Thailand Signals Openness to Controlled Crypto Conversion

CN
1 day ago

Thailand may explore ways to link cryptocurrency with certain services under strict oversight, Finance Minister Pichai Chunhavajira stated during an investment seminar on Monday. He clarified that the country does not currently permit crypto to be used for payments or tied to credit card systems, as seen in some international markets. Although no immediate regulatory adjustments were announced, Chunhavajira indicated that such possibilities might be reviewed as part of a wider assessment of how digital assets interact with Thailand’s financial system.

He referenced international examples where digital currencies are already used for everyday transactions. In those markets, credit card firms handle the conversion of crypto into local currency through platforms such as bitcoin exchanges, enabling merchants to receive standard fiat payments. Chunhavajira noted that while Thailand has not implemented this approach, authorities could study the concept further, provided it is implemented within a tightly controlled regulatory framework. He added that participants in both the crypto and stock markets in Thailand often represent the same segment of the population. Oversight of these sectors currently falls under both the Royal Decree on Digital Assets and the Securities and Exchange Act.

Chunhavajira also promoted the rollout of G-Tokens—blockchain-based units that represent fractions of government bonds, allowing purchases as small as six decimal places. This project aims to make fixed-income instruments more accessible to individual investors and potentially offer more attractive yields than savings accounts. In addition, the program is intended to boost the international profile of Thai sovereign bonds. While his speech also addressed other issues such as potential reforms to the Securities and Exchange Commission’s legal powers and easing investment constraints for institutional players, the focus on blockchain-driven financial tools and digital assets signaled a growing openness to financial technology in government policy.

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