Thailand Plans to Strengthen Crypto Oversight, Giving Central Bank More Powers to Regulate Digital Assets Cryptocurrency

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Thailand is reportedly preparing to amend its Digital Assets Act to strengthen oversight of the crypto industry and empower Thailand’s central bank to oversee the industry. “Currently, the central bank does not have the ability to enter the regulatory framework except to notify that cryptos are not a legal means of payment for goods and services,” the Thai minister said. finances.

Thailand’s central bank will help regulate the crypto industry

Thailand was considering changes to its Digital Assets Act to strengthen oversight of the crypto industry, especially trading platforms.

Thai Finance Minister Arkhom Termpittayapaisith explained that planned amendments to the country’s crypto regulations “will bring the central bank into it,” Bloomberg reported on Tuesday. He added that the Thai Securities and Exchange Commission (SEC) has been asked to lead the regulatory overhaul. Under the current rules passed in 2018, the securities watchdog has a sole mandate to oversee the crypto industry.

The move to overhaul crypto regulations followed withdrawals halted by Zipmex (Thailand) Ltd., a licensed cryptocurrency and digital token exchange in the country. Zipmex recently allowed some parts to be removed, but the company has requested a moratorium in Singapore.

Noting that the current regulatory framework for digital assets “is not clear enough to regulate the industry,” Termpittayapaisith reportedly said on Monday:

Currently, the central bank does not have the ability to enter the regulatory framework except to notify that cryptos are not a legal means of payment for goods and services.

However, the official emphasized that the goal of tighter crypto regulations is to provide investors with greater protection, not to limit innovation or technology.

The Thai finance minister went on to compare crypto exchanges to traditional financial platforms. “For the purse, you have the paper to prove that you are the owners. In the digital world, you have nothing but the consent that you put at the bottom, which people never read”, he detailed, specifying:

We try to protect investors as well as keep industry players on a level playing field.

SEC Secretary General Ruenvadee Suwanmongkol has revealed plans to revise current crypto regulations in July. She explained that the proposals included stricter qualifications for managing and licensing crypto custodians.

“The extreme price volatility of digital assets has spurred the urgent need for better oversight,” she noted at the time. “Our primary focus will be to provide more protection to retail investors, some of whom place the bulk of their savings in these assets.”

Keywords in this story

bank of thailand, thai, thai central bank, thai crypto regulation, thai cryptocurrency regulation, thai digital assets, thai sec, thai securities and exchange commission, thailand, thailand crypto, thailand cryptocurrency, Zipmex

What do you think about Thailand allowing the central bank to oversee the crypto industry? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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