Mon. Feb 18th, 2019

More Control over Crypto-currencies – Deputy Prime Minister, Thailand

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Nov 8 – Wissanu Krea-ngam, Thai Deputy Prime Minister, calls for more regulation on crypto-currencies.

 

Thailand has introduced a regulatory framework earlier this year. Krea-ngama is more concerned specifically over consumer security and wants to introduce measures on crypto-currencies internationally and domestically.

 

Speaking at the Counter-Terrorism Financing Summit, Krea-ngam said that experts should not be satisfied with current security protocols so as not to lag behind criminals that would use crypto-currencies for funding terrorism or money laundering. He also noted the security challenges posed by the anonymous nature of some digital assets.

 

“The laws need to be amended in the future so that we can better keep up with technological changes,” Krea-ngam said.

 

While Thai banks can issue digital tokens, provide crypto brokerage services, run crypto-related businesses, and invest in crypto-currencies through subsidiaries, BoT reaffirmed that all banks and other financial institutions are still banned from direct dealing with crypto-currencies.

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