​The Bank of Thailand (BOT), the Securities and Exchange Commission (SEC), and Ministry of Finance (MOF) have jointly reviewed the benefits and risks of digital assets, and deem it necessary to regulate the usage of digital assets as a means of payment for goods and services.

The three institutions intend to avert potential impacts on the country’s financial stability and economic system, the Bank of Thailand, the Securities and Exchange Commission and Ministry of Finance said in a joint statement.

According to the joint statement, some digital asset business operators have solicited businesses by offering to facilitate merchants and businesses in accepting digital assets as payment for goods and services such as by setting up digital asset settlement systems.

The use of digital assets in this manner could also pose further risks to consumers and businesses through price volatility, cybertheft, personal data leakage, or money laundering, etc.

The Bank of Thailand, the Securities and Exchange Commission and Ministry of Finance

Trading and use of cryptocurrencies have gained momentum in Thailand with crypto traders and real estate developers such as BitKub and Siam Real Estate accepting digital assets as payments.

This may result in a wider adoption of digital assets as a means of payment, aside from its usage as investment, which could potentially impact financial stability and the overall economic system.

The Bank of Thailand, the Securities and Exchange Commission and Ministry of Finance

 Further regulatory guidelines will be issued for certain digital assets that are supportive of the financial system and financial innovation while not posing systemic risks. Feedback from relevant stakeholders and the general public will be taken into consideration to determine the appropriate regulatory frameworks.

About the author

Bangkok Correspondent at Siam News Network

Bangkok Correspondent for Siam News Network. Editor at Thailand Business News

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