The Chairman of the Thai Fintech Association (TFA) and Thailand’s Former Finance Minister, Korn Chatikavanij, has offered his support for recent proposals that Thailand’s Securities and Exchange Commission (SEC) should develop and enforce cryptocurrency regulations.
Mr Korn stated that of Thailand’s public institutions, the SEC is most equipped with the appropriate experience and knowledge of the industry requisite to regulating the nation’s cryptocurrency sector.
“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,” Mr. Korn said.
The TFA chairman also stated that Thailand’s Fintech Association has consulted with the SEC, Finance Ministry, and the Bank of Thailand, advocating for the development of clear legislation designed to reduce the risks associated with cryptocurrency investment.
Mr Korn discussed the need for greater regulatory clarity in order to increase awareness and confidence in virtual currencies, stating “Digital assets are new for everyone, and no one knows everything [about them], so all parties should be open-minded, learn about them and have proper rules and regulations.”
Mr Korn also emphasized the benefits that initial coin offerings (ICOs) can offer smaller businesses seeking to raise funds, advocating that regulators seek to avoid stifling the burgeoning ICO industry.