Thailand Plans to Liberalize Crypto Law in 2020 to Stay ‘Competitive’

Thai officials stated that they will reform the country’s cryptocurrency law in 2020 as a way to stay competitive in the burgeoning blockchain market.

Last year, Thailand became one of the first countries to legalize, regulate, and legitimize digital currencies nationwide.

But Thailand’s SEC has said that officially recognizing the cryptocurrency industry didn’t have the intended effect that it was meant to have.

Specifically, the licensing and certification standards issued under the cryptocurrency bill were too strict.

In fact, only five crypto companies have completed the rigorous licensing process and only two of those have launched.

According to Thailand’s SEC secretary-general Ruenvadee Suwanmongkol, the regulations are too strict when compared to the heavily unregulated worldwide cryptocurrency market.

In the past couple of years, Thailand has led the charge when it comes to the legal recognition of digital assets and currencies.

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