The government of Thailand plans to broaden the digital assets regulatory framework. According to a Bloomberg report, the plan will make the Bank of Thailand (BOT) a second digital assets industry oversight body.
In the current framework, which has been in place since 2018, the Securities and Exchange Commission (SEC) is the sole digital assets industry regulator. In an interview, Thailand’s Finance Minister Arkhom Termpittayapaisith stated that this framework is not clear enough for the industry.
“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. So the framework is not clear enough to regulate the industry,” he said.
Compared with other markets, he highlighted that with stock exchanges “you have the paper to prove you are the owner.” The equivalent of this in the digital world is just the lax consent agreement that users never read.
The Bank of Thailand Governor Sethaput Suthiwartnarueput added that the amendments would help draw more “red-lines” on digital assets. The SEC has been tasked with making the amendments that will overhaul the current framework.
Thailand still looking to encourage digital assets innovation
The government’s move is coming on the back of a digital assets market downturn that has roiled retail investors. Zipmex users in the country were suspended from withdrawing their assets as the SEC-regulated exchange ran into financial troubles.
Zipmex has resumed withdrawals for most of its services and filed for a moratorium in Singapore to protect it from legal action from its creditors. The SEC has also opened investigations into the matter and called for affected users to file complaints but has been criticized for not acting more swiftly to protect investors.
Despite this, SEC is still keen on encouraging the digital assets industry. The commission has this month approved licenses for four more digital assets firms, bringing the total number of approved entities to 21, with more awaiting approval.
Similarly, the BOT has continued to work on its central bank digital currency (CBDC) plans. Earlier this month, the central bank announced that it would begin a two-track limited-scale pilot testing of real-world applications for its retail CBDC. However, it clarified that it is still uncertain whether or not Thailand will launch the CBDC.
Watch: The BSV Global Blockchain Convention panel, Blockchain for Digital Transformation of Nations
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.
Thailand eyes broadening digital assets regulations to give central bank more oversight: report & Latest News Update
Thailand eyes broadening digital assets regulations to give central bank more oversight: report & More Live News
All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue
to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.
Thailand eyes broadening digital assets regulations to give central bank more oversight: report & More News Today
All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this made available to all of you so that you are always connected with the news, stay ahead in the matter and keep getting today news all types of news for free till today so that you can get the news by getting it. Always take two steps forward
Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links