BOT, SEC, and MOF Jointly Plans To Regulate Crypto in Thailand
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With rising concerns for regulatory policies to be placed on the crypto market, the Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), and the Ministry of Finance (MOF) in a joint press release explained the need for digital assets to be regulated to protect both citizens and country’s financial stability and economic system.
According to the press release, digital assets have created avenues for people to make payments for goods and services. Some digital asset business operators also make a living by setting up digital asset settlement systems to encourage businesses to use digital assets to pay for goods and services.
Nevertheless, with such great benefits, also comes great risks. While widespread adoption of digital assets as a means of payment or investment has proved profitable, it also poses risks to both citizens and countries.
The use of digital assets makes it possible for activities such as cyber theft, personal data leakage, or money laundering to take place. Investors also suffer losses from price volatility from some assets like Bitcoin.
With the risks in mind, the press release, resonating with the comments of Mr. Sethaput Suthiwartnarueput, Governor of the BOT, mentioned “that the BOT takes into consideration both the risks and benefits of digital assets, including the underpinning technologies.
At present, the widespread adoption of digital assets as a means of payment for goods and services poses risk to the country’s economic and financial system. Therefore, clear supervision of such activity is needed.
However, technologies and digital assets that do not pose such risks should be supported with appropriate regulatory frameworks to drive innovation and further benefit for the public.”
Ms. Ruenvadee Suwanmongkol, the Secretary-General of the SEC, emphasized that one of the tasks of the SEC is to regulate digital asset business operators to protect both the consumers and protect the country’s economy and society and had mentioned that the body had already conducted a public hearing on how to regulate digital assets.
On the same issue of regulation of digital assets, the Finance Ministry of Russia, Ivan Chebeskov recommended that rather than the Russian government banning cryptocurrencies, they should regulate them instead.
Cryptocurrency
