Thai Finance Ministry Permanent Secretary Somchai Sujjapongse Says Bank of Thailand and Securities and Exchange Commission (SEC) must officially notify customers of According to Sujjapongse, a working committee on cryptocurrencies, formed by the Bank of Thailand, the SEC, the Department of Foreign Affairs and International Trade. The Finance, and Money Laundering Office, will soon issue a report on how to go ahead with crypto regulations

With reference to the 39, future regulate the investment of crypto, Sujjapongse said,

"Allow Bitcoin transactions to be carried out without warnings and instructions from regulators is not acceptable."

In September 2017, the Thai SEC showed a willingness to support By announcing that they would draft regulations for the ICOs, as they could fall under the category of Thai law.

With recent volatility in crypto markets, Sujjapongse sees a need for urgency in Thailand to reach a conclusion on the regulation of cryptocurrencies. However, the permanent secretary makes the distinction between the regulation of Bitcoin (BTC) and Blockchain technology:

"It is not correct to consider Blockchain harmful if we do not prefer Bitcoin because Blockchain technology can create benefits.We can take advantage of the use of Blockchain technology. "

Several Thai banks have already begun to focus on technology-based Blockchain for their financial services.

The Bank of Thailand held a meeting in August 2017 with Vitalik Buterin, co-founder of Ethereum, on the possibility of using Ethereum and other Blockchain services to improve the speed and security of financial transactions. In November 2017, the Bank of Ayudha in Thailand successfully conducted a blockchain pilot project with IBM aimed at improving the efficiency of the back office.