Thailand Plans To Introduce Crypto Currency, ICO Regulation In A Month

February 9, 2018 by Cameron Bishop

According to Bangkok Post, Thailand regulators will finalize the regulatory framework governing crypto currencies and ICO within a month. The decision comes after the financial agencies in Thailand agreed that regulators cannot practically put an end to the use of crypto currencies within the country.

At the Thailand Takeoff 2018 seminar, the finance minister Apisak Tantivorawong announced “the country will not ban crypto currency trading.” Tantivorawong added “A regulatory framework to govern digital currencies will become clearer within a month.”

The decision was taken after the related agencies discussed and agreed that a regulation is certainly required to ensure proper use of the technology. According to Thai Rath, 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 and discuss the issue.

Tantivorawong opined that the Securities and Exchange Commission of Thailand is best suited to handle the situation as it oversees securities trading in the country. According to the finance minister, the Bank of Thailand is not the appropriate institution to oversee crypto currencies as it is not a recognized legal tender. The regulators are currently in the process of drafting a legislation to oversee and regulate the use of crypto currencies and the final version is expected within a month.

The Thai government will also regulate ICOs, in addition to crypto currencies. The finance minister believes that regulating crypto currencies and ICOs will improve the financial technology sector of Thailand.

It can be remembered that Jaymart, a mobile distributor listed on the Thailand Stock Exchange (SET), announced its plans to raise funds through an ICO for its subsidiary J Ventures. Jaymart plans to raise 660 million baht (~$20.80 million) and use the funds to set up a block chain based decentralized lending platform.

TSEC has already taken responsibility and is conducting a public hearing on ICO.