Thailand Develops New Regulatory Framework for Cryptocurrency Trading
Thailand has announced its plan to legalize cryptocurrency trading as it considers forming a tax plan for crypto market in the country.
During a meeting among the country’s financial regulatory agencies, it was agreed that a comprehensive framework for cryptocurrency regulation should be formed and handed to the Thai Securities and Exchange Commission (Thai SEC) for implementation, AP reported.
Nathporn Chatusripitak, a spokesman for the government, cited that the Thai Ministry of Finance has proposed the new regulation in order to curb the risk of cryptocurrencies being used for money laundering and fraud. The new regulations should be announced later this month.
Former Minister of Finance (2008-2011) and current Fin Tech advocate Korn Chatikavanij have supported the proposed law, stating that the new regulations will strengthen the cryptocurrency business sector of the country.
“Digital assets are new for everyone, no one knows everything (about them), so all parties should be open-minded, learn about them and have proper rules and regulations,” Korn stated.
In mid-February, the Governor of the Central Bank of Thailand issued a circular asking all Thai banks to refrain from trading and investing in cryptocurremcy, and also prohibiting their participation in the creation of cryptocurrency trading platforms. However, the circular referred only to banks, not to crypto exchanges, which are still allowed to operate in the country.
In September 2017, Thai SEC announced that it would support the implementation of regulations for initial Coin Offerings (ICO), stating that it “realizes the potential of ICO” in providing new forms of funding for businesses and startups.
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