It seems that Thailand is soon about to join the growing list of countries which have comprehensive and clear set of regulatory framework to govern cryptocurrency markets. The Governor of Country’s Central Bank recently confirmed this as he revealed the details of a meeting that recently took place between Finance Minister, Deputy Prime Minister and other high-ranking officials of Thailand Government and related agencies. During the meeting regulators and legislators collectively agreed to enact a new law that can comprehensively regulate cryptocurrencies and their activities in the country.
The law is expected to be finalized by the end of April, and it will give country’s Securities and Exchange Commission (SEC) the necessary powers to regulate cryptocurrency markets and Initial Coin Offerings (ICOs). It’s worth noting that Thailand’s SEC has had a very positive and friendly outlook towards cryptocurrencies. In September last year country’s chief regulatory body of financial securities had said at a public announcement that it recognizes the potential of ICOs for businesses and startups, and therefore it will bring the laws to legalize ICOs in country. Post that announcement drafts of its ICO regulatory framework were released for public consultation. The consultation period ended on 22nd of January, post which SEC started the work on final law that will be implemented this month.
The idea of cryptocurrency regulation and legalization in Thailand has also won support from country’s Former Finance Minister Korn Chatikavanij. Nowadays Mr. Korn serves as head of Thai FinTech Association, which is a Bangkok based startup accelerator for country’s FinTech startups. In an interview last week to Bangkok Post he had revealed how there was a concentrated effort in the country to have the SEC control cryptocurrency markets independently. He had said:
“I agree with the Finance Ministry’s [view] of letting the SEC be the only organisation governing digital assets, because it already oversees securities and has a profound understanding of digital assets. Digital assets are new for everyone, and no one knows everything [about them], so all parties should be open-minded, learn about them and have proper rules and regulations.”
It’s very encouraging to see a country having such positive stance towards cryptocurrencies. Other countries (i.e. Malaysia, Russia, Venezuela, Turkey and Iran) have also shown positive attitude towards cryptocurrencies, but few of them have embraced them with this much optimism. Certainly something to emulate for other countries.