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The Thai Securities and Exchange Commission (SEC) has introduced sentence for the development cryptocurrency regulation rules. The agency also announced a number of recommendations to limit the use of cryptocurrencies and other digital coins for making payments.
Thai financial regulators are going to establish control over the use of cryptocurrencies as a payment instrument. This was announced in a press release from the Central Bank of Thailand, the Thai National Bank Bureau and the State Securities and Exchange Commission (SEC).
The government announcement was made on Tuesday, January 25th. In the published announcement, the authorities inform that regulators will consider the possibility of using their powers to establish control over the use of cryptocurrency as a payment instrument for goods and services. Also financial regulators plan to develop new rules and requirements for certain digital assets. According to preliminary data, these assets will provide support for the country’s economy, financial industry and innovation, and at the same time not pose a threat to the existing system.
What innovations await the cryptocurrency industry in Thailand?
Thailand’s financial institutions said in a statement that crypto-currency firms have expanded their business and reach into the country’s monetary sector. Cryptocurrency businesses now offer payment instruments using digital coins. They also attracted the payments business, which had a significant impact on the potential adoption of cryptocurrency. According to a report from the financial regulatory authorities of Thailand, these efforts could expand the use of cryptocurrencies as a means of payment rather than as an investment. The departments fear that this could have a negative impact on the country’s monetary stability, the protection of users’ personal data, and also bring negative consequences due to the development of cybercrime.
Additional Thai Securities and Exchange Commission (SEC) Requests Advice on Document on Cryptocurrencies. Comments on the directive are scheduled to be received by 8 February. SEC of Thailand published document made a proposal to establish a ban on advertising cryptocurrencies as a tool to pay for goods and services. The restriction applies to businesses that work with digital assets. These include, but are not limited to, exchanges and brokerage companies that are involved in the provision of cryptocurrency services, such as the development of QR codes and electronic wallets. Also, after receiving advice, Thai residents will receive restrictions on the transfer of cryptocurrency coins between accounts. So, for example, the local currency baht will be available for transfer only to the seller’s account if it was received as a result of trading in cryptocurrency assets.
Author: Alexander Orlov, analyst at Freedman Сlub Crypto News
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