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.
WhileThailandintroduced arestrictiveframework for cryptocurrencies earlier this year, Krea-ngam urged that new measuresshouldbe introducedeachdomestically and internationallyso asto stayupdated with the latesttechniquesand threats toindividualssecurity.
Speaking at the Counter-TerrorismFundingSummit, Krea-ngam aforesaid that the consultants mustn’t besatisfied with current security protocolssoasto notlag behind criminalsthat mightuse cryptocurrencies for fundingterrorist actsormoney laundering. Heconjointlynotedthe security and protectionchallengesdisplayby the anonymous nature of some digital assets.
Adding further, Krea-ngam added:
“The lawshave to be compelled tobe amendedwithin thefuturesothat we can bettersustainwith the technological changes.”
In addition to forminga transparentlegal framework for crypto business,Thailandhasconjointly allowed itsfinancialestablishmentsto enter the industry, albeit with some restrictions. Earlier in August, the Bank ofThailand[BoT]allowednativebanksto lineup subsidiaries forhandlingcrypto business.
While Thai bankscanissue digital tokens,offercrypto brokerage services, run crypto-related businesses, and invest in cryptocurrencies through subsidiaries,the Bank of Chinareaffirmedthat every banks including other financial establishmentsarestillprohibitedfrom directdealing incryptocurrencies.
Thailand hasconjointlyembraced the blockchain technology that underlies cryptocurrencies. Even in October, the Thai MInistry of Commerce began to conductpracticabilitystudies for blockchain within the agriculture sector, trade finance and copyright.An officialfrom Thailand’sTrade policyand Strategyoffice[TPSO], Pimchanok Vonkorponaforesaidthat the studies wouldconjointlyseeprocessingdigital IDs,IPregistration management, and security,besidessmartcontracts.
Yesterday, the Thai Revenue Departmentproclaimedthat it plansto tracetax paymentsexploitation blockchain technology and machine learning. The Revenue Department’s director-general Ekniti Nitithanprapasaforesaidthat blockchainwould be employed toverify the validity of taxes paid andto quicken the tax refundmethod. Adding further, he said that machine learningwould supplybe a lot moretransparent methodand permitthe department tomoreeffectivelysighttax related frauds.