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Thailand to Regulate Crypto

The restrictions in Thailand are largely concerned with the payments aspect of crypto.

Thailand regulators are going to restrict the use of Digital Assets for the purpose of payments, expressing concern that they could harm the macroeconomic setup of the country.

Thailand’s Securities and Exchange Commission (SEC), the Ministry of Finance (MOF), and the Bank of Thailand (BOT) said in a joint statement on Tuesday that they will use issue guidelines for the same, reported Bloomberg.

“At present, widespread adoption of Digital Assets as a means of payment for goods and services poses risks to the country’s economic and financial system. Therefore, clear supervision of such activity is needed.”

Sethaput Suthiwartnarueput, Governor at BOT

Young investors in Thailand are resorting to crypto investments during an economic slowdown. This development is perturbing the Government.

The SEC said that the payment aspect of Digital Assets might get restricted; however, regulators are supporting innovation and development of financial technologies such as blockchain, without curtailing investment in Digital Assets.

A new set of regulations have been proposed. Regulators have opened the forum for public consultation of these guidelines. Any stakeholder has up till February 8 to provide any suggestion.

The guidelines are largely concerned with the payment aspect and custody of Digital Assets.

Lately, regulators and Russia and Pakistan have also taken a negative stance towards the crypto industry.

Any new technology takes time to be understood. Currently, regulators around the globe are striving to understand the crypto industry and technology. Nearly all of them have openly supported the technology. But their enthusiasm about Digital Assets is not the same. It is expected that most regulators will take a slow and steady approach towards forming the laws unlike El Salvador’s.

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