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Central Bank of Thailand to Get More Powers In New Overhaul of Crypto Rules

On one hand, as Thailand prepares for the launch of its central bank digital currency (CBDC), it is simultaneously working to tighten crypto rules. The government of Thailand is looking to tighten the regulatory oversight on crypto platforms.

As a result, it is also planning to give more powers to the Thai central bank in an attempt to overhaul the crypto rules. Currently, only the Thailand SEC has had the sole mandate to supervise the industry since 2018. Of course, the SEC will be taking the lead further to overhaul the crypto rules.

However, new amendments to crypto regulations will “bring the central bank to be part of it,” said Finance Minister Arkhom Termpittayapaisith. Explaining further, Arkhom added:

“Right now, the central bank has no room to enter into the regulatory framework except for notifying that cryptos are not a legal means of payment for goods and services. So the framework is not clear enough to regulate the industry.”

The recent move comes after the country’s licensed crypto exchange Zipmex suspended withdrawals for a brief period of time. However, Zipmex has started to release the freeze on transactions. It is also seeking a temporary moratorium to raise more funds and avoid any lawsuits.

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 09.08.2022

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