Here’s what to expect from Bitcoin, Ethereum price as Thailand tightens regulation

• Thailand’s central bank is preparing to launch its CBDC alongside plans to tighten regulatory oversight.
• The number of active trading accounts in Thailand fell by a third over the past year due to new crypto regulation.
• Bitcoin and Ethereum prices are rising despite uncertainty amid ongoing bear market speculation and the upcoming merger.

Thailand’s central bank is working to tighten regulatory oversight of cryptocurrency platforms. The central bank is prepared to revise crypto rules when new changes give it regulatory powers, along with the Thailand SEC.

Also read: Singapore-based crypto lender Hodlnaut halts withdrawals amid crisis

Thai central bank to take the lead in overhauling crypto regulation

Thailand’s SEC has the sole mandate to oversee the cryptocurrency industry in the country, since 2018. However, with a new amendment to the crypto regulatory framework, the central bank will be empowered to regulate crypto and overhaul the regulatory framework and oversight of crypto platforms.

Arkhom Termpittayapaisith, Minister of Finance explained:

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. So the framework is not clear enough to regulate the industry.

Amid growing uncertainty, Thailand’s licensed crypto exchange Zipmex suspended withdrawals for a short period. The exchange is seeking a temporary moratorium to raise more funds and avoid lawsuits.

Zipmex’s move highlighted the need for strict crypto regulations in Thailand. While the number of crypto traders in Thailand has been reduced to a third over the past year, the central bank intends to protect user funds through strict regulation of crypto platforms.

Despite the likelihood of enforcement of strict crypto regulations in Thailand and other economies worldwide, Bitcoin and Ethereum prices continue to rise.

Bitcoin and Ethereum prices extend bear market rally

Bitcoin and Ethereum prices continued to rise in the bear market despite uncertainty surrounding the merger, and news of tight regulation in Asia and Europe. Bitcoin price is headed for its 8-week high as Ethereum eyes $2,000 target.

According to chain analysts at Glassnode, a crypto intelligence platform, little directional bias is evident in the Bitcoin derivatives markets. Analysts have identified a long bias among traders on the Ethereum side.

FXStreet analysts revealed a bullish view on Bitcoin. For important price levels and more information on Bitcoin price trend, check the video below: