Thailand will Amend Crypto Policy mid-2020

Asia Blockchain Review
December 10, 2019

Thailand’s crypto policy is set to be amended due to a lack of growth in the domestic blockchain and digital asset industry. However, local news outlet Bangkok Post reported that the SEC has yet to provide details of the amendment.

New Digital Assets Outpace Legislation

According to the SEC, only five crypto companies have completed certification since the policy took effect in 2018. Only two of them have started operations.

Ruenvadee Suwanmongkol, Secretary-General of the SEC, said, “The regulator must be flexible in applying the rules and regulations in line with the market environment. For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market. We need to explore any possible obstacles.”

Meanwhile, Thai lawmakers are reportedly keen on amending crypto laws. Some of them had expressed concerns that the laws have damaged the country’s competitiveness.

Blockchain to be Used for Tax Refunds

Some government agencies have shown a positive outlook on cryptocurrency, according to the Bangkok Post. The Thai Excise Department is developing a blockchain-based system for tax refunds and tax fraud prevention in the country, particularly in the oil export industry, by mid-2020.

A blockchain system is expected to help the department to carefully inspect tax payments from oil exporters while decreasing the time spent on processing paper-based tax documents.

Patchara Anuntasilpa, Director-General of the Excise Department, said the inspection of these documents still falls short, and the department plans to adopt blockchain for tax refunds next year.

The news outlet also reported that the department will collaborate with state-owned Krungthai Bank to develop the system.

Source: coingeek.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Blockchain Enables Verification of COVID-19 Immunity
Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

November 21, 2020

Illicit Cryptocurrency Activity: A Concern
Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

November 20, 2020

IBM Using Blockchain to Help Businesses Reopen during COVID-19
IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

November 20, 2020

Canadian Pacific Railway Collaborates with TradeLens
Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

November 19, 2020

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us