While Thailand introduced a regulatory framework for cryptocurrencies earlier this yr, Krea-ngam urged that new measures should be launched each domestically and internationally with a purpose to sustain with new techniques and threats to shopper safety.
Speaking on the Counter-Terrorism Financing Summit, Krea-ngam mentioned that consultants shouldn’t be glad with present safety protocols in order to not lag behind criminals that will use cryptocurrencies for funding terrorism or cash laundering. He additionally famous the safety challenges posed by the nameless nature of some digital property.
“The laws should be amended sooner or later in order that we will higher sustain with technological adjustments,” Krea-ngam mentioned.
In addition to forming a transparent authorized framework for crypto enterprise, Thailand has additionally allowed its monetary establishments enter the trade, albeit with some restrictions. In August, the Bank of Thailand (BoT) permitted native banks to arrange subsidiaries for coping with crypto enterprise.
While Thai banks can concern digital tokens, present crypto brokerage providers, run crypto-related companies, and spend money on cryptocurrencies by way of subsidiaries, BoT reaffirmed that each one banks and different monetary establishments are nonetheless banned from direct coping with cryptocurrencies.
Thailand has additionally embraced the blockchain know-how that underlies cryptocurrencies. In October, the Thai MInistry of Commerce began to conduct feasibility research for blockchain deployment in agriculture, commerce finance and copyright. An official from Thailand’s Trade Policy and Strategy Office (TPSO), Pimchanok Vonkorpon mentioned that the research would additionally consult with processing digital IDs, IP registration administration, and safety, together with smart contracts.
Yesterday, the Thai Revenue Department announced that it plans to trace tax funds utilizing blockchain know-how and machine studying. The Revenue Department’s director-general Ekniti Nitithanprapas mentioned that blockchain will probably be used to confirm the validity of taxes paid and to hurry up the tax refund course of. He mentioned that machine studying would offer extra transparency to the method and permit the division to extra successfully detect tax fraud.