Businesses and consumers in Thailand are growingly becoming used to the concept of cryptocurrencies for both payments and trading services. With the exponential rate at which the world is welcoming cryptocurrencies, it is only natural that one of the largest South Asian business hubs will be entering the cryptocurrency market. Now, the Thailand government has taken note of the growing presence of cryptocurrencies, and will be issuing guidelines for the various crypto related procedures.
A joint press release was issued by Thailand’s Ministry of Finance, the Bank of Thailand, and the Securities and Exchange Commission regarding the matter. They stated that while they welcome the move towards cryptocurrencies, they also need to ensure that the process is free from financial risks.
Illegal activities such as money laundering, data theft, and cyber crimes are increasingly becoming a threat to crypto users, and the government entities plan to put a stop to such crimes. They also aim to address the price volatility of the crypto market.
The governor of the Bank of Thailand stated in the press release that there are many crypto based assets that pose lesser risks and these will be regulated by the institution. It can be said that the sudden interest in the crypto market by these government entities is a result of the recently announced partnership between the Gulf Energy Development and the global crypto trading platform, Binance.
Crypto based activity in the region is the highest in Bangkok. Thailand’s Central Retail Corporation also released their private cryptocurrency last year to be used by employees for internal purposes. Details regarding the oncoming regulation have not yet been made public, but it can be assumed that certain trading platforms will be given the green light while others will be heavily regulated.