Thai Crypto Still In The Wait For Regulatory Framework

A lot of investors, the privately owned Thai Digital Asset Exchange (TDAX) has been waiting for regulatory framework from Thailand’s Securities and Exchange Commission (Thai SEC), due to this development, 2 weeks Holt has been placed on registration and trading of initial coin offerings (ICO). This decision came after Bangkok Bank canceled TDAX’s account, a way of putting a stop to any transactions due to an absence of license for operation.

Poramin Insom, TDAX founder and chief executive had this to say about the cancellation of transaction,

“The bank called and asked whether there was an operating licence for proof, but I answered that this business was not under legal jurisdiction [hence the absence of an operating licence], so the bank said it would terminate the company’s bank account [with Bangkok Bank], as this business had no licence.”

Basically, Bangkok bank now happens to be the first bank or institution of finance to stop transactions in Thailand involving cryptocurrencies. According to insom, this freezing of their TDAX account has in no way tampered with their crypto exchange trading due to other accounts with banks like Siam commercial, Krungthai bank, and even Kasikorn. “With a figure of $175,725” they were set to apply for an ICO license with the Thai SEC till this occurred.

Based on unknown sources, there is a likely chance of Thai SEC releasing its regulatory framework come March 8, one that would require the registration and regulation of all ICOs with a minimum capital of about $160,000, or 5 mln baht. Another source revealed a change in figure for 300, 000 baht, or about $9,500.

Thailand banks have been warned by the central bank to not carry out any cryptocurrency transaction, but doesn’t stop other exchanges from occurring.