RATE Group | Cryptocurrency Law Will Change in 2020 to Stay ‘Competitive’
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Cryptocurrency Law Will Change in 2020 to Stay ‘Competitive’

25 Nov Cryptocurrency Law Will Change in 2020 to Stay ‘Competitive’

Posted at 11:01h in Cryptocurrency News by

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Lawmakers in Thailand plan to reform cryptocurrency laws after voicing concerns that they have made the country uncompetitive.

As local English-language news outlet Bangkok Post reported on Nov. 25, Thailand’s regulator, the Securities and Exchange Commission (SEC) wants to reconsider its crypto policy in 2020. 

SEC must be “flexible” on crypto

The reason, it says, lies in poor uptake of its certification and licensing scheme by cryptocurrency businesses. 

Since it came into power last year, only five companies have completed certification, and of those, just two have launched.

Now, amendments are on the table, but the SEC has not yet given precise details of how current practices would change.

“The regulator must be flexible to apply the rules and regulations in line with the market environment,” Bangkok Times quoted Ruenvadee Suwanmongkol, the secretary general of the SEC as saying.

Ruenvadee continued: 

“For example, laws should not be outdated and should serve market…

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