SEC asked to shut out large foreign entrantsBitkub Capital Group Holdings' chief executive has requested the SEC refuse entry to major foreign business operators to the digital asset segment. The portion of foreign shareholders in Thailand-based companies, including digital asset businesses, must not exceed 50%, according to the Commerce Ministry's Foreign Business Act of 1999. "I am concerned that an amendment to the digital asset royal decree could relax regulations the entry of foreign business operators. Thai cryptocurrency firms could experience losses since foreign firms are equipped with sophisticated technology and huge capital," said Mr Jirayut. "Shutting the door for foreign firms to operate in the country provides an opportunity for local firms to create new technologies that will help strengthen the country in the long run.

Source: Bangkok Post November 26, 2019 01:41 UTC