According to Thailand’s Finance Minister Apisak Tantivorawong, the government will not ban crypto trading because the regulators cannot stop the use of crypto in the country. However, it will develop the regulatory framework for digital currencies and ICOs.
During his speech at the “Thailand Takeoff 2018” seminar, Apisak Tantivorawong informed the audience that regulators cannot stop the use of virtual currencies but will have to regulate and control them in an appropriate manner.
In the near future, the Bank of Thailand (BOT), The Thai Securities and Exchange Commission (TSEC) and the Ministry of Finance, the Anti-Money Laundering (AML) Office will meet in order to have detailed discussion concerning this topic.
According to Apisak Tantivorawong, the TSEC is the best authority to take care of crypto. In his opinion, the TSEC is responsible for the oversight of securities. He believes that the Bank of Thailand is not the appropriate organization to oversee cryptocurrencies since they are not recognized as legal tender.
The government will also regulate ICOs. It will improve its financial technology sector in order to be able to regulate cryptocurrencies and ICOs.