Ex -Thai Finance Minister Supports Thailand Crypto Regulation

The former Thai Finance Minister Korn Chatikavanij supports Thailand crypto regulation, stating that the Thailand Securities and Exchange Commission’s initiative is a good idea.

12 March, AtoZForex The ex-finance minister of Thailand, Korn Chatikavanij, has shared his opinion in regards to the new regulations around cryptocurrency trading and initial coin offering (ICO) market.

Ex -Thai Finance Minister Supports Thailand Crypto Regulation

Mr. Chatikavanij has been serving as Thailand finance minister in the period between the end of 2008 and the middle of 2011. Now, he is a Chairman of the Thai Fintech Association. The organization acts as a startup accelerator. He has stated that his organization supports the Thailand Securities and Exchange Commission’s initiative to introduce rules for the crypto activities.

Mr. Chatikavanij has been quoted as saying:

“I agree with the Finance Ministry’s of letting the SEC be the only organization governing digital assets, because it already oversees securities and has a profound understanding of digital assets.”

His remarks appeared after a long public consultation period that has taken almost double the originally planned completion time. One of the possible outcomes of this process is a plan to apply existing “investment participation” framework to token sales. This would impose capital requirements for those who intend to carry out ICOs in Thailand.

Thailand Sees Regulations positively

The Finance Minister of Thailand, Apisak Tantivorawong has earlier stated that the government will not ban cryptocurrencies trading. However, the officials plan on working on a regulatory framework for the digital currencies. The central bank’s circular came as a reminder for the banks to stay away from the cryptocurrencies before the official regulatory framework can be implemented.

Back in September 2017, Thailand’s Securities and Exchange Commission (SEC Thailand) has also signaled readiness to support ICOs by putting in place the regulations that would protect investors against fraud.

The SEC secretary-general Rapee Sucharitakul has stated that the regulator does not possess the rights to block cryptocurrency transactions as they are being traded via online platforms. However, the authority will try to educate investors in order to protect them from scams.

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