Thailand’s regulatory firms will be setting guidelines for the local use of digital assets in transactions.
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In a joint press release, the Bank of Thailand, Securities and Exchange Commission, and Ministry of Finance stressed the growing usage of digital assets among consumers and businesses.
This increased adoption, however, comes with financial and economic risks such as “price volatility, cybertheft, personal data leakage, or money laundering.”
“Clear supervision of such activity is needed. However, technologies and digital assets that do not pose such risks should be supported with appropriate regulatory frameworks to drive innovation and further benefit for the public,” said Sethaput Suthiwartnarueput, governor of the Bank of Thailand.
This development comes days after cryptocurrency trading platform Binance partnered with Gulf Energy Development to explore the prospects of a digital assets exchange in Thailand.
Last year, Bangkok-headquartered Central Retail Corporation created its own cryptocurrency for employees’ internal use.
See also: Explaining Vietnam’s crypto boom
Editing by Miguel Cordon and Eileen C. Ang
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