Thai bank to define crypto “red lines”

The government of Thailand is preparing a new regulatory framework to define the use of Bitcoin (BTC) and cryptocurrencies.

It hopes to minimize risk to consumers and help investors navigate the ecosystem with confidence.

The Bank of Thailand (BoT) will introduce a first draft of a consultation paper which will set some “red lines”, or the dos and don’ts of what is allowed insofar as crypto goes.

In an interview with the Bangkok Post, BoT governor Sethaput Suthiwartnarueput outlined some of the goals set by the government. Essentially, BoT wants to strike the right balance between consumer protection and investor-friendly regulation.

“The new rules will provide adequate safeguards for consumers as risks are under-appreciated”, the official said.

Meanwhile, the bank is collaborating with the Thai Securities and Exchange Commission and the ministry of finance in a bid to create clear-cut guidance for businesses.

While there is no clearly defined law about crypto in Thailand right now, the governor believes regulators should act because of the volatile nature of such assets and their potential threat to consumers.

All of this comes amid a crypto-friendly regulatory push in the country, with Thailand hoping to paint itself as a place where crypto tourism may one day thrive.

However, BoT is confident that unregulated digital assets are also a threat to the financial system of the country and that is why Thailand should act and introduce well-defined guidance.

While Thailand is figuring outs its regulation, it has also decided to ban meme coins and NFTs, citing them as too dangerous to consumers.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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