Cryptocurrency’s legal status in Thailand becomes clearer following new laws that make digital assets and currencies more legitimate. Thailand’s Digital Assets Business Decree defines cryptocurrency as a medium for exchanging “goods, services or any other rights, or to be exchanged for other digital assets, as well as other electronic data specified by the Securities and Exchange Commission of Thailand (the Thai SEC) Board.”

Additionally, the law defines digital tokens as “electronic data generated on a system or an electronic network” used to “identify the rights of a person to invest in a project or business, identify rights to obtain goods or services, or any other specific rights, as stipulated in an agreement made between the issuer and the holder, including other rights or units specified by the Thai SEC Board.”

However, legalizing cryptocurrency also means that it will be treated just like any other form of income, which will subject it to 15% withholding tax. Thailand’s new laws regarding cryptocurrencies and digital tokens are effective as of May 14. Digital asset businesses will require a license for operation should procure one by August 10. Anyone who fails to adhere to the new law could be fined or imprisoned accordingly.

While cryptocurrency’s legal status in Thailand is becoming much clearer, some are still criticizing the country for even regulating them, according to Bloomberg. Others are worried about how these changes give credibility to cryptocurrency businesses.

Thailand’s Securities and Exchange Commission’s fintech director Archari Suppiroj said that the SEC is trying to even out cryptocurrency naysayers and those who use it for gambling purposes. Suppiroj explained that people might leave the country if regulators decide to place strict regulations on cryptocurrency, which will render the country’s ability to offer protection to investors useless.

Meanwhile, experts believe that lenient cryptocurrency regulations could lead to a lot of risks and negative outcomes. While some might think fewer regulations on cryptocurrency means a more significant benefit for the country, cybersecurity expert and CrowdStrike vice president Adam Meyers thinks otherwise. In an interview with ChannelNewsAsia, Meyers explained that the leniency in cryptocurrency regulations gives an opportunity for cybercriminals to thrive.

The cybersecurity expert believes countries like Singapore are more vulnerable to cyber threats given their lenient cryptocurrency regulations compared to other Asian countries who made a more strict stance on cryptocurrencies, such as South Korea, China, and Japan. Meyers pointed out that hackers could infiltrate platforms that utilize digital currency wallets. Additionally, cybercriminals could also infect computers with malware that can scout for digital currencies or even use its resources for cryptocurrency mining.

Cryptocurrency Becomes More Legitimate in Thailand Following New Laws was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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