Thai Deputy Prime Minister Calls for More Controls for Cryptocurrencies

Published at: Nov. 8, 2018

The Deputy Prime Minister of Thailand Wissanu Krea-ngam has called for more regulations on cryptocurrencies, local news daily the Bangkok Post reports Nov. 8.

While Thailand introduced a regulatory framework for cryptocurrencies earlier this year, Krea-ngam urged that new measures must be introduced both domestically and internationally in order to keep up with new tactics and threats to consumer security.

Speaking at the Counter-Terrorism Financing Summit, Krea-ngam said that experts should not be satisfied with current security protocols so as not to lag behind criminals that would use cryptocurrencies for funding terrorism or money laundering. He also noted the security challenges posed by the anonymous nature of some digital assets.

"The laws need to be amended in the future so that we can better keep up with technological changes," Krea-ngam said.

In addition to forming a clear legal framework for crypto business, Thailand has also allowed its financial institutions enter the industry, albeit with some restrictions. In August, the Bank of Thailand (BoT) permitted local banks to set up subsidiaries for dealing with crypto business.

While Thai banks can issue digital tokens, provide crypto brokerage services, run crypto-related businesses, and invest in cryptocurrencies through subsidiaries, BoT reaffirmed that all banks and other financial institutions are still banned from direct dealing with cryptocurrencies.

Thailand has also embraced the blockchain technology that underlies cryptocurrencies. In October, the Thai MInistry of Commerce began to conduct feasibility studies for blockchain deployment in agriculture, trade finance and copyright. An official from Thailand’s Trade Policy and Strategy Office (TPSO), Pimchanok Vonkorpon said that the studies would also refer to processing digital IDs, IP registration management, and security, along with smart contracts.

Yesterday, the Thai Revenue Department announced that it plans to track tax payments using blockchain technology and machine learning. The Revenue Department’s director-general Ekniti Nitithanprapas said that blockchain will be used to verify the validity of taxes paid and to speed up the tax refund process. He said that machine learning would provide more transparency to the process and allow the department to more effectively detect tax fraud.

Tags
Bitcoin Regulation
Government
Law
Thailand
Security
Aml
Related Posts
Australian Securities Regulator Releases Cryptocurrency, Mining, ICO Guidelines
The Australian Securities and Investment Commission (ASIC) published new initial coin offering (ICO) and cryptocurrency guidelines on its official website on May 30. The regulator detailed the prerequisites that a cryptocurrency business needs to follow in order to comply with both the Australian Corporations and ASIC Acts, but did not cover regulations enforced by other national institutions. Notably, the guideline specified that if a crypto asset is a financial product, then the issuer and firms dealing with it are required to hold an Australian financial services license. The report also notes that miners will be considered part of the clearing …
Blockchain / May 30, 2019
Russian Supreme Court Classifies Illicit Crypto Use Under Money Laundering Laws
The Russian Supreme Court has included the illicit use of cryptocurrencies in the list of criminal offences related to money laundering, local legal news site Pravo reported on Tuesday, Feb. 26. The court has introduced new amendments to the anti-money laundering (AML) decree issued in July 2015. These clarifications relate to Russian criminal code articles dedicated to the legalization of property acquired via criminal means. According to Alexander Chervotkin, a judge who commented on the regulations, in the three years since the decree was signed, cryptocurrencies have became widely used by criminals. To prove that, the judge cited several cases …
Bitcoin Regulation / Feb. 26, 2019
Iran Declares Telegram Crypto Aspirations an Act Against National Security
The Iranian government has taken further steps against Telegram’s cryptocurrency development, the Tehran Times reports Dec. 31. Secretary of the Criminal Content Definition Task Force Javad Javidnia has declared that any cooperation with the encrypted messaging app to launch its Gram token will be considered an act against national security and a disruption to the national economy. Javidnia stated: “One of the most important factors in banning Telegram was a sense of serious economic threat from its activities, which was unfortunately marginalized and neglected due to the fuss in the political atmosphere of the country.” Iran first banned the app …
Bitcoin Regulation / Jan. 1, 2019
Thai Securities Regulator Considers Various STO Classifications for Regulatory Framework
The deputy secretary of the Thai Securities and Exchanges Commission (Thai SEC) has declared that Thai-related Security Token Offerings (STOs) launched in an international market break the law, English-language daily Bangkok Post reports Nov. 29. The aforementioned article states that deputy secretary Tipsuda Thavaramara “said the regulator will have to consider how to deal with STOs for issues such as share ownership, voting rights and dividend.” There still confusion about how to regulate these kind of offerings, Thavaramara reportedly declared: “At the moment, we have not decided whether STOs fall under the SEC Act or the Digital Asset Act, but …
Altcoin / Dec. 1, 2018
US Lawmakers Want to Brand Libra a Security, Association Disagrees
A couple of United States lawmakers are looking to classify stablecoins as securities. With Libra considering adopting fiat-pegged stablecoins rather than a single token supported by a basket of national currencies, the proposed crypto project might be facing yet another regulatory hurdle. Meanwhile, lawmakers sponsoring the bill say stablecoins should be classified as securities to protect U.S. consumers. If passed, stablecoin projects like Libra will potentially fall under the purview of stringent U.S. securities regulations. Critics of the move remark that such measures only serve to further dampen the country’s position in the emerging digital landscape. Some commentators have long …
United States / Dec. 1, 2019