The regulatory frameworks in Thailand seem stringent, however, it would be convenient when people abide by the fundamental guidelines. While the ban on Bitcoin and altcoins trading is unlikely under any circumstances. That in itself is a pretty positive development, considering that China has taken a completely different approach in this regard. An all-out ban on cryptocurrency trading in Thailand was considered one of the many possibilities until this Monday.

The Thai government has cracked down on so-called account sharing. There will also be a 15% digital gains tax on all transactions, which is the least favorable decision of them all. This is in sync with many other countries. This is an interesting development in Thailand and one that seemingly benefits cryptocurrency as a whole. Anyone letting others use their accounts for transactions can be jailed for up to one year and face a major fine.

The new rules state that both cryptocurrencies and digital tokens – such as those issued through ICOs – are considered digital assets. That brings a lot more legitimacy to this industry as a whole and serves as an important first step toward making ICO tokens, Bitcoin, and altcoins a lot more appealing to the general public. Whether or not this regulation will actually do so remains to be seen, but it is a positive approach nonetheless.

As one would expect, the Thai SEC will oversee these matters for the foreseeable future. Additionally, it will ensure that all users’ identities are verified in a proper, secure, and legal manner. This seemingly puts an end to anonymous cryptocurrency trading in Thailand, although that doesn’t have to be a bad thing. Those users who prefer anonymity and privacy will have to look for new solutions moving forward, though.

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