New Cryptocurrency Law In Thailand

The Bangkok Post has reported that Thailand has adopted a new law to regulate, and more importantly, control cryptocurrency transactions across the country. Those in violation of the law face heavy fines or even imprisonment. All citizens involved in transactions using cryptocurrencies have been given three months to register with Thailand’s Security Exchange Commission (SEC). The punishment for violations will include fines amounting to double the value of the operation but not less than 500,000 Baht, the equivalent of nearly 15,500 dollars or imprisonment for up to two years. Asia, in general, is looking to implement more regulations for Cryptocurrency exchanges and other fast-growing cryptocurrency-related activities.

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