Thai Deputy Prime Minister Calls For More Regulations On Cryptocurrencies

Wissanu Krea-ngam, Deputy Prime Minister of Thailand, has called for more measures to control cryptocurrencies.

Speaking at the Counter-Terrorism Financing Summit, Krea-ngam said that while several legal measures were already implemented to prevent misuse of cryptocurrencies, more efforts – both domestically and internationally – are needed to keep up with changing times and tactics.

“Anti-money laundering and terrorism experts should not be satisfied with their current understanding of cryptocurrencies, and should update their knowledge so they will not lag behind criminals,” Krea-ngam said. “The problem is that those involved in these online activities often prefer to remain anonymous, making it difficult for authorities to verify their identities.”

Thailand’s regulatory framework for cryptocurrencies and initial coin offerings (ICO) took effect in July of this year after a royal decree on the topic was made public in May. These measures give Thailand some leverage, but Krea-ngam said “the laws need to be amended in the future so that we can better keep up with technological changes.”

The news came after the Thai Revenue Department announced that it will be using blockchain to verify the validity of taxes paid and to speed up the tax refund process.

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