Thailand makes another anti-crypto move citing investor protection.
In an ongoing effort to carve out a regulated crypto market for the general public, the Thailand Securities and Exchange Commission announced a ban on the use of cryptocurrencies for payments. Parallelly, the Commission proposed a new rule that demands disclosure of service quality and IT usage information from crypto businesses including brokers, exchanges and dealers.
Some of these risks highlighted by the SEC include loss of value caused by price volatility, cyber theft, money laundering and personal data leakage. Once implemented, businesses in Thailand will be barred from — advertising accepting crypto payments and establishing systems, tools and wallets to facilitate crypto transactions.
“However, the BOT and the SEC, as well as other government agencies, recognize the benefits of technologies behind digital assets such as blockchain and value and support the use of technology to further innovation.”aims to further ensure investor security by gauging the quality of the services delivered by the crypto businesses.
In addition to sending monthly reports to the Thai SEC, the proposal also directs crypto businesses to disclose the reports on their official website within the same timeline.
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