The Deputy Prime Minister of Thailand said that the development of the law on cryptocurrency and primary placements of tokens to be completed within a month. The regulators met and agreed that there is no need to apply to industry the controversial Section 44 of the Constitution, and instead develop a «special law.»
Sucharitakul, RAPI, Secretary-General of the securities and exchange Commission of Thailand (TSEC), said on Saturday that the committees met and decided to develop a «special law» governing all areas of the cryptocurrency industry, according to Thai Rath.
This law will also regulate the initial placement of tokens (ICO), including the provision of the rules of the parties involved in the sales of tokens — investors, intermediaries, issuers and trading venues. According to the head of the Commission, this law is created in order to exclude market manipulation, to fight money laundering, tax evasion and pyramids.
The Minister of Finance of Thailand Apisak Tantivorawong (Aphisak Tantiworawong) also noted that the Ministry of taxes is considering the issue of taxation of incomes from operations with digital currencies, and is waiting for research results from the four units responsible for the development of the law. These units are TSEC, Ministry of Finance, Directorate for anti-money laundering (AML) and the Bank of Thailand.
Deputy Prime Minister Somkid Geturipath (Somkid Jatusripitak) was ordered to finish the development of the law on cryptocurrency and ICO in a month.
Thai regulators were concerned about the rapid growth of the cryptocurrency markets and ICO. Suggestions have been made about the possible application of Section 44 of the Constitution to regulate the industry. This section allows the National Council for peace and order in the country — the military government of Thailand, who came to power in a military coup on 22 may 2014 — to make any laws to ensure order in the country.
Taken by the way the laws are considered legitimate, constitutional and final. However, the authorities told reporters on Friday that at present there is no need to use Section 44 in relation to cryptocurrencies, and that will be developed by ordinary regulation.