The planned amendments to the regulations will “bring the central bank to be part of it,” Finance Minister Arkhom Termpittayapaisith said in an interview. The Securities & Exchange Commission, which currently has the sole mandate to supervise the industry under the rules passed in 2018, has been asked to take the lead on the overhaul, he said.
“Right now, the central bank has no room to enter into the regulatory framework except for notifying that cryptos are not a legal means of payment for goods and services,” Arkhom said Monday. “So the framework is not clear enough to regulate the industry.” In Thailand, the number of active trading accounts shrank to about 230,000 from a peak of almost 700,000 in December, official data show.
While the Bank of Thailand Governor Sethaput Suthiwartnarueput has said the authority wants to draw “red lines” on cryptos, it is set to test a central bank digital currency by the end of the year in a pilot project. But it has no plans yet to issue a retail CBDC, it said last week.
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