Thailand's authorities have announced that they will be imposing regulatory measures to protect their citizens from risky investments.
The crypto industry has been flourishing in Thailand, with the governing bodies imposing little to no regulatory measures. In fact, after the crypto crackdown in China, many Thai people got their hands on cheap mining equipment.
However, based on a press release issued by three main regulatory figures in the region, Thailand will aim to tackle money laundering activities, data leaks, and uncertain investments that come with the "widespread adoption of digital assets."
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Local institutions involved in the upcoming regulations will be the Ministry of Finance, the Bank of Thailand, and the Securities and Exchange Commission (SEC).
According to SEC’s Secretary-General Ruenvadee Suwanmongkol, Thailand is not looking to put a blanket on cryptocurrencies but wants to impose certain safety measures and a working framework that would allow the digital asset industry in the region to be transparent. She added:
"...the SEC, as the regulator for digital asset business operators, has a policy to promote the development of digital asset businesses alongside consumer protection and places emphasis on utilizing digital assets to develop the country's economy and society."
Likewise, the Securities and Exchange Commission assured that it is open to suggestions from the public on how to regulate crypto until the deadline - February 8th, 2022.
Thailand has been one of the largest supporters and adopters of cryptocurrencies in Southeast Asia, and home to some well-known crypto exchanges like Bitkub. Just a few weeks ago, Binance partnered with a local business company Gulf Innova to build next-generation technologies, and create a blockchain infrastructure in Thailand.
