In line with a recent news report by ‘Bangkok Post,’ the Deputy Prime Minister of Thailand named ‘Wissanu Krea-ngam’ has called for a lot more new rules on cryptocurrencies.
While Thailand introduced a restrictive framework for cryptocurrencies earlier this year, Krea-ngam urged that new measures should be introduced each domestically and internationally so as to stay updated with the latest techniques and threats to individuals security.
Speaking at the Counter-Terrorism Funding Summit, Krea-ngam aforesaid that the consultants mustn’t be satisfied with current security protocols so as to not lag behind criminals that might use cryptocurrencies for funding terrorist acts or money laundering. He conjointly noted the security and protection challenges display by the anonymous nature of some digital assets.
Adding further, Krea-ngam added:
“The laws have to be compelled to be amended within the future so that we can better sustain with the technological changes.”
In addition to forming a transparent legal framework for crypto business,Thailand has conjointly allowed its financial establishments to enter the industry, albeit with some restrictions. Earlier in August, the Bank of Thailand [BoT] allowed native banks to line up subsidiaries for handling crypto business.
While Thai banks can issue digital tokens, offer crypto brokerage services, run crypto-related businesses, and invest in cryptocurrencies through subsidiaries, the Bank of China reaffirmed that every banks including other financial establishments are still prohibited from direct dealing in cryptocurrencies.
Thailand has conjointly embraced the blockchain technology that underlies cryptocurrencies. Even in October, the Thai MInistry of Commerce began to conduct practicability studies for blockchain within the agriculture sector, trade finance and copyright. An official from Thailand’s Trade policy and Strategy office [TPSO], Pimchanok Vonkorpon aforesaid that the studies would conjointly see processing digital IDs, IP registration management, and security, besides smart contracts.
Yesterday, the Thai Revenue Department proclaimed that it plans to trace tax payments exploitation blockchain technology and machine learning. The Revenue Department’s director-general Ekniti Nitithanprapas aforesaid that blockchain would be employed to verify the validity of taxes paid and to quicken the tax refund method. Adding further, he said that machine learning would supply be a lot more transparent method and permit the department to more effectively sight tax related frauds.