(CTN News) – The central bank of Thailand is working on tightening regulatory oversight of cryptocurrency platforms. Together with the Thailand Securities and Exchange Commission, the central bank is prepared to overhaul crypto rules once new amendments give it new regulatory powers over Bitcoin and Ethereum Prices.
Thai Central Bank to lead the way in crypto regulation overhaul
As of 2018, Thailand’s SEC is the sole authority regulating the cryptocurrency industry.
By amending crypto regulations, the central bank will be able to regulate crypto and overhaul the regulatory framework and oversight of crypto platforms.
Thailand’s licensed crypto exchange Zipmex temporarily suspended withdrawals amid growing uncertainty. To raise more funds and avoid lawsuits, the exchange is seeking a temporary moratorium.
Thailand needs stringent crypto regulation following Zipmex’s move.
Thailand’s central bank intends to regulate crypto platforms stringently to protect user funds even though the number of crypto traders has dropped by one-third over the past year.
Bitcoin and Ethereum prices continue to rise despite the possibility of stringent crypto rules in Thailand and other economies.
Bitcoin and Ethereum prices extend rally in the bear market
Despite uncertainty surrounding the Merge, and news of stringent regulation in Asia and Europe, Bitcoin and Ethereum prices continued to rise.
As Ethereum aims for $2,000, the bitcoin price is heading towards an 8-week high.
On-chain analysts at Glassnode, a crypto intelligence platform, report little directional bias in Bitcoin derivatives. On the Ethereum side, analysts have identified a long bias among traders.
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