Thailand to Establish Regulatory Framework for Encryption in March

Thailand to Draft Bill to Supervise Cryptocurrency Trading to Tax Crypto-Market in the country.

According to Nathporn Chatusripitak, a spokesman for the government, the Thai Ministry of Finance's impulse for the proposal of a new cryptographic regulation stems from the desire to prevent the laundering of 39, money and fraud using cryptocurrencies. The new regulations are expected to be announced "later this month."

In mid-February, the governor of the Central Bank of Thailand issued a circular asking all Thai banks to pay their bills. refrain from trading and investing in crypto. and to prohibit their participation and creation in cryptographic exchanges and trading platforms. This circular only referred to banks, not to cryptographic exchanges, which are still allowed to operate in the country.

In September of last year, the Thai Securities and Exchange Commission (Thai SEC) announced that it is implementing the regulations relating to the initial offers of coins ( ICO). The Thai Digital Exchange Index (TDAX) has recently postponed the trading and registration of ICOs in mid-February pending the Thai SEC's regulatory framework being revealed.