Thai’s Minister Calls For More Crypto Regulations

[prashadraj205000]

Wissanu Krea-ngam, the Deputy Prime Minister of Thailand, has called for more regulations on cryptocurrencies.

Earlier this year Thailand introduced a regulatory framework for cryptocurrencies. Krea-ngam said that new measures must be introduced both domestically and internationally.

Krea-ngam was recently a part of the Counter-Terrorism Financing Summit. Meantime, he said that experts should not be satisfied with current security protocols so as not to shuffle behind criminals that would use digital currencies for funding terrorism or money laundering. Krea-ngam also added that the anonymous nature of some cryptocurrencies poses the security challenges.

[clololck]

This is only an anticipatory strategy. I don't think that cryptocurrency laws can emerge quickly. Encrypted currencies are anonymized. The realization of supervision must be voluntary by investors. Perhaps the future STO can achieve ICO supervision.

[Wale777]

I think there is need for more huge force like government officials to start pushing and advocating for due regulation of cryptocurrency firstly to weed out scam and secondly to curb money laundering through AML, like it's pointed out above some terrorists have been using crypto to move money to sponsor their heinous act because of the anonymity of cryptocurrency

[dentolas]

this is good news (I hope). The regulations on crypto will take some time to be satisfatory, but must start somewhere... to be honnest I think that regulation will serve to bring trust and safety to crypto... and we need it!
The anonimacy of some cryptos is a consequence of evolution and we must deal with it... dollars are used by terrorists and such for counteless years, they just have to find a way to transport the bills and it is a private transaction... digital money will bring a lot more transparency... just think, if anonimous crypto didn't exist, where would the politicians, white collar people, high end parasites, etc hide their money once crypto takes over?
Fair and usefull regulations will be hard to come by.... but we must start to try to find them

[hengha]

There are many security risks associated with using cryptocurrencies, and crypto is also easy to use for crime, such as money laundering! But letting the world agree to the legitimacy of crypto is almost impossible!

[bigcash2011]

Well regulation is always good especially to filter out scammers and protect investors plus tax generation which is the aim of every government around the world but at the same time i think these govts. Should also try to maintain the essence of decentralization of crypto, too much control over crypto can kill the purpose so i hope crypto will stay decentralized.

[the13thsymphony]

I believe that most of the countries in south east Asia is now is discussion in their governments about the regulation of cryptocurrencies as even though we are in a bear market most of them sees its potential. Hopefully that they can quicken the regulations to cryptocyrrencies as most of the countries is SEA are notorious in having to lengthen the approval of it because of politics and government officials.

[Jamesdila1]

i think thats a positive move because regulation will make crypto better for society. and also more investors will see crypto as a legitimate investment method. so i think thats a good thing for entire crypto community

[mayan251]

I think it is very necessary for encryption to introduce supervision. This can reduce many frauds and prevent money laundering. It can make encryption develop in a good direction.

[coin-investor]

It's the same scenario from the past governments that want to strictly enforced regulations on cryptocurrency, we cannot blame them because in the past this is what actually is happening, I just hope it will not harm holders of cryptocurrency from that country Thai contribution to cryptocurrency is huge.

[EvgenOrel]

About the rules on the crypto market, you can enter them, but you still need to catch criminals by other institutions. It is necessary to create a happy life, then crime will be less.

[icalical]

Anonymity  is one of the main features that crypto has to offer. To dissable or reduce the power of anonymity in crypto hard to do. Not to mention that this is always the main concern of the government, but I believe there are some cryptocurrencies that offer lack of anonymity so the government can use it and at the stime still does not make the community that use the crypto worries about their identity leak.

[gorkem]

i think thats a positive move because regulation will make crypto better for society. and also more investors will see crypto as a legitimate investment method. so i think thats a good thing for entire crypto community

Many investors are really afraid to invest because of the very high risk.When investors receive guarantees from some regulatory body,I have no doubt that the number of investors will increase significantly.But there can also be a negative effect of regulation.This is due to the fact that large investors still prefer to remain in the shadows.In addition to Thailand, many countries are interested in this issue.And most likely, many countries will have to come to some General consensus on the regulation of cryptocurrencies.

[Tosin12]

It's commendable this is coming from a top government officials advocating for regulation of cryptocurrency, sincerely the crypto regulations is long overdue and if well meaning individuals put weight behind the idea of crypto regulation, it will in no small measure bring sanity to the crypto world and reduce or totally eradicate scam in this space.

[ranchi]

the largely anonymous nature of cryptocurrencies makes it difficult for authorities to identify the bad actors and so they decided to put more regulations on crypto

[beerlover]

Sometimes its great for governments to regulate crypto and sometimes its not so well, I am not too sure which one this is. Yes this could turn Thailand into a good crypto haven type country but do we really want a royal house at the top on a crypto country, wouldn't we prefer a democracy with laws ?

I mean this dude comes up and says lets regulate crypto and get crypto companies here and whole country and law people make it happen, what keeps him from saying "alright lets take all of their crypto now" or whatever, there is no stopping force for the Thai royal house and I am not sure if it is a good idea for crypto in general. Maybe somewhere like france where lawyers are rooting for crypto to be regulated properly is much better for us. USA has been doing some tax work but really they are not that big on crypto neither.

[Wicked Sick]

Again with the absurd excuse of wanting to regulate to avoid financing terrorism.... when it is known by all that the preferred method of financing continues to be cash in hand, because there is really nothing more anonymous and intractable than cash, this was verified when a terrorist group wanted to launch a kind of fundraiser by receiving donations in cryptos and did not collect anything.

[LickKing]

The cryptocurrency regulations help the cryptocurrency grow better, which shows that the government recognizes the future of cryptocurrencies. But cryptocurrency regulations may be difficult to achieve quickly. It may take years.

[jossiel]

Wow that's a good approach coming from someone from a anti-terrorism financing summit.

The realization of supervision must be voluntary by investors.

The government has to act accordingly on what they can see if there's something that will threat and harm their people, not only physical but also financially. I don't see anything wrong with what he said as crypto's are anonymous except the centralized ones.

[BitcoinHodler]

some countries have not yet had any clear rules and regulations for cryptocurrencies so far even though they have been growing in their country. so some places such as Thailand need to act fast about it and start with more regulations so that they can keep the market and flow of money under control in order to prevent fraud and also lots of illegal activities such as money laundering for example.