In Thailand the Royal decree entered into force the law on the treatment of cryptocurrencies in the country. According to the Minister of Finance Arisaka Tantivorawong (Apisak Tantivorawong) set out in the requirements should help to combat the laundering of illegal funds, tax evasion and other crimes.
The document imposes regulation and control over digital assets to the Commission on securities and exchange Commission Thailand (SEC Thailand). According to the paper published in the Royal Gazette, within 90 days, all who conduct trading transactions with cryptocurrencies should contact the SEC of Thailand and complete the registration process. The penalty for failure to do so is up to two years in prison or a fine of double the amount of the transaction amount, but not less than 500 thousand baht ($15600).
Recall that in mid-February, the Bank of Thailand issued a circular, which was addressed to financial institutions in the country to refrain from transactions in any way related to cryptocurrencies. The Commission on securities and stock exchanges of Thailand had earlier published a statement by the ICO, which indicated that some tokens can be classified as securities.
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