Stricter regulations governing the use of cryptocurrencies Many other ASEAN member countries have recently implemented rules. Brunei, Indonesia, and Malaysia are among them. Although bitcoin is said to be very popular in Singapore and Vietnam, the central banks in both countries have banned payment through it.
Thailand will now be among the countries to impose stricter regulations on the use of cryptocurrencies. ASEAN – Association of Southeast Asian Nations The majority of ASEAN member countries have already made such a decision. The Thai Central Bank has now proposed new rules. Cryptocurrencies can only be traded or paid for on licenced platforms under these rules.
Bitcoin is declining in value.
According to reports, the cryptocurrency market in Thailand has grown significantly. The price of bitcoin, the most popular cryptocurrency, is currently declining. According to observers, the recent rapid volatility in the price of bitcoin has prompted Thai authorities to take the latest action. The Bank of Thailand (BOT) stated last month that price volatility in digital coins is a problem that can result in massive losses for both buyers and sellers.
According to reports, new cryptocurrency regulations will go into effect in the second two weeks of this month. Prior to that, on February 8, these rules will be issued, and the public will be invited to provide feedback on them.A provision is being made to impose heavy fines on those who violate the proposed rules, according to a news article published on the website NikEasia.com. Those who buy or sell cryptocurrencies in violation of the rules face fines of up to $9,000 USD.
Many other ASEAN member countries have recently implemented similar rules. Brunei, Indonesia, and Malaysia are among them. Despite the fact that bitcoin is said to be very popular in Singapore and Vietnam, the central banks in both countries have prohibited payments through it. Last December, the BOT warned commercial banks not to engage in direct trading of digital coins.
Despite this, the BOT and Thailand’s Securities Exchange Commission (SEC) continue to allow cryptocurrencies to be traded on licenced platforms. Such licences are issued by the SEC. In Thailand, there are currently eight such crypto exchange platforms. Kitkub is the largest of them all. Siam Commercial Bank, Thailand’s oldest bank, purchased 51% of the platform’s shares in November.
Companies can make public announcements.
According to Nares Laopannarai, general secretary of the Thai Digital Asset Association, a group of cryptocurrency traders, the website Nikkei Asia – “Bot’s most recent announcement has put large corporations under pressure.” They include all of the companies that have announced significant investments in the cryptocurrency industry.
According to analysts, the new BOT rules will disproportionately affect large corporations. These regulations will have a negative impact on cryptocurrency popularity. This may result in a decrease in their prices. As a result, companies that have invested heavily will have to bear the loss. Bitcoin is also in a downward trend. Last November, the price of one coin was $ 68 thousand, which was slightly higher on February 1st 38 and a half thousand.