Thailand plans to tighten its hold on the crypto industry by amending its digital assets law. The Thai Central Bank will now be able to oversee blockchain transactions.
As stated by the Finance Minister of Thailand, the Central Bank of the country has no immediate plans to enter into the framework of crypto regulations. Still, the Centre just wanted to send a message to the people that crypto, as of now, cannot be accepted as a legal mode of payment for any services or goods.
The Central Bank of Thailand will now help regulate crypto transactions
The Finance Minister of Thailand, Arkhom Termpittayapaisith, explained that the amended plans in the regulations would help the Central Bank become a part of crypto and other digital asset transactions.
Thailand’s SEC (Securities and Exchange Commission) will take the lead in this overhaul of regulations. As per the digital assets act passed in 2018, the SEC has been the sole overseer of the blockchain industry.
But, the prevailing tensions in the US concerned with their SEC’s conduction have inspired Thailand’s Central Government to include the Finance Ministry in the matter.
Zipmex, a cryptocurrency and digital asset exchange-based firm in Thailand, has halted all its transactions. Although the firm has filed for a moratorium period in Singapore, Thailand is already taking much-needed precautions.
The Thai Finance Minister, though, has clearly stated that the central government as of yet cannot completely regulate crypto transactions as the laws stated are not yet clear. But, this is a step toward the future when the Centre will have a role to play in the crypto industry.