Thailand is planning to modify its crypto rules to tighten industry oversight, especially trading platforms. Finance minister Arkhom Termpittayapaisith said the country’s crypto regulation will “bring the central bank to be part of it.” The Thai Securities and Exchange Commission (SEC) has been tasked with overseeing the regulatory changes. The securities watchdog has the sole mandate to supervise the crypto industry under the current rules passed in 2018.
Termpittayapaisith mentioned that the current regulation is “not clear enough to regulate this industry.” He stressed, “Right now, the central bank has no room to enter into the regulatory framework except for notifying that cryptos are not a legal means of payment for goods and services.” He believes that the new crypto regulations will benefit investors, providing them with greater protection.
The official went on to compare crypto exchanges to traditional finance platforms. He added, “For the stock exchange, you have the paper to prove you are the owners. In the digital world, you have nothing except for the consent that you put at the bottom, which people never read.” Termpittayapaisith emphasizes that this will protect investors and the players in the industry.
The secretary-general Ruenvadee Suwanmongkol said, “The extreme volatility of digital-asset prices has spurred the urgent need for improved supervision, our main focus will be to provide more protection for small investors, some of whom are putting most of their savings into these assets.”
For more news updates, visit our homepage now and see our latest news article. Want to learn more about trading? Visit our education page now and learn for FREE!
Building a Well-Balanced Crypto Portfolio(Opens in a new browser tab)
Thailand and Crypto Tax(Opens in a new browser tab)
