«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,» said the Thai finance minister.
Thai Central Bank Will Help Regulate Crypto Industry
Thai Finance Minister Arkhom Termpittayapaisith explained that the planned amendments to the country’s crypto regulations will «bring the central bank to be part of it,» Bloomberg reported Tuesday. Under the current rules passed in 2018, the securities watchdog has the sole mandate to supervise the crypto industry. The decision to overhaul crypto regulations followed the halting of withdrawals by Zipmex Ltd. , a licensed cryptocurrency and digital token exchange in the country.
The Thai finance minister proceeded to compare crypto exchanges to traditional finance platforms. SEC Secretary-General Ruenvadee Suwanmongkol revealed plans to overhaul current crypto regulations in July. She explained that the proposals included stricter qualifications for management and licensing of crypto custodians. «The extreme volatility of digital-asset prices has spurred the urgent need for improved supervision,» she noted at the time.
Source: KEVIN HELMS | BITCOIN.COM