Former Finance Mininster Of Thailand Calls For Crypto Regulation

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Former Finance Mininster Of Thailand Calls For Crypto Regulation

The Thailand’s former finance minister voiced his support for regulating of cryptocurrency trading and ICOs.

His name is Korn Chatikavanij, who previously has served as the country’s finance minister between the end of 2008 and 2011. Currently, he is working as a chairman of The Thai Fintech Association, a startup accelerator. In an interview given last week he said his organization supports the Thailand Securities and Exchange Commission’s plan to introduce dedicated rules for activities around the tech.

“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,” said Korn in a Friday report by the Bangkok post.

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The comments he gave had come after a months-long public consultation period that was extended twice past its original completion date of January 22nd. One possible outcome of the review process is a plan to apply existing “investment participation” rules to token sales, which would impose capital requirements on those conducting ICOs within Thailand.

After completion of the public consultation period and a joint meeting with government officials last Wednesday, the country’s state agencies indicated they have agreed to enact a regulatory framework on cryptocurrencies and ICOs within the next month, per the Post.

Officials have suggested such a timeline in past comments to the media, including deputy prime minister Somkid Jatusripitak, who said in mid-February that new rules should be expected in the coming weeks.

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