Thailand’s SEC wants to amend  its crypto policy for the start of next year

Bangkok Post had reported on November 25th, that Thailand’s regulator, the Securities and Exchange Commission (SEC) wants to amend  its crypto policy for the start of next year.

Cointelegraph commented saying:

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

The secretary-general of the SEC, Ruenvadee Suwanmongkol:

The regulator must be flexible to apply the rules and regulations in line with the market environment

For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market.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.

Thailand currently has some very strict penalties in place for those attempting to sell digital assets without any official approval from the securities commission. This both includes potential fines of at least $16,540, and a two-year jail sentence is on the table too. Now it seems the government feel like laws are halting progress.