Monday, September 26, 2022

Thailand made major changes in cryptocurrency laws

The power of Thailand’s central bank is set to grow further as the Southeast Asian nation has taken a major decision on the regulation of digital assets. In a recent interview given by Thai Finance Minister Arkhom Termpittaypisith, he said, “At the moment, the central bank has no place to enter the regulatory framework, except as a legal means of payment for crypto goods and services.” Not there.”

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termpittaypisith reported in a Bloomberg report that amendments to the country’s crypto regulations would “make the central bank a part of it.” He said the Thai Securities and Exchange Commission (SEC) has been asked to take the lead in changing the regulation. In the current regulation passed in 2018, only the security agency constituted was responsible for monitoring the crypto industry.

Noting that the current regulatory framework for digital assets is “not clear enough to regulate the industry,” termpittaypisith says that “right now, the central bank has no room to enter the regulatory framework, except that crypto is not a legal means of payment for goods and services.”

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However, the official stressed that the stringent crypto regulations are intended to provide greater protection to investors, not to deter innovation or technology.

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The move comes after criticism from Thailand’s regulators for not taking prompt action to protect Zipmex (Thailand) investors. Zipmex, a licensed cryptocurrency exchange, temporarily suspended withdrawals last month.

While the platform has resumed the withdrawal of some tokens in a phased manner, it has filed a moratorium in Singapore to protect against any litigation from creditors and to seek time to raise funds.

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