Bank of Thailand reinforces stablecoin regulation

Bank of Thailand
Photo: George Johnson

Baht-backed stablecoin issuers are required to consult with the Bank of Thailand before beginning operations, according to new guidance issued by the central bank.

Over the past 18 months, stablecoins – a form of crypto asset which is pegged to another currency, commodity or algorithm – have emerged as a new means of payment.

Some forms of stablecoin, the Bank of Thailand said in a statement, have the potential to increase efficiency and reduce costs in the financial system.

They “can be used

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