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Thursday, October 6, 2022

Thai central bank set to get more powers in crypto law overhaul

BANGKOK (BLOOMBERG) – Thailand plans to overhaul its digital rules to confer more powers on the central bank and tighten the oversight of platforms offering cryptocurrencies and other tokens after a recent market rout left retail investors reeling from losses.

The planned amendments to the regulations will “bring the central bank to be part of it,” Finance Minister Arkhom Termpittayapaisith said in an interview. The Securities & Exchange Commission, which currently has the sole mandate to supervise the industry under the rules passed in 2018, has been asked to take the lead on the overhaul, he said.

The move to tighten the rules comes after Thai authorities were criticised for not acting promptly to protect investors at Zipmex (Thailand), a licensed cryptocurrency exchange that briefly suspended coin withdrawals. While the platform has since lifted most of the freeze on…

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