A portal must be a company either private or public established in Thailand with registered capital of not less than THB 5 million, with a proper operation system, suitable management structure, and sufficient responsible personnel to operate the portal. The financial status of the portal operator must be good and should not pose any potential risk to its customers.

The directors, executive directors, and people with management power over the portal must not have any prohibited characteristics as prescribed by the SEC. An ICO Portal is a provider of an electronic system for facilitating the offering of newly issued digital tokens. The ICO portal's duties include performing due diligence on the characteristics of digital tokens to be offered and qualifications of issuer, and ensuring completeness and accuracy of information contained in the registration statements, draft prospectus or any other information to be disclosed through the portal.

This new piece of legislation will also come down hard on the illicit use of cryptocurrency, especially in money laundering, tax evasion and unauthorised transactions. Fraudulent filings could see a perpetrator face a five-year jail term. The section law outlines several areas for the SEC to act upon, including regulating the issuance of cryptocurrencies and the establishment of necessary fee structures for cryptocurrency operators, as well as formalising a guideline to resolve issues which may potentially arise.

Sellers are required to register with the Thai SEC within 90 days after the law comes into effect. Individuals who fail to do so could subsequently be treated as operating an unauthorised business and could face a maximum jail term of five years. Investors will also be subject to a seven percent value-added tax when any digital asset trades are made. The Thai central bank, the Bank of Thailand BOT has been wary of possible problems arising from unregulated cryptocurrency trading.

Source: Various sources In February this year, the BOT released a circular instructing national banks not to engage in or provide advice on transactions involving the trading of cryptocurrencies, whether for other financial institutions or retail investors. It also ordered banks to prohibit their customers from using their credit cards to purchase cryptocurrencies, and barred banks from establishing a cryptocurrency platform or exchange.

This new law regulating digital assets and tokens is arguably less stiff than a similar law implemented in China which has, for instance, banned initial coin offerings ICO.