Bank of Thailand reinforces stablecoin regulation
Firms wishing to issue baht-backed stablecoins must consult with the central bank
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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