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Thailand is reportedly preparing to amend the Digital Assets Act to tighten oversight of the crypto sector and empower the Central Bank of Thailand to oversee the sector. “Right now, the central bank does not have room to enter the regulatory framework except to notify that crypto is not a legal tender for goods and services,” the Thai finance minister said.
Thailand is reportedly planning to amend its digital assets law to tighten oversight of the crypto sector, particularly trading platforms.
Thailand’s Finance Minister Arkhom Termpittayapaisith explained that the planned changes to the country’s crypto regulations will “bring the central bank to be part of it,” Bloomberg reported on Tuesday. He added that the Thai Securities and Exchange Commission (SEC) has been asked to lead the regulatory overhaul. Under current rules enacted in 2018, the securities watchdog has the sole mandate to oversee the crypto industry.
The decision to revise crypto regulations followed the suspension of withdrawals 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 Zipmex recently allowed some coins to be withdrawn, but the company petitioned for a moratorium in Singapore.
Termpittayapaisith was quoted as saying that the current digital asset regulations “are not clear enough to regulate the industry,” on Monday:
Right now, the central bank does not have room to enter the regulations except to notify that crypto is not a legal means of payment for goods and services.
However, the official emphasized that the goal of tighter crypto regulations is to give investors greater protection, not to stifle innovation or technology.
The Thai finance minister went on to compare crypto exchanges to traditional financial platforms. “For the stock exchange, you have the paper to prove that you are the owners. In the digital world, you have nothing except the consent you put at the bottom, which people never read,” he elaborated:
We try to protect investors as well as keep the players in the industry on fair terms.
SEC Secretary General Ruenvadee Suwanmongkol revealed plans to revise current crypto regulations in July. She explained that the proposals included stricter qualifications for the management and licensing of crypto depositories.
“The extreme volatility in digital asset prices has spurred the urgent need for enhanced oversight,” she noted at the time. “Our main focus will be to provide more protection for small investors, some of whom put most of their savings into these assets.”
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