As soon as representatives of the media learn about any information that the government of a country is considering the issue of regulating the crypto industry, hundreds of headlines on the prohibition of crypto-currency are instantly appearing in those very media . Undoubtedly, in some countries rigid rules on crypto-currencies (for example, China or Vietnam) are indeed introduced, however, most of the states still give their citizens the full right to engage in crypto-currency activities.
The current week was marked by the fact that Thailand's financial regulator called on the country's banks to stay out of interference in the crypto industry, local media reported. The statement on banning the participation of banks in trade operations with digital currencies, as well as interference in the functioning of crypto-exchange exchanges, was published by the Central Bank of Thailand on February 12. The information published in the media contradicts the present state of affairs. The authorities of Thailand do not prohibit the participation of citizens in the crypto industry, however, they plan to adhere to the tactics of South Korea: in the future, regulation of the crypto-currency will be implemented to prevent their use in illegal activities. A disposal of the Central Bank of Thailand implies that the country's banks should not interfere in the circulation of digital currencies until the relevant legislative framework is adopted.
"Banks are prohibited from investing in the crypto currency and selling it, making exchange transactions and creating appropriate platforms for trade," the regulator said in a statement.
Also, following the example of the United States and Great Britain, the Thai authorities banned the use of credit cards for the purchase of digital currencies. Such measures are taken in order to protect citizens from the appearance of additional financial debts during the correction of the crypto-currency market. Representatives of "BX Thailand", the only functioning in the territory of Thailand crypto exchange, issued a statement for their users:
"The Bank of Thailand has banned the investment in crypto-currencies to banks and financial institutions, but we are an exchange, so that does not affect us."
Thailand is going to regulate digital currencies, but not to ban
That is, Thailand conducts the same policy as Japan, Singapore and Hong Kong, which does not prohibit crypto-currency activities. Also, Thailand has become a haven for many organizations that specialize in blockbuster technologies , including Power Ledger and OmiseGO . The Securities and Exchange Commission of Thailand also did not stand aside - representatives of the organization said that the team of specialists will carefully analyze all ICOs in the near future and take appropriate measures against those companies whose activities will not correspond to the already developed legislative framework.
Rapy Sacheritakul, secretary general of the Securities Commission, said:
"We informed all the companies that are planning the ICO that they should not shy away from the rules [issue of digital tokens considered as securities], because this will be a violation of the law on securities and exchanges. It does not matter in what area the company works, if its ICO is connected with raising funds through the issuance of securities, and the company does not comply with the relevant rules, it is illegal. "
He also noted that representatives of the Commission do not have the necessary powers to limit the conduct of crypto-currency transactions, however, the institution's specialists intend to fully educate and secure participants in the crypto community from participating in unscrupulous ICOs. All companies that follow the legal framework will continue to operate in Thailand.
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