Thai government can not stop the use of encrypted currency is expected to introduce a regulatory framework within a month

nBankruptcy comment: In a recent meeting, Finance Minister Thai pointed out that the government can not prohibit domestic use of cryptocurrencies and therefore will supervise the currency and ICO. It is expected that the regulatory framework will be introduced within one month. And given that digital currency is not legal, the central bank will not come forward but be supervised by the Thai Securities Regulatory Commission. As for the ICO for domestic enterprises, the finance minister pointed out that at present the laws and regulations are out of position and therefore no measures can be taken but the warnings can not be used to deceive the people.n
nTranslation: Annie_Xun
Thai authorities believe regulators can not prevent the domestic use of cryptocurrencies. Relevant government departments will organize a meeting to discuss the digital currency and ICO regulatory framework, which is expected to be finalized within one month.n
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Encrypted currency can not be stopped, forced to supervisen
The Bangkok Post reported that Thai Finance Minister Apisak Tantivorawong said that “the government will not ban encryption currency trading and will release a clearer digital currency regulatory framework within a month.” He said at the “Thailand Takeoff 2018” seminar:n
n”After the most recent discussion, the agencies agreed that regulators could not stop using virtual currencies but will monitor and control them in an appropriate manner.”n
nThai Rath reports that details will be further discussed by the Thai Securities and Exchange Commission (TSEC), the Ministry of Finance and the Anti-Money Laundering Office, and the Bank of Thailand (BOT).n
According to the media, “Apisak said TSEC is the most appropriate organization to handle the digital currency issue, as TSEC oversees the securities industry.” He also pointed out that the central bank is not a suitable choice for monitoring the currency, after all, they are not legal ones.n
News reports that regulators “are currently drafting laws and regulations to monitor and regulate the use of digital currencies and are expected to complete within a month.”n
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Regulate ICOn
News reports, Thai government will also oversee the ICO. The finance minister asserted that if Thailand wants to improve the financial technology industry, it must be able to regulate cryptocurrencies and ICOs.n

The Bangkok Daily reported that mobile phone distributor Jaymart, listed on the Thai Stock Exchange (TSE), recently announced plans to fund J Ventures, its subsidiary, through ICO. Pre-sale in February, the official ICO in March. Financing target 660 million baht, equivalent to 20.8 million US dollars. Funding will be used to leverage blockchain technology to “develop a decentralized digital lending platform.”n
Somchai Sujjapongse, the permanent secretary of the Ministry of Finance, explained that TSEC will be responsible for the matter and hold an ICO public hearing. The media quoted him as saying:n
n”There is currently no law governing the ICO, so Jaymart has not done anything wrong, but do not deceive the people.”n

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