It was reported last week that the new regulations established in Thailand regarding cryptocurrencies have left a number of Thai crypto businesses puzzled as to how to follow the regulatory framework.
Thai news outlet Siam Blockchain reported that, to clarify the rules, the Thai SEC had held a focus group on Facebook Live. The focus group also discussed the commission’s approach to crypto businesses and capital raising through ICOs.
The focus group clarified key points of the regulations:
- ICOs are only allowed to raise funds in Thai Baht and cryptocurrencies with SEC approval.
- Applications should be completed in 60 days.
- KYC and AML standards must be followed.
- The ICO Portal of Thailand will only list domestic ICOs.
- Stable coins are under the jurisdiction of the national bank, not the SEC.
Crypto companies still left confused on the registration and taxation aspects of the new framework would have to wait for further clarification. The General Secretary of the Thai SEC had already confirmed that additional laws would be introduced to the said framework with a crypto hearing scheduled for May 30.