Thai’s Minister Calls For More Crypto Regulations

Wissanu Krea-ngam, the Deputy Prime Minister of Thailand, has called for more regulations on cryptocurrencies.

Earlier this year Thailand introduced a regulatory framework for cryptocurrencies. Krea-ngam said that new measures must be introduced both domestically and internationally.

Krea-ngam was recently a part of the Counter-Terrorism Financing Summit. Meantime, he said that experts should not be satisfied with current security protocols so as not to shuffle behind criminals that would use digital currencies for funding terrorism or money laundering. Krea-ngam also added that the anonymous nature of some cryptocurrencies poses the security challenges.

 Krea-ngam said:

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

In order to form a clear legal framework for crypto business, Thailand has also allowed its financial institutions to enter the industry with some restrictions. In August, the Bank of Thailand (BoT) asked local banks to set up subsidiaries for dealing with crypto business.

While Thai banks issues cryptocurrencies, provide crypto brokerage services, run crypto-related businesses, and invest in cryptocurrencies through subsidiaries, BoT announced that all banks and other financial institutions are still banned from direct dealing with cryptocurrencies.

Recently Thailand’s announced that it is ruling military government has planned to regulate the cryptocurrency market for ‘slap investors tinkering in cryptocurrency with taxes to stop the growing sector from being used for money laundering, tax evasion, and other criminal activities.’

While the claim is valid to a particular extent, deputy PM Wissanu has previously emphasized that the new laws aren’t meant to restrict or prohibit cryptocurrency activity or ICOs in Thailand but safeguard adopters instead.