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Thai Central Bank to Regulate Stablecoins This Year
The central bank warned a Thai baht-denominated stablecoin is a threat to the stability of the currency system.
Thailand’s central bank said it will issue regulations on asset-backed stablecoins this year after warning against the illegal use of a new baht-denominated stablecoin that was created outside the country.
STORY CONTINUES BELOW
- The bank’s assistant governor said Friday there are plans to regulate asset-backed stablecoins only, not bitcoin, according to a Reuters report.
- “The central bank is receiving opinions from market regulators and participants before announcing regulations,” Siritida Panomwon Na Ayudhya, assistant governor of Payment systems policy and financial technology group, Bank of Thailand, said at a briefing.
- Siritida stressed the new regulations will not cover those cryptocurrencies without asset backing such as bitcoin and ethereum adding that “investors will have to take their own risks.”
- On Wednesday, the Bank of Thailand warned against the use of the Thai baht-denominated stablecoin (THT), labeling it a threat to the stability of the national currency system.
- The bank said the general public needs to exercise caution and refrain from participating in any activity involving THT, alleging users could be at risk of cybertheft and money laundering.
- The baht stablecoin is created on the South Korean stablecoin platform Terra.
Read more: Thai SEC Backtracks on Unpopular Proposal for New Crypto Investor Qualifications
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
