Thailand promoting blockchain under new guidelines

Bank of Thailand  published new guidelines to regulate and promote the use of blockchain technology in the financial sector with better regulation & framework for their citizens.

Recent activities of Thailand can be seen in the blockchain technology & crypto industry. On one side financial task forces are talking about the regulations on blockchain & Defi space to impose high restrictions, but another side they understand the potential of blockchain technology & are promoting it to adopt in their financial infrastructure.

Related: Thailand’s Siam Bank President says DeFi cannot be fully regulated

On 27 July, Assistant governor of the payment systems policy and financial technology group at the Bank of Thailand, Siritida Panomwon Na Ayudhya released new guidelines of blockchain adoption in Thailand for financial services providers.

According to the Bank of Thailand, Blockchain technology is full of  efficiency, transparency and interoperability across industries. So we have to promote and adopt blockchain technology for financial innovation. But we have to understand the associated risk & harmful factors which are associated with blockchain based assets & platforms. 

In the end Thailand’s banks & financial regulators talked about their a goal to provide a better confidence to their citizens to use blockchain-incorporated financial services. And also they will make a better regulatory framework. 

One year ago, Thailand also talked about this matter and launched government savings bond infrastructure which was based on the integrated blockchain technology to provide better exposure to the Investment experience and efficiency. 

And also a month ago, the Bank of Thailand released their guidelines on blockchain. Where they talked almost in the same manner is that they adopt blockchain but restriction on risky associated factors.

Read also:Vontobel Bank’s Clients Interested in Crypto Investment : Zeno Staub