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February 09, 2018, 07:31:28 AM
 #1

Thai Government Cannot Stop Crypto Use – Regulatory Framework Expected in a Month

Thailand’s financial agencies have agreed that regulators cannot stop the use of cryptocurrencies within the country. The relevant ministries will meet and discuss the regulatory framework for digital currencies and initial coin offerings, which is expected to be finalized within a month.

Can’t Stop Crypto – Forced to Regulate


Thailand’s Finance Minister Apisak Tantivorawong said on Thursday that “The government will not ban cryptocurrency trading,” the Bangkok Post reported, adding that “A regulatory framework to govern digital currencies will become clearer within a month.” At the “Thailand Takeoff 2018” seminar, he emphasized:

``After a recent discussion, related agencies agreed that regulators cannot stop the use of virtual currencies but will have to regulate and control them in an appropriate manner.``

The Thai Securities and Exchange Commission (TSEC), the Ministry of Finance, the Anti-Money Laundering (AML) Office, and the Bank of Thailand (BOT) will soon meet to discuss this matter in detail, according to Thai Rath.

In addition, “Mr. Apisak said that the best authority to take care of digital currency is the [T]SEC, because the [T]SEC is responsible for the oversight of securities,” the news outlet wrote. The finance minister also indicated that the Bank of Thailand is not the appropriate organization to oversee cryptocurrencies since they are not recognized as legal tender.

The regulators are “currently drafting legislation to oversee and regulate the use of digital currency, [which is] expected to be finalized within 1 month,” Channel 7 reported.

Source: https://news.bitcoin.com/thailand-regulators-stop-cryptocurrency-use-regulate/

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February 09, 2018, 09:23:45 AM
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Since last year, I have been expecting Thailand to open its market for cryptocurrency all because this is a country that has the vision for the future and is not into controlling its own people or to force them to swallow the ideology of the government like what China is doing. I am sure that many Bitcoin lovers and supporters in Thailand will be happy on this news. And the bonus is that the country will also include ICO in its coming regulatory framework. This can help the country be one of the few leaders in this field as more and more are closing their doors to ICO. Let's applaud the government of Thailand for such a wisdom of soon recognizing Bitcoin and facilitating ICO.

 
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February 09, 2018, 11:48:25 AM
 #3

I was resting in Thailand several times, and I have the good impressions of it. It would be great, if they decided to use cryptocurrencies in all areas, so I could have paid them for another trip.
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February 09, 2018, 02:13:49 PM
 #4

At least we have a country finally admitting that crypto can't be stopped, and that regulations are the only way of maintaining at least some sort of control. It's always better to have something working in your advantage, than everything working against you, which happens when countries are looking to ban crypto entirely. I am however a major supporter of governments implementing very HARSH restrictions when it comes to ICO's. It may not be what some people want to hear, but ICO's are the shithole part of this market, and that needs to be eliminated entirely, or regulated in such a way, that utter scammers won't be able to host ICO's as easily as they are allowed to do so right now.

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February 09, 2018, 07:19:20 PM
 #5

More countries will follow Thailand's path , soon they will realise that this is the future . The move to regulate is a smart one banning does not solve anything
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February 09, 2018, 08:15:07 PM
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 #6

At least we have a country finally admitting that crypto can't be stopped and that regulations are the only way of maintaining at least some sort of control

Ok, there's very little they can do about decentralised computer tech, that's right


I am however a major supporter of governments implementing very HARSH restrictions when it comes to ICO's. It may not be what some people want to hear, but ICO's are the shithole part of this market, and that needs to be eliminated entirely, or regulated in such a way, that utter scammers won't be able to host ICO's as easily as they are allowed to do so right now.

But there's also very little that can be done, because ultimately, ICOs are also decentralised computer tech.


You are already doing the right thing without suggesting intervention of the (former) authorities, though: calling ICO scammers out. When the previous authorities can't do anything, we can only warn people.

This is symptomatic of powerful peer-to-peer (i.e. decentralised) tech. The tech is so powerful, that centralised methods cannot control it. This is great when someone with good intentions creates such tech, individuals are empowered. But those with bad intentions can similarly use the nature of p2p tech to manipulate people.

The only way to mitigate problems caused by peer-to-peer tech is therefore also peer-to peer. The financial press are supported by financial industry advertising, and so cannot afford to do anything except use ICOs as a stick with which to beat the well-intentioned cryptocurrencies availaible.

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February 09, 2018, 09:27:03 PM
 #7

The tech is so powerful, that centralised methods cannot control it. This is great when someone with good intentions creates such tech, individuals are empowered. But those with bad intentions can similarly use the nature of p2p tech to manipulate people.

Good point. However, the thing is that the authorities themselves could prevent an exchange operating within their jurisdiction from listing x token without approval. The only thing that remains for the scammers to get their tokens listed on, is either Yobit-like exchanges or decentralized exchanges. It will never result in a situation where we completely clean house when it comes to scammers, but it at least would give them less incentive to keep creating ICO's out of hot air, because people not being able to trade their tokens on centralized platforms will very likely not buy into them. It remains to be seen how things will go in that regard, but I have the impression that exchanges will have to swallow much more restrictions in the forhcoming years, which will definitely impact their ability to freely list coins and tokens in the future.

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February 09, 2018, 10:59:44 PM
 #8

I like how they openly admitted to failure. If you can't beat them, join them! Cheesy
I've said multiple times that governments that go to war with cryptocurrencies are bound to fail. They will be spending money on tracking and punishing users while they could be profiting from booming crypto businesses that pay taxes and bring media attention to the country. A growing crypto economy equals more tourism, more startups, new business opportunities which in the long run mean more money in the budget.

 
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February 10, 2018, 02:04:01 AM
 #9

Thai Government Cannot Stop Crypto Use – Regulatory Framework Expected in a Month

Thailand’s financial agencies have agreed that regulators cannot stop the use of cryptocurrencies within the country. The relevant ministries will meet and discuss the regulatory framework for digital currencies and initial coin offerings, which is expected to be finalized within a month.

Can’t Stop Crypto – Forced to Regulate


Thailand’s Finance Minister Apisak Tantivorawong said on Thursday that “The government will not ban cryptocurrency trading,” the Bangkok Post reported, adding that “A regulatory framework to govern digital currencies will become clearer within a month.” At the “Thailand Takeoff 2018” seminar, he emphasized:

``After a recent discussion, related agencies agreed that regulators cannot stop the use of virtual currencies but will have to regulate and control them in an appropriate manner.``

The Thai Securities and Exchange Commission (TSEC), the Ministry of Finance, the Anti-Money Laundering (AML) Office, and the Bank of Thailand (BOT) will soon meet to discuss this matter in detail, according to Thai Rath.

In addition, “Mr. Apisak said that the best authority to take care of digital currency is the [T]SEC, because the [T]SEC is responsible for the oversight of securities,” the news outlet wrote. The finance minister also indicated that the Bank of Thailand is not the appropriate organization to oversee cryptocurrencies since they are not recognized as legal tender.

The regulators are “currently drafting legislation to oversee and regulate the use of digital currency, [which is] expected to be finalized within 1 month,” Channel 7 reported.

Source: https://news.bitcoin.com/thailand-regulators-stop-cryptocurrency-use-regulate/
I do not believe the Thai government did not do that. I was shocked to hear this information
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