- Thailand’s central bank is preparing for the launch of its CBDC alongside plans to tighten regulatory oversight.
- Number of active trading accounts in Thailand dropped to a third over the past year amidst new crypto regulation.
- Bitcoin and Ethereum prices climb despite uncertainty, amidst ongoing speculation surrounding the bear market and the upcoming Merge.
Thailand’s central bank is working on tightening regulatory oversight on cryptocurrency platforms. The central bank is prepared to overhaul crypto rules once new amendments give it regulator powers, alongside the Thailand SEC.
Also read: Singapore based crypto lender Hodlnaut halts withdrawals amidst crisis
Thai Central Bank to lead the way in crypto regulation overhaul
Thailand’s SEC has the sole mandate to supervise the cryptocurrency industry in the country, since 2018. However, with a new amendment to crypto regulations, the central bank will be empowered to regulate crypto and overhaul the regulatory framework and oversight on crypto platforms.
Arkhom Termpittayapaisith, Finance Minister explained:
Right now, the central bank has no room to enter into the regulatory framework except for notifying that cryptos are not a legal means of payment for goods and services. So the framework is not clear enough to regulate the industry.
Amidst growing uncertainty, Thailand’s licensed crypto exchange Zipmex suspended withdrawals for a brief period of time. The exchange is seeking a temporary moratorium to raise more funds and avoid lawsuits.
Zipmex’s move highlighted the need for stringent crypto regulation in Thailand. While the number of crypto traders in Thailand has been slashed to a third within the past year, the central bank intends to protect user funds through stringent regulation of crypto platforms.
Despite the likelihood of enforcement of stringent crypto rules in Thailand and other economies world over, Bitcoin and Ethereum prices continue their rally.
Bitcoin and Ethereum prices extend rally in the bear market
Bitcoin and Ethereum prices continued to rally in the bear market despite uncertainty surrounding the Merge, and news of stringent regulation in Asia and Europe. Bitcoin price is heading towards its 8-week high as Ethereum eyes the $2,000 target.
According to on-chain analysts at Glassnode, a crypto intelligence platform there is little directional bias evident in the Bitcoin derivatives markets. Analysts have identified a long bias among traders on the Ethereum side.
FXStreet analysts revealed a bullish outlook on Bitcoin. For key price levels and more information on Bitcoin price trend check the video below:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.