The governor of Thailand’s central bank has confirmed an upcoming law to ‘comprehensively regulate’ cryptocurrency as a former Thai finance minister throws his support behind the idea.
Bank of Thailand governor Veerathai Santiprabhob has revealed details of a meeting between the country’s deputy prime minister, finance minister and other related agencies last week wherein the regulators reportedly agreed to ‘enact a new law to comprehensively regulate’ cryptocurrencies.
The central bank chief added that the new law – which will look to grant Thailand’s ICO-friendly Securities and Exchange Commission (SEC) total regulatory powers – is expected to be finalized in a month’s time.
To this end, SEC secretary-general Rapee Sucharitakul has revealed that a ‘royal decree’ is commonly seen as the path to empower the SEC to regulate ‘all aspects’ of the crypto sector including cryptocurrency exchanges, ICO fundraising.
As reported in September, Thailand’s SEC revealed an encouragingly embracive outlook toward initial coin offerings, stressing it “realizes the potential of ICO” in bringing new forms of funding for businesses and startups. The SEC has since seen the drafts of its ICO regulatory framework released for public consultation, twice extended, complete its final round on January 22, the report revealed.