Thailand: Ministry of Finance advises on cryptocurrency

A committee from various authorities intends to work out a common guide to cryptocurrency in Thailand soon. The population should first be informed about the risks of trading in cryptocurrencies. In Blockchain, on the other hand, you can see potential, as the Bangkok Post recently reported.

Somchai Sujjapongse of the Thai Ministry of Finance does not consider it acceptable to allow any Bitcoin transactions without simultaneous warning and regulating the trade. Therefore, a working group of Bank of Thailand employees, the Ministry of Finance and the Thai Securities and Exchange Commission (SEC) will be formed in February of this year to prepare for regulation of cryptocurrency trading.

The first step should be to educate your own population in a timely manner. Anyone who deals with cryptocurrency must do so at their own risk and be aware of it. The high-ranking employee of the Ministry of Finance says he has no high opinion of Bitcoin. However, one can not necessarily assume that the blockchain technology is also dangerous. This could be very useful, says Somchai Sujjapongse. At the moment it is still too early to assess how to regulate the trade in detail. For this one must first agree with other countries. It should also be clarified in principle wherever crypto treaties in Thailand may remain legal in principle.

The Ministry of Finance spokesman for the Bangkok Post also contacted a managing director who is currently raising funds for his Thai start-up via Initial Coin Offering (ICO). His company J Ventures is engaged in the development of software. Although there is no law yet, which regulates this form of crowdfunding, notes Sujjapongse. But the CEO should not cheat on his investors, he warns the CEO of J Ventures.