{"id":66369,"date":"2022-08-10T09:02:53","date_gmt":"2022-08-10T09:02:53","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=66369"},"modified":"2022-08-10T09:02:53","modified_gmt":"2022-08-10T09:02:53","slug":"thailand-plans-to-tighten-crypto-oversight-giving-central-bank-more-powers-to-regulate-digital-assets","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=66369","title":{"rendered":"Thailand Plans to Tighten Crypto Oversight, Giving Central Bank More Powers to Regulate Digital Assets"},"content":{"rendered":"

\"Thailand<\/p>\n

Thailand is reportedly preparing to amend its law on digital assets to tighten the oversight of the crypto sector and empower the Thai central bank to oversee the sector. \u201cRight 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,\u201d said the Thai finance minister.<\/strong><\/p>\n

Thai Central Bank Will Help Regulate Crypto Industry<\/h2>\n

Thailand is reportedly planning to amend its law on digital assets to tighten the oversight of the crypto sector, particularly trading platforms.<\/p>\n

Thai Finance Minister Arkhom Termpittayapaisith explained that the planned amendments to the country\u2019s crypto regulations will \u201cbring the central bank to be part of it,\u201d Bloomberg reported Tuesday. He added that the Thai Securities and Exchange Commission (SEC) has been asked to lead the regulatory overhaul. Under the current rules passed in 2018, the securities watchdog has the sole mandate to supervise the crypto industry.<\/p>\n

The decision to overhaul crypto regulations followed the halting of withdrawals<\/a> by Zipmex (Thailand) Ltd., a licensed cryptocurrency and digital token exchange in the country. Zipmex recently allowed some coins to be withdrawn but the company filed for a moratorium in Singapore.<\/p>\n

Noting that the current regulatory framework for digital assets \u201cis not clear enough to regulate the industry,\u201d Termpittayapaisith was quoted as saying Monday:<\/p>\n

\n

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.<\/p>\n<\/blockquote>\n

However, the official stressed that the aim of tighter crypto regulations is to provide investors with greater protection, not to throttle innovation or technology.<\/p>\n

The Thai finance minister proceeded to compare crypto exchanges to traditional finance platforms. \u201cFor 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,\u201d he detailed, elaborating:<\/p>\n

\n

We are trying to protect investors as well as keeping the players in the industry in the fair terms.<\/p>\n<\/blockquote>\n

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.<\/p>\n

\u201cThe extreme volatility of digital-asset prices has spurred the urgent need for improved supervision,\u201d she noted at the time. \u201cOur main focus will be to provide more protection for small investors, some of whom are putting most of their savings into these assets.\u201d<\/p>\n

What do you think about Thailand empowering the central bank to oversee the crypto sector? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Thailand is reportedly preparing to amend its law on digital assets to tighten the oversight of the crypto sector and empower the Thai central bank to oversee the sector. \u201cRight 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 […]<\/p>\n","protected":false},"author":2,"featured_media":66370,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-66369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/66369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=66369"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/66369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/66370"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=66369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=66369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=66369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}