Former Thai Finance Minister Supports Proposals for SEC-Regulated Cryptocurrency Sector
The Chairman of the Thai Fintech Association (TFA) and Thailand's Former Finance Minister, Korn Chatikavanij, has offered his support for recent proposals that Thailand's Securities and Exchange Commission (SEC) should be tasked with developing and enforcing cryptocurrency regulations.
Thai Fintech Association Chairman Supports SEC Regulation of Crypto Assets
'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,” Mr. Korn said.
The TFA chairman also stated that Thailand's Fintech Association has consulted with the SEC, Finance Ministry, and the Bank of Thailand, advocating for the development of clear legislation designed to reduce the risks associated with cryptocurrency investment.
Former Finance Industry Speaks in Favor of ICOs
Mr. Korn also emphasized the benefits that initial coin offerings (ICOs) can offer smaller businesses seeking to raise funds, advocating that regulators seek to avoid stifling the burgeoning ICO industry.
SEC Authority Over Crypto Industry Expected to Be Formalized Soon
On Wednesday, the Thai deputy prime minister Wissanu Krea-Ngam, the Finance Minister Apisak Tantivorawong, and representatives from a number of pertinent agencies agreed that the SEC should be empowered via royal decree to regulate the virtual currency sector. The SEC's board of directors are expected to hold a meeting in which all details relating to the SEC's new regulatory jurisdiction be discussed soon after the enactment of the decree.
Veerathai Santiprabhob, the governor of the Bank of Thailand, stated that the meeting concluded with agreement regarding the need to enact a comprehensive regulatory apparatus governing the Thai digital currency sector.
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