Thailand Government to Regulate Crypto

The regulatory framework for cryptocurrencies is expected to be finalized within a month
08 February 2018   122

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.

Arizona to Protect Crypto Nodes Legally

According to the public records, proposed protections for cryptocurrency node operators are moving ahead in Arizona's legislature
21 February 2018   44

On February 6 House Bill 2602 was filed by Representative Jeff Weninger (R.-17). It passed the Arizona House of Representatives on February 20 with 55 out of 60 votes. Now it will be sent to the State Senate.

The bill will prevent governments in the state from imposing restrictions on people who run nodes in their residences.

The bill does not specify whether it is restricted to cryptocurrency miners. However, the bill states that individuals using computing power to either validate or encrypt a transaction on a blockchain are protected.

This is just one out several bills making their way through the Arizona legislature. Another bill by Weninger would formally define the terms "coin", "blockchain," and "initial coin offering" within the state's legal framework.

Another bill recently passed by the Arizona Senate which would empower the state government to accept taxes in bitcoin and other cryptocurrencies.