To Innovation - Breaking Politics, Economics, Crypto & IT News

learn more
Reporting from Watford, UK and LA, US since 1996
learn more

Traces of water found on Mars

At least in the distant past the Red planet had a liquid bodies of water

The new law of Thailand threatens to imprison illegal traders cryptocurrency

They can be in the colony for up to two years.

14.May.18 1:52 AM
By Anna Bezrukova


The new law of Thailand threatens to imprison illegal traders cryptocurrency
The Thai authorities have developed and adopted a new law designed to regulate the scope of trade in cryptocurrencies. The document was approved yesterday, May 13 - from that moment it came into force. Violators of this bill are threatened with significant fines or real prison terms.

The text of the law obliges all those who trade in digital currencies to register within 90 days at the Stock Exchange of Thailand - in a special commission on security. If you ignore this requirement, you can be behind bars for two years, or you will have to pay a fine. The amount of the latter will depend on the volume of the operation and can be at least 500 baht (about 15.6 thousand dollars).

The authors of the initiative have prescribed in the new law all possible risks of the crypto-currency market. At the same time, they pursued the goal of preventing the use of trading platforms for money laundering, as well as tax evasion to the state budget.

It should be noted that the Thai authorities for a long time could not identify their relationship to digital currencies. For example, the country's banking regulator gave the advice to refrain from using cryptocurrency. Also, the central bank of Thailand warned that this area is dangerous - in particular, it was about the exchange of funds and the creation of trading platforms.

Back to the list

Related Information: