Thailand is looking to enforce its own version of regulation regarding cryptocurrencies. That is much easier said than done, as this new form of money doesn’t adhere to existing guidelines. As was to be expected, the new regulations on cryptocurrencies and ICOs are rather strong. In fact, anyone violating these laws faces major fines and even jail sentences.
Thailand Means Business
Although the cryptocurrency regulation in Thailand may sound severe, it is not all that bad when people stick to the basic rules. Bitcoin and altcoins will not be banned, and trading will not be prohibited under any circumstances. That in itself is a pretty positive development, considering that China has taken a completely different approach in this regard. An all-out ban on cryptocurrency trading in Thailand was considered one of the many possibilities until this Monday.
The new rules state that both cryptocurrencies and digital tokens – such as those issued through ICOs – are considered digital assets. That brings a lot more legitimacy to this industry as a whole and serves as an important first step toward making ICO tokens, Bitcoin, and altcoins a lot more appealing to the general public. Whether or not this regulation will actually do so remains to be seen, but
Categories: Crypto Currency Portal