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Thailand’s crypto market seeks clear regulations around the booming industry.

Thailand's Siam Commercial Bank has invested over half a billion dollars to acquire 51% of the country's crypto exchange Bitk
Thailand’s Siam Commercial Bank has invested over half a billion dollars to acquire 51% of the country’s crypto exchange Bitkub.

Thailand currently lays claim to one of the more regulated crypto trading markets in the world, with exchanges having to comply with strict regulatory standards. For example, at the start of the year, Bitkub, Thailand’s largest cryptocurrency exchange, was shut down by regulators after the trading platform faced a series of lengthy service outages. Despite these seemingly stringent conditions, the country’s crypto market has continued to thrive in recent years.

Thailand SEC announces to enact new crypto regulations.

Earlier, Thailand’s Securities and Exchange Commission released a statement that it plans to enact a 1-million-baht (about $33,000) annual income minimum requirement for crypto investment in the country. The decision was met with immediate backlash from the local investor community — as it would potentially exclude low- and middle-income earners from the cryptocurrency market — so much so that the regulatory body had to clarify its above-stated stance within days of making the announcement. Several other governments have also prioritized crypto regulations in recent months as the crypto industry continues to boom.

ECB president emphasizes the need for bitcoin regulation.

As reported earlier, the ECB president said that bitcoin has conducted “some funny business and some interesting any reprehensible money laundering activity. “There have to be regulations, and this has to be applied and agreed upon,” at a global level, she further noted. “If there is an escape, that escape will be used,” she said. “Global cooperation and multilateral action are absolutely needed, whether the G-7 initiates it, moved into the G-20, and then enlarged,” ECB President added. ECB President also spoke about central bank digital currencies (CBDCs) at the conference. She said the ECB recently concluded a consultation of the general public about the digital euro, and it has received the “highest level of responses” to the consultation.