Thailand Propose Crypto Regulations Amid Countrywide Rise in Trading Activity

[webfact]

 

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

[limbos]

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

[Karma80]

Wait for it...Thailand...the hub of crypto....????

[MRToMRT]

This is good thing. There are so many low price "rug pull" cryptos already which are scams and because the markets are unregulated then anyone can set up a crypto/token and a buyer has no protection even if its all. scam based on lies.

 

I could set up a new coin this afternoon and then go on marketing spree using influencers with my (and the influencers) intention of lining our pockets whilst taking from the gullible.

 

 

[HappyExpat57]

Read: "We see a lotta money flying through the air and want a taste."

[GeorgeCross]

there's very little profit in risk free assets, traders welcome the volativity.

 

keep ya mits off please.

[JBChiangRai]

The Stock Exchange of Thailand is also intending to become a crypto exchange next year

[Enoon]

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.

 

 

[connda]

Translated:

 

How can we tax the plebs who made money as well as protect the solvency of Central Banks.  Plebs should never have windfall profits, only banker.

[300sd]

It's all for our own good!

 

[ukrules]

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....

 

[Brewster67]

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

[how241]

7 hours ago, Karma80 said:

Wait for it...Thailand...the hub of crypto....????

Yes,  always the Hub !!!    Hub of hubs.

[how241]

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. 

[Heng]

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.   

[fdsa]

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? ????

[mjnaus]

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.