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By Nina Kikava - News - 1 week ago

Thai Deputy Prime Minister Calls for More Controls for Cryptocurrencies

According to the Bangkok Post report, that was published on November 8, Wissanu Krea-ngam, the Deputy Prime Minister of Thailand, called for more regulations for cryptocurrencies.

Earlier this year, Thailand initiated a regulatory framework for cryptocurrencies. Prime Minister suggested that new measures should be introduced, in order to keep up with a new strategy and threats to customer security.

Krea-ngam made a speech at Counter-terrorism Financing Summit. He stated that current regulations for cryptocurrencies are not enough and a lot of new ones should be introduced to the world, in order to stop terrorists to fund their plans with the help of cryptocurrencies. “The laws need to be amended in the future so that we can better keep up with technological changes," he stated.

In August, Bank of Thailand (BoT) allowed local banks to set up subsidiaries for dealing with crypto business. Although with restrictions, Thailand let financial institutions enter the industry.

Although Thailand financial institutions are allowed to deal with cryptocurrencies, like issuing digital tokens, run crypto-related businesses, provide crypto brokerage services, and invest in cryptocurrencies through subsidiaries, they still can not have direct relationships with cryptocurrencies.

The blockchain is another thing that Thailand is open to. In October the Ministry of Commerce in Thailand started to conduct studies for blockchain in order to deploy this new technology into agriculture, trade finance, and copyright. Pimchanok Vonkorpon an official from Trade Policy and Strategy Office (TPSO) commented, that this studies will also refer to processing digital IDs, IP registration management, and security.