Cryptocurrency measures in the offing

THE Justice Ministry held a workshop participated by key state bodies on working out measures to control cryptocurrency trading before a law to do so is introduced, Thai News Agency reported today (March 3).

Justice Minister Prachin Chanthong had invited most senior officials at the Finance Ministry, the Bank of Thailand, the Securities and Exchange Commission (SEC) and the Office of the National Broadcasting and Telecommunications to voice their opinions on introducing measures to supervise cryptocurrency, particularly Bitcoin, before a law is brought in to control them.

This is felt to be important because retail investors might suffer losses, as trading in cryptocurrency is very risky while also offering an opportunity to rake in profits. However, large investors are usually well-informed and can take care of themselves.

Moreover some people might use this channel to launder black money, and many government agencies have to closely track the flow of money to prevent investors from suffering losses.

Another meeting is being held next Tuesday to submit the outcome of the workshop and propose concepts on drafting a cryptocurrency law with this to be attended by many agencies including the Finance Ministry, SEC and the Anti-Money Laundering Office.


Top: Bitcoins. Photo; fdecomite (CC-BY-2.0)