Thailand Finance Minister Pichai Chunhavajira made substantial crypto-economic reforms to update the country’s blockchain financial systems. The announcements were made at a seminar on Monday where he spoke of how the rules governing digital assets and capital market investments will change.
Pichai clarified that even if cryptocurrency payments through credit cards are legal in certain nations, Thailand hasn’t sanctioned similar transactions.
The government is, nonetheless, weighing allowing digital assets to be used by foreigners to make purchases within targeted locations. A pilot program with the Bank of Thailand is on the cards to trial this proposition in a strictly controlled environment.
Its finance minister stressed the necessity of revising regulations in Thailand’s capital market. According to him, life insurance companies are allowed to invest in the stock market in limited sums.
Moreover, hundreds of billions of baht are handled by funds that are confined to government bonds, capping market development. Changing these rules will allow broader financial participation and increase domestic investment.
Treasury stock and Crypto rules undergoing business reforms
Pichai also championed legal changes to make rules governing treasury shares friendlier to businesses. He is confident the changes will improve financial flexibility for listed companies and boost corporate activity in the market.
The government is also considering regulatory frameworks that affect investors’ confidence and market stability.
He spoke of the necessity to reform regulations against naked short selling, citing that the practice involves both civil and criminal penalties. He also spoke of the necessity to manage program trading efficiently to maintain fairness within the market environment.
The minister also discussed digital asset policies, pointing to existing legal frameworks such as the Royal Decree on Digital Assets. He said G-Tokens, enabling retail investors to buy government bonds in small units, will become widely available.
These tokens can offer better returns than savings accounts and raise international visibility for Thai government bonds. Pichai confirmed that a new law is being drafted to let the Securities and Exchange Commission (SEC) submit legal cases directly to prosecutors, especially for serious offenses.
