Securities and Stock Exchanges Commission at Thailand Hold a group to regulate digital currencies.
The Securities and Exchange Commission of Thailand's held a focus group on digital currency regulation on May 21, in a live broadcast on Facebook. The session focused on the Securities and Exchange Commission's approach to digital currency-related companies and fundraising through digital currency offerings, according to the local news site Siam Blockchain .
The focus group said today that digital currency offerings can only raise funds in the form of Thai baht and the digital currencies allowed by the Authority - those with "sufficient liquidity and no money laundering". Projects launching the digital currency offering, whose applications must be completed within 60 days,will also need to adhere to KYC and AMLstandards.
Siam Blockchain also said that Thailand's initial digital currency portal would not include any IPO for international currencies, and that the Thai Securities Commission would not participate in the initial offering of stable currencies, which are instead channeled to the National Bank of the Organization.
Last week, the Securities and Insurance Commission of Thailand issued a legislative framework that defined digital currencies as "digital assets and digital devices" within their regulatory mandates. Where Thai Finance Minister Apisak Tantivorawong said that the new legislation supports the initial operations of digital currency, as long as it is officially registered.
Cointelegraph also said last week that the new regulations left some Thai digital currency companies confused about how to follow the framework, especially the registration and taxation sections, as the new regulations would require registration of all exchanges, brokers and traders in Thailand with the appropriate authorities.
On May 14, the Secretary-General of the Securities and Exchange Commission of Thailand confirmed with a local news source that additional laws would be introduced to the regulatory framework for digital currencies. According to Siam Blockchain , the Securities and Exchange Commission meeting on digital currencies will be held on May 30.
In February, the privately-owned Thai Digital Data Exchange (TDAX) announced that it was postponing the trading and recording of digital currency offerings for two weeks pending the regulatory framework of the Securities and Exchange Commission.