webfact Posted December 24, 2021 Share Posted December 24, 2021 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 Link to comment Share on other sites More sharing options...
Popular Post limbos Posted December 24, 2021 Popular Post Share Posted December 24, 2021 Wonder how that will go down with the main shareholder of SCB, who recently bought the Bitkub crypto exchange. 3 Link to comment Share on other sites More sharing options...
Popular Post Karma80 Posted December 24, 2021 Popular Post Share Posted December 24, 2021 Wait for it...Thailand...the hub of crypto....???? 1 2 3 Link to comment Share on other sites More sharing options...
Popular Post MRToMRT Posted December 24, 2021 Popular Post Share Posted December 24, 2021 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. 1 2 Link to comment Share on other sites More sharing options...
Popular Post HappyExpat57 Posted December 24, 2021 Popular Post Share Posted December 24, 2021 Read: "We see a lotta money flying through the air and want a taste." 3 1 Link to comment Share on other sites More sharing options...
GeorgeCross Posted December 24, 2021 Share Posted December 24, 2021 there's very little profit in risk free assets, traders welcome the volativity. keep ya mits off please. 2 Link to comment Share on other sites More sharing options...
JBChiangRai Posted December 24, 2021 Share Posted December 24, 2021 The Stock Exchange of Thailand is also intending to become a crypto exchange next year 1 Link to comment Share on other sites More sharing options...
Enoon Posted December 24, 2021 Share Posted December 24, 2021 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. 1 1 Link to comment Share on other sites More sharing options...
Popular Post connda Posted December 24, 2021 Popular Post Share Posted December 24, 2021 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. 2 1 Link to comment Share on other sites More sharing options...
300sd Posted December 24, 2021 Share Posted December 24, 2021 It's all for our own good! 1 Link to comment Share on other sites More sharing options...
ukrules Posted December 24, 2021 Share Posted December 24, 2021 (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 December 24, 2021 by ukrules Link to comment Share on other sites More sharing options...
Brewster67 Posted December 24, 2021 Share Posted December 24, 2021 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 Link to comment Share on other sites More sharing options...
how241 Posted December 24, 2021 Share Posted December 24, 2021 7 hours ago, Karma80 said: Wait for it...Thailand...the hub of crypto....???? Yes, always the Hub !!! Hub of hubs. Link to comment Share on other sites More sharing options...
how241 Posted December 24, 2021 Share Posted December 24, 2021 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. Link to comment Share on other sites More sharing options...
Heng Posted December 25, 2021 Share Posted December 25, 2021 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. Link to comment Share on other sites More sharing options...
fdsa Posted December 25, 2021 Share Posted December 25, 2021 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? ???? Link to comment Share on other sites More sharing options...
mjnaus Posted December 25, 2021 Share Posted December 25, 2021 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. Link to comment Share on other sites More sharing options...
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