Thai central bank to get more powers in crypto law overhaul

The Thai Finance Minister says tighter crypto regulations will not be aimed at throttling innovation and technology but to ensure investors have greater protection. — Photo by Kanchanara on Unsplash

Thailand plans to overhaul its digital rules to confer more powers on the central bank and tighten the oversight of platforms offering cryptocurrencies and other tokens after a recent market rout left retail investors reeling from losses.

The planned amendments to the regulations will "bring the central bank to be part of it”, Finance Minister Arkhom Termpittayapaisith said in an interview. The Securities & Exchange Commission, which currently has the sole mandate to supervise the industry under the rules passed in 2018, has been asked to take the lead on the overhaul, he said.