Thailand's government requires all sellers of cryptocurrencies and digital tokens to register with the country's Securities and Exchange Commission within 90 days of a new law on digital asset-related transactions taking effect May 13, the Bangkok Post reported.
The new law, which came into force after it was published in the royal gazette, is part of the country's efforts to prevent money laundering, tax avoidance and crime, the report said. The move was first approved by the cabinet in March to protect investors.
Unauthorized sellers of digital tokens will pay not more than twice the value of the digital transaction or at least 500,000 baht and possibly a jail term of up to two years, according to the new law.
The SEC and the finance ministry will soon work on detailed regulations that will require all digital asset transactions, including digital asset exchanges and broker dealers, to register with relevant authorities, the report added.
As of May 13, US$1 was equivalent to 31.93 Thai baht.