Thai’s Minister Calls For More Crypto Regulations

ityandsyn

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Quote from: prashadraj205000 on November 09, 2018, 02:38:23 AM

Wissanu Krea-ngam, the Deputy Prime Minister of Thailand, has called for more regulations on cryptocurrencies.

Earlier this year Thailand introduced a regulatory framework for cryptocurrencies. Krea-ngam said that new measures must be introduced both domestically and internationally.

Krea-ngam was recently a part of the Counter-Terrorism Financing Summit. Meantime, he said that experts should not be satisfied with current security protocols so as not to shuffle behind criminals that would use digital currencies for funding terrorism or money laundering. Krea-ngam also added that the anonymous nature of some cryptocurrencies poses the security challenges.

Another good news about crypto currency despite of this crypto struggle and still there are countries that really believe on it , so we must to support on this and with this means crypto will stay alive and have better future with some of the altcoins on which purpose are applicable of the regulated crypto currency .

Mysteryla

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Quote from: prashadraj205000 on November 09, 2018, 02:38:23 AM

Wissanu Krea-ngam, the Deputy Prime Minister of Thailand, has called for more regulations on cryptocurrencies.

Earlier this year Thailand introduced a regulatory framework for cryptocurrencies. Krea-ngam said that new measures must be introduced both domestically and internationally.

Krea-ngam was recently a part of the Counter-Terrorism Financing Summit. Meantime, he said that experts should not be satisfied with current security protocols so as not to shuffle behind criminals that would use digital currencies for funding terrorism or money laundering. Krea-ngam also added that the anonymous nature of some cryptocurrencies poses the security challenges.

I just looked into the site now and i discovered that they were more specific about certain companies, which are present allowed to offer digital currency services, which are just seven (7) in number, while there are some other fourteen (14) that are not allowed. Then they are likely after the registration of those companies with the government, which are feel will be safer for the investors.

TBboys

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I support what Thailand does. This is the only way to guide crypto to a healthy track. The current market is too confusing，scams are constantly eating away crypto. If the government does not effectively regulate encryption, then crypto will be completely Occupied by scammers.

warning_btc

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Its right decision, most of scams comes from: Thai Philipines and near countries from east asia.

passeroutpass

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market regulation is the right approach. thanks to regulation, we will be able to reduce the volatility, which will lead to the emergence of new investors.

Simayi

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Thailand's proposal is very good, I think the market needs to be effectively regulated, because this may lead to the punishment of fraudsters, but I think such a proposal may be difficult to get prompt response from other countries!

wuyangbo

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The cryptocurrency regulations are indeed very important, which does not mean killing cryptocurrencies, but working with cryptocurrencies. The government can best understand the future influence of cryptocurrencies. Therefore, many countries will introduce their own cryptocurrency regulations in the future.

kentrolla

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Scammers are the main reason for regulations. They cross the line of cryptos and this impact other investors like fraudulent. So this makes the government to take some serious decision on this to avoid further scams, even like funding for terrorist is ridiculous. If things goes well then it will not harm anyone in this forum as well as to the public and the government. Good cause cannot be avoided.

aces777

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I don't think that having regulations on the coins will be bad that is why they are calling for the regulation of the coins, the cryptos are way too volatile and regulation is something that could help to temper the way that the coins move in the market. It could help to curb the menace of market manipulation that we have to deal with all the time

fonengo

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I think that in the near future the state will not be able to adopt the right laws regulating cryptocurrencies. It should take years to take into account all the errors and nuances of the industry.

voltesbit777

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Nowadays, cryptocurrencies became popular in Asian country, this shows that the trend can't be stop at all. This might be one of the reason why some of them are planning to regulate crypto to their place. Since they cannot able to control it the government want it to regulate it instead banning it,..since they cannot stop people to adapt it, they will little by little ride on it. Though, for us as a crypto fanatic is not or favor to us, we need to allow it to happen because scammers was also increasing if that happen in regulating in crypto, I think we can lessen the scammers or hackers too.

Flor1982

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This shows on how serious is the government of attending matters about crypto currency that they are very concern of the welfare of their people specially against terrorism threat. Although they all ready understand the advantages of crypto but still it is right to be more strict on regulations to protect their people.

Coinmyjob

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Quote from: prashadraj205000 on November 09, 2018, 02:38:23 AM

Wissanu Krea-ngam, the Deputy Prime Minister of Thailand, has called for more regulations on cryptocurrencies.

Earlier this year Thailand introduced a regulatory framework for cryptocurrencies. Krea-ngam said that new measures must be introduced both domestically and internationally.

Krea-ngam was recently a part of the Counter-Terrorism Financing Summit. Meantime, he said that experts should not be satisfied with current security protocols so as not to shuffle behind criminals that would use digital currencies for funding terrorism or money laundering. Krea-ngam also added that the anonymous nature of some cryptocurrencies poses the security challenges.

It's time to do it, and not only in one country. This is the main cause of volatility and sharp long-term recessions, as well as investor distrust.

Herbert2020

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Quote from: sulis sudibyo on November 19, 2018, 02:45:44 AM

if the regulations can make crypto better, why don't we support it? I will do anything to make crypto acceptable to everyone and the government. even though you have to agree with even the odd rules.

because regulations will NOT make crypto any better.
but sadly sometimes they are needed to prevent scammers from running wild and scamming everyone that is in this market specifically newbies. and so far people have proven that they are incapable of regulating themselves and need government intervention so that scams such as ICOs can no longer rob people.

sulis sudibyo

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if the regulations can make crypto better, why don't we support it? I will do anything to make crypto acceptable to everyone and the government. even though you have to agree with even the odd rules.

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Quote from: prashadraj205000 on November 09, 2018, 02:38:23 AM

Wissanu Krea-ngam, the Deputy Prime Minister of Thailand, has called for more regulations on cryptocurrencies.

Earlier this year Thailand introduced a regulatory framework for cryptocurrencies. Krea-ngam said that new measures must be introduced both domestically and internationally.

Krea-ngam was recently a part of the Counter-Terrorism Financing Summit. Meantime, he said that experts should not be satisfied with current security protocols so as not to shuffle behind criminals that would use digital currencies for funding terrorism or money laundering. Krea-ngam also added that the anonymous nature of some cryptocurrencies poses the security challenges.

this is what happens where bitcoin or crypto is strictly prohibited in Asia, yes the country that has just developed certainly has a difference with developed countries. I am not comparing prosperity, but the source is different from the way of thinking.

ronafurw

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Quote from: BitcoinHodler on November 14, 2018, 04:24:17 AM

some countries have not yet had any clear rules and regulations for cryptocurrencies so far even though they have been growing in their country. so some places such as Thailand need to act fast about it and start with more regulations so that they can keep the market and flow of money under control in order to prevent fraud and also lots of illegal activities such as money laundering for example.

Building framework is one thing that will have to come with regulations and so far, even Japan as much as they seem they are getting it right in the Asian continent are still learning and fine tuning it. Thai Minister obviously made the right call, because whether we like it or not, if there is a chance for this space to thrive more than how it is now in the long run, we need to have some laws and regulations in place. Where there is no law, certainly there is no sin, and that is why a lot of appalling sinful nature keeps brewing in this space over time.

eaLiTy

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Quote from: prashadraj205000 on November 09, 2018, 02:38:23 AM

Earlier this year Thailand introduced a regulatory framework for cryptocurrencies. Krea-ngam said that new measures must be introduced both domestically and internationally.

Krea-ngam was recently a part of the Counter-Terrorism Financing Summit. Meantime, he said that experts should not be satisfied with current security protocols so as not to shuffle behind criminals that would use digital currencies for funding terrorism or money laundering. Krea-ngam also added that the anonymous nature of some poses the security challenges.

The Thai officials can enforce more regulatory framework domestically and every country will enforce their own regulations domestically and expect more countries to come up with regulations in the coming years but for the global market to enforce the same regulations is highly unlikely, all of the exchanges does follow strict regulations from their country of origin apart from decentralized exchanges and i do see some restrictions coming up for these exchanges in the future but they cannot shut those down completely, i can very well tell that fiat currency is used to fund terrorism and money laundering than crypto currencies as you really cannot trace where the currencies are going in the first place but that is not the case with crypto currencies as every transactions are recorded. Tongue

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Quote from: LickKing on November 14, 2018, 03:40:49 AM

The cryptocurrency regulations help the cryptocurrency grow better, which shows that the government recognizes the future of cryptocurrencies. But cryptocurrency regulations may be difficult to achieve quickly. It may take years.

That is certainly one thing I know we cannot in anyway hide away from considering the fact that the government will always want to at least have some form of control, and if we really want this space to get more matured and grow, there is certainly a need to see some form of regulation in place.

That still does not stop it from being a decentralized space, but at least when it comes to how things are being done as we know the extent at which people are bastardizing the space, it is something I believe for the purpose of it thriving, it definitely just have to be regulated.

BitcoinHodler

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some countries have not yet had any clear rules and regulations for cryptocurrencies so far even though they have been growing in their country. so some places such as Thailand need to act fast about it and start with more regulations so that they can keep the market and flow of money under control in order to prevent fraud and also lots of illegal activities such as money laundering for example.

jossiel

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Wow that's a good approach coming from someone from a anti-terrorism financing summit.

Quote from: clololck on November 10, 2018, 03:39:42 AM

The realization of supervision must be voluntary by investors.

The government has to act accordingly on what they can see if there's something that will threat and harm their people, not only physical but also financially. I don't see anything wrong with what he said as crypto's are anonymous except the centralized ones.

LickKing

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The cryptocurrency regulations help the cryptocurrency grow better, which shows that the government recognizes the future of cryptocurrencies. But cryptocurrency regulations may be difficult to achieve quickly. It may take years.

Wicked Sick

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Again with the absurd excuse of wanting to regulate to avoid financing terrorism.... when it is known by all that the preferred method of financing continues to be cash in hand, because there is really nothing more anonymous and intractable than cash, this was verified when a terrorist group wanted to launch a kind of fundraiser by receiving donations in cryptos and did not collect anything.

beerlover

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Sometimes its great for governments to regulate crypto and sometimes its not so well, I am not too sure which one this is. Yes this could turn Thailand into a good crypto haven type country but do we really want a royal house at the top on a crypto country, wouldn't we prefer a democracy with laws ?

I mean this dude comes up and says lets regulate crypto and get crypto companies here and whole country and law people make it happen, what keeps him from saying "alright lets take all of their crypto now" or whatever, there is no stopping force for the Thai royal house and I am not sure if it is a good idea for crypto in general. Maybe somewhere like france where lawyers are rooting for crypto to be regulated properly is much better for us. USA has been doing some tax work but really they are not that big on crypto neither.

ranchi

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the largely anonymous nature of cryptocurrencies makes it difficult for authorities to identify the bad actors and so they decided to put more regulations on crypto

Tosin12

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It's commendable this is coming from a top government officials advocating for regulation of cryptocurrency, sincerely the crypto regulations is long overdue and if well meaning individuals put weight behind the idea of crypto regulation, it will in no small measure bring sanity to the crypto world and reduce or totally eradicate scam in this space.

gorkem

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Quote from: Jamesdila1 on November 10, 2018, 08:52:39 AM

i think thats a positive move because regulation will make crypto better for society. and also more investors will see crypto as a legitimate investment method. so i think thats a good thing for entire crypto community

Many investors are really afraid to invest because of the very high risk.When investors receive guarantees from some regulatory body,I have no doubt that the number of investors will increase significantly.But there can also be a negative effect of regulation.This is due to the fact that large investors still prefer to remain in the shadows.In addition to Thailand, many countries are interested in this issue.And most likely, many countries will have to come to some General consensus on the regulation of cryptocurrencies.

icalical

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Anonymity is one of the main features that crypto has to offer. To dissable or reduce the power of anonymity in crypto hard to do. Not to mention that this is always the main concern of the government, but I believe there are some cryptocurrencies that offer lack of anonymity so the government can use it and at the stime still does not make the community that use the crypto worries about their identity leak.

EvgenOrel

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About the rules on the crypto market, you can enter them, but you still need to catch criminals by other institutions. It is necessary to create a happy life, then crime will be less.

coin-investor

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It's the same scenario from the past governments that want to strictly enforced regulations on cryptocurrency, we cannot blame them because in the past this is what actually is happening, I just hope it will not harm holders of cryptocurrency from that country Thai contribution to cryptocurrency is huge.

mayan251

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I think it is very necessary for encryption to introduce supervision. This can reduce many frauds and prevent money laundering. It can make encryption develop in a good direction.

Jamesdila1

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i think thats a positive move because regulation will make crypto better for society. and also more investors will see crypto as a legitimate investment method. so i think thats a good thing for entire crypto community

the13thsymphony

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I believe that most of the countries in south east Asia is now is discussion in their governments about the regulation of cryptocurrencies as even though we are in a bear market most of them sees its potential. Hopefully that they can quicken the regulations to cryptocyrrencies as most of the countries is SEA are notorious in having to lengthen the approval of it because of politics and government officials.

bigcash2011

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Well regulation is always good especially to filter out scammers and protect investors plus tax generation which is the aim of every government around the world but at the same time i think these govts. Should also try to maintain the essence of decentralization of crypto, too much control over crypto can kill the purpose so i hope crypto will stay decentralized.

hengha

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There are many security risks associated with using cryptocurrencies, and crypto is also easy to use for crime, such as money laundering! But letting the world agree to the legitimacy of crypto is almost impossible!

dentolas

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this is good news (I hope). The regulations on crypto will take some time to be satisfatory, but must start somewhere... to be honnest I think that regulation will serve to bring trust and safety to crypto... and we need it!
The anonimacy of some cryptos is a consequence of evolution and we must deal with it... dollars are used by terrorists and such for counteless years, they just have to find a way to transport the bills and it is a private transaction... digital money will bring a lot more transparency... just think, if anonimous crypto didn't exist, where would the politicians, white collar people, high end parasites, etc hide their money once crypto takes over?
Fair and usefull regulations will be hard to come by.... but we must start to try to find them

Wale777

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I think there is need for more huge force like government officials to start pushing and advocating for due regulation of cryptocurrency firstly to weed out scam and secondly to curb money laundering through AML, like it's pointed out above some terrorists have been using crypto to move money to sponsor their heinous act because of the anonymity of cryptocurrency

clololck

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This is only an anticipatory strategy. I don't think that cryptocurrency laws can emerge quickly. Encrypted currencies are anonymized. The realization of supervision must be voluntary by investors. Perhaps the future STO can achieve ICO supervision.

prashadraj205000

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Wissanu Krea-ngam, the Deputy Prime Minister of Thailand, has called for more regulations on cryptocurrencies.

Earlier this year Thailand introduced a regulatory framework for cryptocurrencies. Krea-ngam said that new measures must be introduced both domestically and internationally.

Krea-ngam was recently a part of the Counter-Terrorism Financing Summit. Meantime, he said that experts should not be satisfied with current security protocols so as not to shuffle behind criminals that would use digital currencies for funding terrorism or money laundering. Krea-ngam also added that the anonymous nature of some cryptocurrencies poses the security challenges.

Topic: Thai’s Minister Calls For More Crypto Regulations (Read 304 times)