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New Development: Instead of ban on CryptoCurrency, regulatory framework for digital currencies and initial coin offerings, is expected to be finalized within 30days time.
- Thailand’s financial agencies have agreed that regulators cannot stop the use of cryptocurrencies within the country.
- In addition, Thailand’s Finance Minister Apisak Tantivorawong said on Thursday that “The government will not ban cryptocurrency trading,”
- Moreover, in place of Ban “A regulatory framework to govern digital currencies will become clearer and set up within a month.”
After a recent discussion, related agencies agreed that regulators cannot stop the use of virtual currencies but will have to regulate and control them in an appropriate manner.
- The Thai Securities and Exchange Commission (TSEC), the Ministry of Finance, the Anti-Money Laundering (AML) Office, and the Bank of Thailand (BOT) will soon meet to discuss this matter in detail, according to Thai Rath.
- According to the finance minister, Bank of Thailand is not in the best place to monitor or oversee cryptocurrencies since they are not recognized as legal tender.
- And lastly, “Mr. Apisak said that the best authority to take care of digital currency is the [T]SEC, because the [T]SEC is responsible for the oversight of securities,”
The bottom line is that CryptoCurrency won’t be ban in Thailand. But do you think regulations of crypto is a wise decision? Drop your comments below.
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