Central Bank of Thailand to issue rules to regulate stablecoins this year – Bits Media

Deputy Chairman of the Central Bank of Thailand Siritida Panovon on Ayudkhya (Siritida panomwon na ayudhya) announced the intention of the regulator to release the rules for different types of stablecoins this year.

“The Central Bank collects opinions from market regulators and industry participants Before, How to introduce new rules for regulating stablecoins ", - said Syritida at a briefing.

According to her, Thailand Bank will regulate stablecoins, secured by foreign currency and assets, as well as algorithmic stablecoins, which do not violate the laws of the country. Moreover, the rules will not apply to crypto assets, not having security, eg, BTC and ETH - investors will have to evaluate the risks of such investments on their own.

Earlier this week, the Thai Bank issued a warning about that, that Thai Baht Digital Stablecoin (THT), thawed, is "illegal". Sitida said, what service suppliers for stablecoins, wealthy bathtas, The approval of the Central Bank will be required, since stablecoins can be classified as electronic money, And the jurisdiction of the Central Bank includes risk control, associated with electronic money. According to Syritis, This policy complies with the leading principles of Great Britain, Singapore and Japan.

Besides, The Central Bank sees the advantages of financial technologies and is ready to introduce innovative decisions. Currently, the Central Bank is developing its own digital currency for retail payments. In conclusion, the deputy chairman of the Central Bank said, that the Thai Bank will continue to observe the development of new technologies and will adhere to a policy, which supports the economy and stability of the financial system.

Recall, that last month the securities and exchanges commission (SEC) Thailand has submitted qualification requirements for cryptocurrency investors and began a public discussion of the proposed rules. However, a few days later the regulator withdrew the proposal due to the negative reaction of the public.