Thailand’s regulators are planning to reform cryptocurrency laws after admitting that the current crypto law is making the country uncompetitive.
On Nov. 25, the Bangkok Post reported that Thailand’s regulator, the Securities and Exchange Commission (SEC) wants to reconsider its crypto policy in 2020.
“SEC Must Be Flexible With The Market Environment”
Poor licensing process and uptake of its certification is making the crypto business go haywire. Since last year, only five companies have completed certification, while out of those only just two have been launched.
Even though the amendments are on the table, details are not provided as to how the current practices could change.
“The regulator must be flexible to apply the rules and regulations in line with the market environment,” Bangkok Times quoted Ruenvadee Suwanmongkol, the secretary-general of the SEC as saying.
Ruenvadee continued:
“For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market.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.”
Blockchain-Based Tax Refunds For Oil Exporters
Just recently, Thailand’s excise department announced that it is looking to initiate a new way of refunding overpaid taxes to oil exporters by using blockchain technology.
The excise department in Thailand will change its current tax refund practice by introducing a blockchain-based tax payback system. The report notes that it hopes to implement the new system by the middle of 2020.
Source: Bangkok Post | Cointelegraph | Image: Shutterstock