Market News

New regulations in the crypto sector - form Thailand to the Philippines

Jul 02 2018
By Jonathan Smith , Find me on Google+

As governments around the globe are mulling how to regulate the crypto currency market, bold new legislation in Thailand and the Philippines gives an insight for a potential solution.

With an emergency decree, that came into force earlier this year, the Thai government bypassed a long standing debate about what asset category digital currencies should fall into.

Instead, the Thai government just adopted the Digital Assets Business Decree, which simply defines and regulates both crypto currencies (with which you can buy goods and services) and digital tokens, which give you rights to participate in an investment.

In the same time the authorities in the Philippines are drafting regulations for the crypto market in its special Economic Zone. They plan to limit the licenses for crypto exchanges to 25, with a requirement for a mandatory investment in the amount 1 million USD, which should be done within two years.

The new regulations in Thailand will also require all trades and Initial Coin Offerings (ICOs) to be paired against one of seven crypto currencies - Bitcoin, Ethereum, Ripple Bitcoin Cash, Litecoin, Stellar, Ethereum Classic, selected because of their liquidity and convertibility to the Thai baht.

The regulations in Thailand also lay out the legal framework for companies that want to operate as an exchange, a broker, or a dealer and set rules for the Initial Coin Offerings, similar to the ones applied, when issuing debt or equity. Those rules include a mandatory business plan with audited financial statements.

Along with Japan, South Korea and Taiwan, Thailand is trying to become one of the leading hubs for the crypto industry.

TAGS: Bitcoin crypto currencies cryptocurrencie regulations Thailand Philippines

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