Here's what to expect from Bitcoin, Ethereum price as Thailand tightens regulation
Thailand’s central bank is working on tightening regulatory oversight on cryptocurrency platforms. The central bank is prepared to overhaul crypto rules once new amendments give it regulator powers, alongside the Thailand SEC.
Thai Central Bank to lead the way in crypto regulation overhaul
Thailand’s SEC has the sole mandate to supervise the cryptocurrency industry in the country, since 2018. However, with a new amendment to crypto regulations, the central bank will be empowered to regulate crypto and overhaul the regulatory framework and oversight on crypto platforms.
Arkhom Termpittayapaisith, Finance Minister explained:
Right now, the central bank has no room to enter into the regulatory framework except for notifying that cryptos are not a legal means of payment for goods and services. So the framework is not clear enough to regulate the industry.
Amidst growing uncertainty, Thailand’s licensed crypto exchange Zipmex suspended withdrawals for a brief period of time. The exchange is seeking a temporary moratorium to raise more funds and avoid lawsuits.
Zipmex’s move highlighted the need for stringent crypto regulation in Thailand. While the number of crypto traders in Thailand has been slashed to a third within the past year, the central bank intends to protect user funds through stringent regulation of crypto platforms.
Despite the likelihood of enforcement of stringent crypto rules in Thailand and other economies world over, Bitcoin and Ethereum prices continue their rally. Read More…
