(Ekta Mourya – FXStreet)
– 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.
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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:
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