Deputy Chairman of the Central Bank of Thailand Siritida Panomwon Na Ayudhya announced the regulator’s intention to issue rules for different types of stablecoins this year.
“The central bank is gathering input from market regulators and industry participants before introducing new rules to regulate stablecoins,” Siritida said at a briefing.
The Bank of Thailand will regulate foreign exchange and asset backed stablecoins and algorithmic stablecoins that do not violate the country’s laws, she said. At the same time, the rules will not apply to crypto assets that do not have collateral, for example, BTC and ETH – investors will have to assess the risks of such investments on their own.
Earlier this week, the Bank of Thailand issued a warning that the Thai Baht Digital (THT) stablecoin pegged to the Thai baht is “illegal.” Siritida said service providers for baht-backed stablecoins would need Central Bank approval, as stablecoins can be classified as e-money and the central bank’s jurisdiction is to control the risks associated with e-money. The policy is in line with UK, Singapore and Japan guidelines, Siritida said.
In addition, the Central Bank sees the benefits of financial technology and is ready to introduce innovative solutions. The Central Bank is currently developing its own digital currency for retail payments. In conclusion, the Deputy Chairman of the Central Bank said that the Bank of Thailand will continue to monitor the development of new technologies and will adhere to policies that support the economy and the stability of the financial system.
Recall that last month, the Securities and Exchange Commission (SEC) of Thailand presented the 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 negative public reaction.
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