Crypto Frontline

Cryptocurrency Regulation Picks Up in Asia

Cryptocurrency Regulation Picks Up in Asia

Cryptocurrency Regulation Picks Up in Asia
March 12
08:51 2018

In the last three months, there had been signs of central authorities intends to regulate the cryptocurrency industry. The SEC in the US seems to be the most vocal in terms of regulation. Also, there strong signs from the EU and Netherlands, as well. That communicates the path of regulation is now irreversible. And there are other questions that appear with regulation. Some voices are also asking if cryptocurrencies could represent the future, and central governments will apply the blockchain technology in the financial world, in order to replace the fiat money with digital money.

Signs of cryptocurrency regulation emerging in Thailand

Korn Chatikavanji, a former finance minister of Thailand, that served between 2008 and 2011 had been advocating publicly that cryptocurrency regulation is needed, according to Coindesk.

His remarks had been the following:

“I agree with the Finance Ministry’s [view] of letting the SEC be the only organization governing digital assets because it already oversees securities and has a profound understanding of digital assets.”

In Thailand, the debate on cryptocurrency regulation had begun a few months before, and the main theme and been linked to ICO procedures. Some ICO initiators might not be happy, since the latest rumors point towards the fact that all of them will be forced to have capital requirements, before starting the ICO.

A regulatory framework had been announced to be enacted within a month, so the process will take place more sooner than expected.

Although the rules might pose some issues to those that want to raise capital via an ICO, but lack funding, the rules that will apply as with any investment participation will act as a filter in order to stop scammers from fooling investors.

South Korea had also been a big supporter of cryptocurrency regulation and their approach had been also positive. Only China took some drastic measures last year, but things look like they are about the change. Will China change its view? We’ll see. What we really know is that we will have regulation for cryptocurrencies until the end of 2018 in most of the developed countries around the world.