Thai Assistant Prime Minister Wants Regulators To Tighten Controls On Crypto
Wissanu Krea-ngam who is the current deputy prime minister of Thailand wants more guidelines for digital money transactions. This is according to the information that was released by Bangkok Post news outlet on November 8th.
Thailand came up with guidelines to control the activities of crypto at the beginning of this year. However, the DPM is not convinced that these rules are enough to streamline the industry.
It is the reason why he is calling for additional laws to control local and international digital trade. The primary intention is to prevent investors from facing any form of fraud.
Krea-ngam warned experts during the Counter-Terrorism Funding Conference that they should not be contented with the present safety protocols. He further revealed that international criminals may use digital money to support terrorist activities.
Moreover, others may use these assets for illegal activities like money laundering. He also talked about the threats that face the cryptocurrency industry at large.
Krea-ngam Wants Regulations To Be Amended In Future
Krea-ngam also suggested that the rules should be rectified in the future to match with the new technical changes in the industry.
Apart from developing a strong regulatory structure for the crypto business, Thailand has permitted monetary organizations to join the sector. However, there are a number of restrictions that still hinder other corporations from joining this sector. Three months ago, The Bank of Thailand allowed its native financial institutions to introduce affiliates that will deal in crypto activities.
Banks within the jurisdiction of Thailand are free to offer computerized tokens and brokerage services. Furthermore, they can commit their funds in digital money via their holdings. However, BoT reiterated that banks and other monetary organizations are not authorized to deal in crypto directly.
The nation has also adopted blockchain usage that triggers opportunities for new crypto business. Last month, Thai department of trade commenced to conduct viability studies regarding use of blockchain in other sectors. Some of the targeted areas in this case are comprised of sectors such as agriculture and copyright law.
An officer from TPSO disclosed that the investigations will also lead to processing computerized IDs and other security measures aimed at safeguarding these trades.
Recently, Thai Income Department announced its intention to track tax disbursements through the use of blockchain. Additionally, the revenue director of Thailand suggested that his office will use blockchain to confirm legitimacy of taxes paid. The step will also quicken the tax repayment procedures. He said that automating transactions will enable the department to easily identify tax fraud.