Thai Deputy Prime Minister Calls for Controls for Cryptocurrencies

Even the Deputy Prime Minister of Thailand has called for greater regulation on cryptocurrencies, urging experts not to lag in creating new security practices.
Even though Thailand introduced a regulatory framework to get cryptocurrencies before this year, Krea-ngam advocated that new measures must be released both domestically and globally to be able to stay on top of new strategies and threats to consumer security.Speaking at the Counter-Terrorism Financing Summit, Krea-ngam stated that experts shouldn’t be happy with present security protocols so as not to lag behind offenders that would utilize cryptocurrencies for funding terrorism or money laundering. He also noted the security challenges posed by the anonymous nature of several resources. “The laws will need to be amended in the future so we can better keep up with technological changes,” Krea-ngam said.In addition to forming a transparent legal framework to get crypto company, Thailand has also allowed its financial institutions go into the business, albeit with a few restrictions. In Augustthe Bank of Thailand (BoT) allowed local banks to set up subsidiaries for managing crypto business.While Thai banks may issue digital tokens, supply crypto brokerage solutions, run crypto-related businesses, also invest in cryptocurrencies via subsidiaries, BoT reaffirmed that all banks and other financial institutions continue to be prohibited from direct dealing with cryptocurrencies.Thailand has also embraced the blockchain technologies that underlies cryptocurrencies. In Octoberthe Thai MInistry of Commerce began to conduct feasibility research for blockchain deployment in agriculture, trade finance and copyright. The Revenue Department’s director-general Ekniti Nitithanprapas stated that blockchain will be employed to confirm the validity of taxation paid and to hasten the tax refund procedure. He explained that system learning would provide more transparency to the procedure and allow the division to more efficiently detect tax fraud. […]

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