BANGKOK: Thai Minister of Finance, Mr. Apisak Tantivorawong, said on Thursday that the government is preparing to announce the regulations for cryptocurrencies and initial coin offerings (ICOs) by the end of this month, Channel 7 news reported.
After the cabinet’s meeting, the country’s deputy prime minister, Mr. Somkid Jatusripitak, explained that two laws are being drafted, according to Thai Rath newspaper.
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The first is the Act on Digital Asset Businesses. It requires the registration and know-your-customer (KYC) compliance of cryptocurrency operators including agents, dealers, and brokers, the news outlet detailed. It also imposes penalties and remedies for violations.Thai Rath, cryptocurrency and ICO businesses such as intermediaries will be required to identify themselves and the sources of crypto investment funds in order to prevent money laundering.
