The Justice Ministry aims to safeguard cryptocurrency traders from incurring heavy losses or falling prey to scammers by introducing measures to regulate the market.
Deputy Prime Minister and Justice Minister Prajin Juntong said the deputy permanent secretary for justice will propose the measures to the Finance Ministry, and announce them on Tuesday.
The Justice Ministry yesterday held a workshop on cryptocoins and regulatory measures, with the participation of heads of the relevant agencies, including Ruenvadee Suwanmongkol, director-general of the Legal Execution Department; Pol Lt Col Prawut Wongseenin, deputy chief of the Department of Special Investigation, as well as representatives from the Finance Ministry and the Securities and Exchange Commission (SEC).
ACM Prajin said measures drawn up at the meeting would be urgently proposed to the Finance Ministry, the Bank of Thailand and the SEC for consideration.
It is important to issue laws -- either acts or royal ordinance -- to regulate cryptocurrencies, he said.
The deputy premier also urged caution in using cryptocurrencies for business purposes, adding the government is seeking measures to regulate digital currencies to make sure people would not fall prey to swindlers. People should thoroughly check any cryptocurrency-related business they are about to invest in to shield themselves from losses, he said.
Kitipong Urapeepatanapong, chairman of Baker & McKenzie Bangkok, a multinational law firm, said measures should be rolled out to help prevent people from falling victim to pyramid scheme operators who claim to be investing in bitcoin and other virtual coins. Bitcoin is now traded in both domestic and international markets, he said, although there are as many as 1,500 virtual currencies now being traded.
He said if no regulatory measures are ironed out, cryptocurrencies could be used by money launderers, drug traffickers and others involved in illicit businesses.
New cyber crimes could also emerge in the future, such as stealing bitcoins from eWallets, he said.