Thai regulators team up to issue guidelines on digital assets
The Bank of Thailand (BOT), the Securities and Exchange Commission (SEC) and the Ministry of Finance (MOF) have come together to review and issue guidelines on the use of digital; assets as a payment tool.
In a joint press release on Tuesday, Thailand’s top regulatory bodies said that it has become necessary to review and regulate digital assets as a means of payment for goods and services. After careful consideration and assessing all the pros and cons, the joint committee said that the use of digital assets as a widespread payment tool could pose a risk to the financial-economic stability.
- Volatility risk: digital asset volatility could lead to for merchants and users alike. The conversion fee could add an extra burden.
- IT risk: Consumers may face cyber theft, personal data leaks, or opportunity cost in instances of system failure.
- Compliance and legal risk: digital assets could pose a legal risk due to the anonymity factor.
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