Thailand To Implement Tougher Regulation On Local Crypto Industry

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New reports show that Thailand is planning on amending its digital asset law to tighten loose ends on crypto regulation, especially on trading platforms.

The Finance Minister of Thailand, Arkhom Termpittayapaisith, explained in a Bloomberg post that the planned amendment will “bring the central bank to be part of it.” Termpittayapaisith added that Thailand’s Securities and Exchange Commission (SEC) has been tapped to oversee this regulatory revamping. The Commission has the sole mandate to monitor the crypto industry per the current rules passed in 2018.

The move to revamp the crypto regulatory space came after a licensed cryptocurrency exchange in the country, Zipmex Ltd., suspended withdrawals. While Zipmex recently allowed withdrawals again in Thailand, it filed for a moratorium in Singapore.

Explaining that the existing regulatory framework for digital assets “is not clear enough to regulate the industry,” Termpittayapaisith noted:

“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.”

The Crypto Regulatory Space In Thailand

The minister further explained that the reason for implementing stricter crypto regulations is to protect investors better and not stifle innovation or technology. The senior Thai official went on to compare cryptocurrency exchanges with traditional finance platforms. Termpittayapaisith detailed: “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,” adding:

“We are trying to protect investors as well as keeping the players in the industry [on] fair terms.”