Thailand Finance Ministry to Regulate Cryptocurrencies by the End of This Month

Despite the fact that many countries ban cryptocurrencies or take serious measures, Thailand is still positively and aims to safeguard against illegal activities
02 February 2018   92

According to finance permanent secretary Somchai Sujjapongse it is not acceptable to allow Bitcoin transactions without warnings and directions from the regulators. He believes that the Bank Of Thailand and Securities and Exchange Commision should issue warnings that cryptocurrencies are not regulated.

In his opinion, the government can benefit from using blockchain technology and should not ban it, that is why the working panel should work rapidly over the next month in order to make a decision of how to regulate crypto.

At the moment the most liberal countries in Southeast Asia which lean towards crypto trading are Japan and Singapore. India is the opposite. Cryptocurrencies transactions are not allowed for illegal activities there and the government will take measures to eliminate such activities.

The only cryptocurrency exchange in Thailand is BX Thailand. It lists 11 cryptocurrencies for trade and has the daily trade volume of around $16 million.  

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   71

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.