Thai Finance Ministry Promotes Crypto Education Over Prohibition
- The Thai government has refrained from regulating cryptocurrencies because of a lack of system risk.
The Thai Finance Ministry has announced that it will join in an effort to educate Thai citizens about the risks involved with investing in and trading Bitcoin and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. According to the Bangkok Post, the decision was made by Prime Minister Prayut Chan-o-cha in the wake of the most recent BTC “roller-coaster ride” that brought the currency up to nearly $20,000 before crashing to roughly $12,000.
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The ministry is concerned at what it has identified as parallels between the cryptocurrency markets at large and “investment in Ponzi schemes”, according to Mr. Somchai Sujjapongse, Permanent Secretary of the Thai Ministry of Finance. In a meeting with the Bank of Thailand, the Thai SEC, and the Thai Anti-Money Laundering Office, Sujjapongse said that people must be educated about the high level of risk involved in cryptocurrency markets that have not yet been regulated.
Thai Government Has Held Off From Regulating Crypto
Despite the heightened concern about investment in digital currencies, however, neither the Bank of Thailand nor the Thai government have taken any steps to regulate cryptocurrencies themselves. Just last week, Veerathai Santiprabhob, governor of the Bank of Thailand, reaffirmed that cryptocurrencies are not considered to be legal tender in Thailand.
According to the Bangkok Post, the Thai government’s lack of Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term surrounding cryptocurrencies up to this point has been because of a general lack of concern that crypto “could cause systemic risks for Thailand.” However, the Thai SEC did issue a statement in September that ICOs “[resembling] financial returns, rights and obligations in similar ways to securities under the Securities and Exchange Act” will be subject to regulation as securities by the SEC.
Although Thailand’s regulatory approach to cryptocurrencies does seem to be tightening its belt, the country has maintained a far more balanced attitude than some other Asian countries. China enacted a sweeping set of bans that ultimately outlawed domestic cryptocurrency exchanges in the country in September.
Last week, South Korea sent BTC into a tailspin when it announced that it was considering a similar ban. The Indian government issued a warning against crypto investing earlier today, although no specific action against crypto has been taken in the country.
If South Korea and other countries around the world continue down the path of stricter regulation, countries like Thailand may be in a position to begin occupying a much larger percentage of the crypto market at large. As long as Thailand’s attitude continues to prioritize education over prohibition, the entire crypto ecosystem could benefit from a more discerning and aware base of users and investors.
The Thai Finance Ministry has announced that it will join in an effort to educate Thai citizens about the risks involved with investing in and trading Bitcoin and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. According to the Bangkok Post, the decision was made by Prime Minister Prayut Chan-o-cha in the wake of the most recent BTC “roller-coaster ride” that brought the currency up to nearly $20,000 before crashing to roughly $12,000.
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The ministry is concerned at what it has identified as parallels between the cryptocurrency markets at large and “investment in Ponzi schemes”, according to Mr. Somchai Sujjapongse, Permanent Secretary of the Thai Ministry of Finance. In a meeting with the Bank of Thailand, the Thai SEC, and the Thai Anti-Money Laundering Office, Sujjapongse said that people must be educated about the high level of risk involved in cryptocurrency markets that have not yet been regulated.
Thai Government Has Held Off From Regulating Crypto
Despite the heightened concern about investment in digital currencies, however, neither the Bank of Thailand nor the Thai government have taken any steps to regulate cryptocurrencies themselves. Just last week, Veerathai Santiprabhob, governor of the Bank of Thailand, reaffirmed that cryptocurrencies are not considered to be legal tender in Thailand.
According to the Bangkok Post, the Thai government’s lack of Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term surrounding cryptocurrencies up to this point has been because of a general lack of concern that crypto “could cause systemic risks for Thailand.” However, the Thai SEC did issue a statement in September that ICOs “[resembling] financial returns, rights and obligations in similar ways to securities under the Securities and Exchange Act” will be subject to regulation as securities by the SEC.
Although Thailand’s regulatory approach to cryptocurrencies does seem to be tightening its belt, the country has maintained a far more balanced attitude than some other Asian countries. China enacted a sweeping set of bans that ultimately outlawed domestic cryptocurrency exchanges in the country in September.
Last week, South Korea sent BTC into a tailspin when it announced that it was considering a similar ban. The Indian government issued a warning against crypto investing earlier today, although no specific action against crypto has been taken in the country.
If South Korea and other countries around the world continue down the path of stricter regulation, countries like Thailand may be in a position to begin occupying a much larger percentage of the crypto market at large. As long as Thailand’s attitude continues to prioritize education over prohibition, the entire crypto ecosystem could benefit from a more discerning and aware base of users and investors.