Former Thai Finance Minister Supports Proposals for SEC-Regulated Cryptocurrency Sector

The Chairman of the Thai Fintech Association (TFA) and Thailand’s Former Finance Minister, Korn Chatikavanij, has offered his support for recent proposals that Thailand’s Securities and Exchange Commission (SEC) should be tasked with developing and enforcing cryptocurrency regulations.

Thai Fintech Association Chairman Supports SEC Regulation of Crypto Assets

Former Thai Finance Minister Supports Proposals for SEC-Regulated Cryptocurrency SectorThailand’s former finance minister has joined the growing chorus of supporters of proposals that the SEC should comprise the regulator for all forms of digital assets. Mr. Korn stated that of Thailand’s public institutions, the SEC is most equipped with the appropriate experience and knowledge of the industry requisite to regulating the nation’s cryptocurrency sector.

“I agree with the Finance Ministry’s [view] of letting the SEC be the only organization governing digital assets, because it already oversees securities and has a profound understanding of digital assets,” Mr. Korn said.

The TFA chairman also stated that Thailand’s Fintech Association has consulted with the SEC, Finance Ministry, and the Bank of Thailand, advocating for the development of clear legislation designed to reduce the risks associated with cryptocurrency investment.

Former Finance Industry Speaks in Favor of ICOs

Mr. Korn discussed the need for greater regulatory clarity in order to increase awareness and confidence in virtual currencies, stating “Digital assets are new for everyone, and no one knows everything [about them], so all parties should be open-minded, learn about them and have proper rules and regulations.”

Mr. Korn also emphasized the benefits that initial coin offerings (ICOs) can offer smaller businesses seeking to raise funds, advocating that regulators seek to avoid stifling the burgeoning ICO industry.

SEC Authority Over Crypto Industry Expected to Be Formalized Soon

Following the completion of the January public hearings on the SEC’s proposed regulatory framework for ICOs, many Thai investors are expecting Thailand’s regulator to adopt an “investment participation” track that would see ICOs required to be executed through a portal – requiring that ICOs originate in Thailand and possess a minimum registered capital of up to 5 million baht (approximately $160,000 USD) – in addition to the imposition on limits participation from retail investors.

On Wednesday, the Thai deputy prime minister Wissanu Krea-Ngam, the Finance Minister Apisak Tantivorawong, and representatives from a number of pertinent agencies agreed that the SEC should be empowered via royal decree to regulate the virtual currency sector. The SEC’s board of directors are expected to hold a meeting in which all details relating to the SEC’s new regulatory jurisdiction be discussed soon after the enactment of the decree.

Veerathai Santiprabhob, the governor of the Bank of Thailand, stated that the meeting concluded with agreement regarding the need to enact a comprehensive regulatory apparatus governing the Thai digital currency sector.

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

12.03.2018 / 16:05 114
Indian Finance Commission Member Shaktikanta Das: “It Is Impossible to Effectively Regulate Cryptocurrencies” Indian Finance Commission Member
As of late, the Indian government has expressed keen interest in developing countrywide blockchain initiatives, but top officials are not too fond of
Dutch Finance Minister Advocates Changes to European Crypto Laws Dutch Finance Minister Advocates
Wopke Hoekstra, the Dutch finance minister, has issued a letter to Holland’s parliament describing the current regulatory framework pertaining to
Thailand Law to Regulate [Legalize] Cryptocurrency, ICO Markets Coming in April Thailand Law to Regulate [Legalize]
The governor of Thailand’s central bank has confirmed an upcoming law to ‘comprehensively regulate’ cryptocurrency as a former Thai finance minister
Thailand Dodges Extreme Cryptocurrency Regulations Thailand Dodges Extreme Cryptocurrency
The Thai Deputy Prime Minister has mandated that the law on cryptocurrencies and initial coin offerings be finalized within a month. The regulators
Dutch Finance Minister Calls for ICO Regulations Dutch Finance Minister Calls for ICO
Dutch finance minister Wopke Hoekstra issued a letter to parliament on Thursday advocating for an international approach to cryptocurrency
Mexico?s Congress Approves Cryptocurrency, Crowdfunding Regulations Mexico?s Congress Approves
Mexico’s lower house of Congress recently approved a bill that’s set to regulate the financial technology (fintech) sector in the country. The bill
Comments (0)
Add a comment
Comment on