Former Thai finance minister supports crypto regulation

Plastic monies like cryptocurrency have been in the headline for quiet sometimes either due to its volatility or constant critics hurled by financial investors. Some countries have voiced in favor of cryptocurrency regulation. One among them is the former Thailand Finance Minister. He voted for laying down regulations on Initial Coin Offering (ICO) and cryptocurrency transactions.

For a period of four years from 2008 to mid of 2011, Korn Chatikavanji served the nation as its finance minister. He is the current Chairman of Thai Fintech Association which is a startup enterprise. In an interview last week, Korn Chatikavanji put forward his views on the regulations that Thailand Securities and Exchange Commission are planning to incorporate in the cryptocurrency ecosystem. He said that he supports the government’s decision of introducing regulations that will lay down proper rules for ICO and the cryptocurrency transactions.

Bangkok Post on Friday reported that the former finance minister supports the view of the current finance minister and feels that only SEC should have the sole governance on the digital currencies. This is because it is secure and has a clear understanding of cryptocurrency world.

The former finance minister stated his views two months after the plan was consulted over a long period of time and finally got complete on 22nd January 2018. Speculations have been that this plan can have a possible outcome under which the existing investment participation regulation will be imposed upon those dealing with ICOs in Thailand.

After much consultation and meeting with the government officials, the state agencies of Thailand on Wednesday stated that the new regulations might come into action by next month. Even, Somkid Jatusripitak, the deputy Prime Minister also assured that the regulations would come into force in a matter of few weeks.