Thailand formally clarifies Cryptocurrency and Digital Tokens concepts
While governments across the world are undecided about virtual currencies classification, one key nation in the cryptocurrency network has taken a generation leap.
Digital Asset Business Decree by Thai government classifies virtual currencies in two categories. The first one is Cryptocurrencies which defined as a “medium of exchanging goods”, the second is digital token – “rights to participate in an investment, or to receive specific goods”, reports Bloomberg.
Securities and Exchange Commission in Thailand has been able to strike a balance between the overt illegal use of cryptos and those who use them for purposes of speculation and gambling.
Archari Suppiroj, director of the commission’s fintech department said at last month’s TechSauce conference in Bangkok said that the regulators have to be very balanced in overseeingthe market needs. If the rules are very strict when it is likely that these users will go overseas and use the system. Hence, it is necessary for the government to exercise restraint in regulating the environment, but at the same time give it the necessary reins to grow.
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