Former Thai Finance Minister Calls for Crypto Regulation

A former Thai official is calling for brining proper regulation on all cryptocurrencies and initial coin offerings in the country.

AccessTimeIconMar 12, 2018 at 3:15 a.m. UTC
Updated Sep 13, 2021 at 7:40 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.