Digital assets as payment requires more regulation in Thailand

After studying the risks and benefits of using digital assets and cryptocurrencies to pay for goods and services, a coalition of financial bodies have decided that more regulation is necessary in Thailand. The Ministry of Finance, along with the Bank of Thailand and the Securities and Exchange Commission, have partnered together to assess the regulation needed for crypto usage in Thailand.

Cryptocurrencies have been skyrocketing in popularity throughout the world and in Thailand in particular. Bitkub, Thailand’s largest digital asset exchange, recently struck a deal for Siam Commercial Bank to purchase a 51% stake in the company. But as the recent tumble in Bitcoin and other cryptocurrencies shows, digital assets come with plenty of risk that could threaten the financial stability and economic systems of Thailand.

The Ministry, BOT, and SEC agreed that as more and more businesses…