Thailand is set to draft legislation that would oversee cryptocurrency trading with the view of taxing the crypto market in the country, the AP reported today, March 13.

According to Nathporn Chatusripitak, a government spokesman, Thai Ministry of Finance’s impetus for the proposition of new crypto regulation stems from a desire to prevent money laundering and fraud using cryptocurrencies. The new regulations are expected to be announced “later this month.”

In mid-February, the governor of the Central Bank of Thailand released a circular asking all Thai banks to refrain from trading and investing in crypto, as well as prohibiting their participation in and creation of crypto exchanges and trading platforms. This circular referred solely to banks, not crypto exchanges, which are still allowed to operate in the country.

Back in September of last year, the Thai Securities and Exchange Commission (Thai SEC) announced that they would support the implementation of regulations for Initial Coin Offerings (ICO). The Thai Digital Exchange Index (TDAX) recently deferred the trading and registration of ICOs in mid-February while waiting for the Thai SEC’s regulatory framework to be revealed.