Asian countries have big plans with cryptocurrencies. And not only China or Japan, which are clearly trying to go against the success of blockchain or cryptocurrencies. Several smaller countries are also trying to act and move with the times, to be able to benefit from them in the future. One of them is Thailand, which is planning to change its regulations regarding cryptocurrency projects.

According to recent information, offices in Thailand are planning to change the legislation that deals with cryptocurrencies. Their effort last year was not perceived positively. In May 2018, the Securities and Exchange Commission (SEC) of the country issued strict regulations for the four major sectors of the cryptocurrency industry - exchanges, brokers, sales representatives, and ICO token sites. However, to this day, only five projects have been regulated according to these new rules, and only two of them are currently functioning.

“The regulator must be flexible to apply new rules and regulations in line with the market environment.”

This is what one of the top representatives of SEC, Ruenvadee Suwanmongkol, said, also pointing out that new legislation should protect against various frauds, money laundering and illegal transactions performed through cryptocurrencies.

It is to be an experiment, thanks to which Thailand should join the club of “crypto-friendly” countries. Ruenvadee Suwanmongkol herself stated that, if Thailand wants to keep pace with competition, changes in the cryptocurrency sector are inevitable. How the new rules for cryptocurrency business should look like is not yet clear, though.