News: The Thai authorities believe that cryptocurrency regulation should be more rigid

Officials intend to add regulatory standards to the legislative framework of the country in order to protect potential victims, among users of blockchain system and cryptocurrency. In particular, Wissanu Krea-ngam, who holds the post of Deputy Prime Minister, argues that attackers can take advantage of gaps in the legislative field and commit fraudulent acts.

It is worth mentioning that the regulatory standards in the cryptocurrency market are already in force. They were adopted in Thailand this year. However, the Deputy Prime Minister of the Kingdom believes that these standards are not enough for the most effective protection of users. According to him, new trends in the field of electronic money force to respond more harshly to any threats.

«In order to keep pace with the development of technology, the legislation must be adapted,» Kre-ngam said at the Counter-Terrorism Financing Summit. He also noted that the current legal framework makes it possible to finance criminal elements and launder money received from illegal sources.

The Thai authorities actively monitor the cryptocurrency industry and allowed their country's financial institutions to engage in electronic money, but with certain restrictions. This summer, the Bank of Thailand announced the upcoming «Inthanon» project, its own cryptocurrency. The project is expected to have been completed  next March.