Thailand will become more open to the cryptocurrency industry

Thai authorities plan to make their country more open to all players in the cryptocurrency industry. If China seeks to develop only blockchain technology and opposes cryptocurrencies, then Thailand follows a different path. The country, on the contrary, wants to attract representatives of the cryptosphere and become a comfortable market for them.

According to local media, the Thai Securities and Exchange Commission (SEC) plans to amend cryptocurrency legislation in 2020.

The essence of the amendments will be to create conditions in the country that will ensure the protection of service developers and holders of digital assets.

According to SEC Secretary General, the authorities will promptly respond to all changes in the cryptosphere in order to adopt laws that are timely and understandable to everyone.

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The country already has legislation governing the activities of blockchain startups, which entered into force in May last year. The document spells out the functions of four industry players – crypto exchanges, brokerage firms, service developers and ICO projects.

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