Jump to content

Thailand Propose Crypto Regulations Amid Countrywide Rise in Trading Activity


Recommended Posts

Posted

cc.jpg

 

By:Tanvir Zafar

 

Thailand’s financial officers plan to create a crypto regulatory framework in order to minimize risks of cryptos to the financial network and investors.

 

According to recent reports, Thailand’s Central Bank plans to introduce crypto regulation rules to minimize the risks in their trading. The report also said that the Central Bank intends to enhance investor protection as many people are attracted to these assets.

 

Thailand Central Bank Says Crypto Regulation Will Come Soon

 

The Bank of Thailand is currently planning to release a consensus paper to help determine the best ways to regulate cryptos. Bloomberg also reported that the Bank of Thailand plans to ensure that cryptos are secure for investors by minimizing their risks.

 

BoT will release a paper on “Financial Landscape” early next year, seeking a consensus on crypto regulations. According to the Bank’s Governor, Sethaput Suthiwartnarueput, The paper will determine the best rules for cryptos, green finance, and such innovations. He added that the incoming regulations would help support innovation and financial inclusion by reducing the systemic risks involved.

 

Full story: https://www.fxempire.com/news/article/thailand-propose-crypto-regulations-amid-countrywide-rise-in-trading-activity-849077

 

--2021-12-24 FX Empire

Posted
4 hours ago, limbos said:

Wonder how that will go down with the main shareholder of SCB, who recently bought the Bitkub crypto exchange.

Probably  looking forward to the special exclusions that will apply to them, and the restrictions that will apply to others.

 

Now you're only 3 steps behind..........you're welcome.

 

 

  • Like 1
  • Thanks 1
Posted (edited)
4 hours ago, limbos said:

Wonder how that will go down with the main shareholder of SCB, who recently bought the Bitkub crypto exchange.

Very well I would expect.

 

In many places in the world it's very hard to simply open a new bank because it benefits the existing banks....

 

Edited by ukrules
Posted

By the very nature that crypto is decentrilized makes it IMPOSSIBLE to regulate.

 

The USA runs the current global banking system and even THEY can't do anything to regulate it, so what chance does Thailand have?

 

ZERO

Posted

This is a good thing, as they are Not talking about blocking or totally restricting crypto.  Sure, they want a piece of the action as does all countries. 

Posted

Yeah, all P2P crypto traders in Thailand MUST write in their bank transfer memos that they are buying or selling crypto so the appropriate taxes can be levied.   

Posted
22 hours ago, Brewster67 said:

The USA runs the current global banking system and even THEY can't do anything to regulate it, so what chance does Thailand have?

what if USA created Bitcoin to offset the inflation of USD? ????

Posted
23 hours ago, Brewster67 said:

By the very nature that crypto is decentrilized makes it IMPOSSIBLE to regulate.

 

Just because something is decentralized and permission-less, does not mean it can not be regulated. It sure can, and will be. That, and only that, is the way forward for the industry as a whole. 

What we're already seeing right now is on and off-ramps being regulated; exchanges, trading apps, etc. And since, at least at this stage, the world of crypto does not yet stands on its own feet, this effectively (although indirectly) regulates the crypto industry as a whole to an extend.  

But regulation does not stop there. Regulators in the US and EU have stablecoins in their crosshairs at the moment. Looking at the market caps of the largest ones, and the way they're collateralized (looking at you Tether!) these stables are an obvious target for regulators. Even though the underlying tech is decentralized and permission-less, the largest stablecoins are run by US legal entities and are therefor open to regulation from authorities. Furthermore, the SEC can simply classify certain digital assets as securities, and thereby automatically applying an existing legal framework (as done with Ripple for example).

Don't make the mistake of thinking regulation isn't coming, it's a given that it is. And it's a good thing. 

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.


  • Topics

  • Latest posts...

    1. 321

      Biden lifts restrictions on Ukraine using US weapons to strike deep inside Russia.

    2. 172

      Why do so many Thai prostitutes marry their customers?

    3. 537

      UK Pensioners in Thailand Face New Scrutiny Over Pension Fraud

    4. 321

      Biden lifts restrictions on Ukraine using US weapons to strike deep inside Russia.

    5. 0

      Donald Trump Jr. Alleges Biden’s Actions Could Trigger World War III Before Trump’s Return

    6. 0

      Exposed: TikTok Tutorials Reveal Fake Asylum Scams Targeting the UK

    7. 0

      Neo-Nazis March in Ohio, Sparking Outrage and Condemnation

    8. 0

      Kanye West Faces New Lawsuit Alleging Antisemitic Remarks and Exploitative Behavior

  • Popular in The Pub


×
×
  • Create New...