SEC Thailand launched the 3rd Fintech Challenge program and visited CryptovationX office at KX center.

Securities and Exchange Commission of Thailand (SEC) and Thai Fintech Association (TFTA) co-organized the press release on the Fintech Challenge contest program under concept of ‘The Discovery’ on Thursday 14 June, 2018 at 13th floor of KX center. The objective is to find new entrepreneurs in Fintech startup who wants revolutionize financial industry. Previously, our team had participated under the name of Cryptovation but for this time CryptovationX will be participating in this program and hope to become the winner of the 3rd Fintech Challenge.

The SEC Thailnad visited CryptovationX

The SEC team has visited CryptovationX’s office at KX center after the launching the Fintech Challenge program. Our team had a chance to discuss over the latest regulatory framework released by the SEC and about the possibility of CryptovationX to be participated in Fintech Challenge program.

Recently, SEC had release regulatory framework for cryptocurrency and ICO which improves the status of cryptocurrency and ICO businesses in Thailand. Following the enactment of the Emergency Decree on the Digital Asset Businesses B.E. 2561 (A.D. 2018) (“Digital Asset Businesses Decree”) and the Emergency Decree on the Amendment of the Revenue Code (№19) B.E. 2561 (A.D. 2018) (“Amendment of the Revenue Code Decree”), which became effective on 14 May 2018, the Office of the Securities and Exchange Commission (SEC) held a public hearing on the draft of related sub-regulations to be issued under the Digital Asset Businesses Decree on 16–30 May 2018. Offering public ICO and operating digital asset business are 2 kinds of activities being regulated under this framework.

Offering Public ICO

According to Baker McKenzie, an issuer must obtain prior approval from the Office of the SEC before offering its Digital Tokens to the public and must file a registration statement and draft prospectus to the Office of the SEC. The offering of Digital Tokens can only be done once the registration statement and the prospectus have become effective and can only be done through SEC approved ICO Portal to investors.

Under the latest draft regulations, which may be subject to change; the offering of utility tokens that do not have characteristics for raising funds that could be utilized since the first date of offering, will be exempted from offering requirements.

For cross-border deals, including outbound or inbound investment or outbound or inbound offering of tokens, careful considerations under this law and other relevant laws including exchange control law and tax must be done on a case-by-case basis.

Operating Digital Asset Business

Digital Asset Businesses include Digital Asset Exchange, Digital Asset Broker, and Digital Asset Dealer, or any other businesses as designated by the Ministry of Finance. All these operators must obtain an approval from the Ministry of Finance (MOF) through the Office of the SEC and must comply with certain regulatory requirements.

Under the latest draft regulations, which may be subject to change; the provision of services as a center for trading Cryptocurrencies that are considered as a stable coin/reference coin ( i.e. Cryptocurrencies of which the value always pegs with and equals to the specified value of Thai Baht, without the element of fluctuation), and exchanging utility tokens with the same type of other utility tokens that could be immediately utilized, will not be regulated under this law.

After SEC has released cryptocurrency regulatory framework, Pondet Ananchai, CEO of CryptovationX had summarized the overall impact of this regulatory framework for crypto-related businesses in Thailand which he believes that it is a positive action because this means Thailand has officially recognized the status of cryptocurrency and it became the first country in Southeast Asia that has outlined a lawful act on cryptocurrency. However, tax regulation from the Revenue Department will cause some negative effects on capital gain for both foreign investors and local investors who does not want to pay tax as much as 15%. Moreover, he had promised that CryptovationX project will fully comply with Thai law since the company is operating in Thailand.

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