This article was first published on: Insights – Ripple --
When the Bank of Thailand (BoT) banned the country’s banks from offering services to cryptocurrency exchanges in early 2018, many people were surprised that this tech-literate and forward-thinking country was taking such an extreme approach.
But as Archari Suppiroj, Director of the FinTech Department at the Thai Securities and Exchange Commission (SEC), told the audience gathered for the recent Ripple Regionals event in Bangkok, the ban was always meant to be a temporary solution.
“We were already working with the BoT and other relevant agencies to craft really comprehensive law to govern this space,” she recalled. “But there were a lot of concerns about scams. People were using blockchain and other cool words to con people.”
Balancing protection and innovation
With a ban in place to protect consumers, the group was tasked with implementing regulation quickly. In just three months, a new royal decree classified virtual currencies as digital assets and created a framework for licensi...
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