To Protect Investors, Bank Of Thailand Will Launch Crypto Law In January

Thailand will soon launch crypto law (Kryptomoney)

JAKARTA – Thailand's central bank, the Bank of Thailand (BoT) plans to issue a crypto law in January 2022. The regulation is intended to provide protection to investors and as an effort to reduce financial risks caused by crypto volatility.

Reporting from The Bangkok Post, Bank of Thailand Governor Sethaput Suthiwartnarueput revealed that his party will launch a consultation paper on the “Financial Landscape” in January 2022. The document contains a number of regulations for its citizens dealing with cryptocurrencies.

However, interest in cryptocurrencies is increasing sharply but this cannot be separated from certain risks such as sharp price volatility, scamming, and so on. Therefore, Thailand's central bank issued regulations to better protect investors.

The plan is that the BoT will collaborate with the Securities and Exchange Commission (SEC) and the Thai Minister of Finance. The collaboration is intended as an effort to fortify the country's economy so that crypto is not used as a means of payment but only as a digital asset.

U.Today reported that Governor Suthiwartnarueput also warned that digital assets are currently highly volatile despite the potential to develop in the monetary system.

In addition, the BoT is also reportedly urging local financial bodies to stay away from cryptocurrencies, citing their high volatility. He also mentioned that the widespread use of Bitcoin and altcoins could have an effect on the country's economy.