Thailand Plans to Tighten Crypto Oversight, Giving Central Bank More Powers t...
Thailand is reportedly preparing to amend its law on digital assets to tighten the oversight of the crypto sector and empower the Thai central bank to oversee the sector. “Right now, the central bank has no room to enter into the regulatory framework except for notifying that cryptos are not a legal means of payment for goods and services,” said the Thai finance minister. Thai Central Bank Will Help Regulate Crypto Industry Thailand is reportedly planning to amend its law on digital assets to tighten the oversight of the crypto sector, particularly trading platforms. Thai....
Related News
Thailand Central Bank has planned to overhaul its crypto laws to grant more powers to the central bank. Reports have suggested that the new amendments to the regulation will include Central Bank to be a part of it. Finance Minister Arkhom Termpittayapaisith mentioned in an interview about the planned amendments. Additionally, the government will also […]
The Thai Revenue Department had initially intended to tighten oversight of cryptocurrency trading after seeing substantial market growth. Thailand has decided to suspend the implementation of its 15% cryptocurrency capital gains tax for now. The proposal, which was presented earlier this year, triggered a lot of opposition, but it appears that some sort of crypto tax will still be implemented.Thailand will reportedly not proceed with its 15% cryptocurrency tax plan after traders in the nation expressed strong opposition, according to The Financial Times. On income taxes, tax officials said....
Bank of Thailand says a growing number of companies are asking for payments in cryptocurrencies, such as bitcoin and ether. The central bank reiterates its stance on crypto and warns of the risks of using them as a means of payment. The Bank of Thailand (BOT), the country’s central bank, issued a warning notice titled “Caution on Using Digital Assets as Means of Payment for Goods and Services” on Thursday. The notice explains that some enterprises have recently begun soliciting payments for goods and services in cryptocurrencies, naming bitcoin (BTC) and ether (ETH) as....
Thailand’s central bank has declared a stablecoin pegged to the Thai Baht illegal, citing violation of the country’s currency law. The Bank of Thailand (BOT) is currently working on a regulatory framework for stablecoins. Thailand Bans Baht-Pegged Stablecoin The Bank of Thailand, the country’s central bank, issued a press release Wednesday declaring a stablecoin called the Thai Baht Digital (THT) illegal. “It has come to the BOT’s attention that a new stablecoin, THT, has been created abroad on the Terra platform. One unit of THT is denominated in and valued....
After issuing a warning against a Baht-pegged stablecoin produced by a South Korea-based firm, Thailand plans to introduce a series of regulations for stablecoins in 2021. The Bank of Thailand, or BoT, is upping its game on the stablecoin front. This week, the institution had warned citizens that Thai Baht Digital (THT), a baht-pegged stablecoin issued by the South Korean firm Terra, has no legal assurances or protection and violates the country's currency act.According to a report published on March 19, central bank assistant governor Siritida Panomwon Na Ayudhya has told a briefing that....