In a bid to strictly control the domestic cryptocurrency market, Wissanu Krea-ngam, the Deputy Prime Minister of Thailand has called in for more regulations on virtual currencies. While the country introduced a regulatory framework for cryptocurrencies this year, Krea-ngam stressed that new measures need to be introduced both internationally and domestically in order to keep up with new threats to consumer security.
While speaking at the Counter-Terrorism Financing Summit, the Deputy Prime Minister stated that experts shouldn’t remain content with the present security protocols. If they remain satisfied, they would certainly lag behind criminals using cryptocurrencies for money laundering or for funding terrorism. Krea-ngam further added that the laws of the country need to be amended so that they can keep up with technological changes in a better manner.
Thailand’s financial regulator, the Thai Securities and Exchange Commission (Thai SEC) has told an exchange operating in the domestic cryptocurrency market to cease advertising, on November 13. The commission has warned the citizens to avoid using the Q Exchange platform due to legal uncertainty. In its statement, the Thai SEC said that it has not officially endorsed Q Exchange, a joint South Korean and Thai venture.
Following a royal decree in May this year, Initial Coin Offering (ICO) operators and exchanges must register and seek permission from the concerned authorities before beginning their activities in Thailand. With various actors calling for tighter controls in addition to the regulatory package now signed into law, Thailand has sought to strictly control its domestic crypto market this year, as reported on Cointelegraph.
Speaking further on the need to strictly control the domestic cryptocurrency market in Thailand, Krea-ngam raised the alarm about growing worries over money laundering via digital channels. The participants in the Counter-Terrorism Financing Summit agreed that governments must continue developing strategies to cope with illicit online financing. This is especially important since intergovernmental cooperation has decreased the number of terrorist attacks by cutting off their financial support, as reported on Bangkok Post.