Former Thai Finance Minister Calls for Crypto Regulation

Wolfie Zhao
Mar 12, 2018 at 03:15 UTC

A former finance minister of Thailand has voiced his support for new regulations around cryptocurrency trading and initial coin offerings (ICOs).

Korn Chatikavanij previously served as the country's finance minister between the end of 2008 and mid-2011. Now chairman of The Thai Fintech Association, a startup accelerator, he said in an interview last week that his organization supports the Thailand Securities and Exchange Commission's plan to introduce dedicated rules for activities around the tech.

"I agree with the Finance Ministry's [view] of letting the SEC be the only organization governing digital assets, because it already oversees securities and has a profound understanding of digital assets," said Korn, according to a Friday report by the Bangkok Post.

His comments came after a months-long public consultation period that was extended twice past its original completion date of January 22nd. One possible outcome of the review process is a plan to apply existing "investment participation" rules to token sales, which would impose capital requirements on those conducting ICOs within Thailand.

Following the completion of the public consultation period and a joint meeting with government officials last Wednesday, state agencies in Thailand indicated they have agreed to enact a regulatory framework on cryptocurrencies and ICOs within the next month, per the Post.

Officials have suggested such a timeline in past comments to the media, including deputy prime minister Somkid Jatusripitak, who said in mid-February that new rules should be expected in the coming weeks.

Thai baht and bitcoin image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Financial RegulationCryptocurrencySecurities and Exchange Commission

Load Comments