Legislation regulating the turnover of cryptocurrencies and digital assets came into force in Thailand. Violators of the law are threatened with heavy fines or imprisonment, the newspaper Bangkok Post reported on Monday.
The law was published by the official seal of the kingdom on Sunday and entered into force on the same day. According to the document, within 90 days all persons carrying out transactions for the sale of cryptocurrency must receive registration in a special commission on security at the Thai Stock Exchange. Violation of this provision is punishable by imprisonment up to two years, or by the fine of double the amount of the operation. The amount of the fine cannot be less than 500 thousand baht ($ 15.6 thousand).
As the Ministry of Finance of Thailand explained, the adoption of the law is aimed at “providing comprehensive regulation of cryptocurrencies and digital tokens, as well as preventing money laundering and tax evasion,” the newspaper said.
Previously, the police of the kingdom claimed that bitcoin and other cryptocurrencies are gaining popularity among criminal groups in Thailand, actively using them to withdraw funds earned illegally.