Thailand's financial regulator will introduce new rules on cryptocurrencies and initial coin offerings.
According to Thai finance minister Apisak Tantivorawong the new legislation will not aim to prohibit cryptocurrencies and initial coin offerings but will protect investors. The minister cited government concerns over money laundering and tax avoidance as the «Bangkok Post» reports.
The regulators move represents a more direct approach than some of its Southeast Asian neighbours. In Singapore the The Monetary Authority is still evaluating whether additional regulation is needed to protect investors in virtual currencies.
Wealth Boom
Thailand is witnessing a surge in the growth of high net worth individuals with many investing in the digital coins. The country is currently home to six digital exchanges, Thailand Digital Asset Exchange, Bx, Coinasset, Cointocash, icoin and JIBEX.
The BCG Global Wealth Report 2017 estimates Thailand’s wealth market is about $300 billion. The burgeoning wealth has also attracted Swiss banks Julius Baer and Credit Suisse.
