Today the Bank of Thailand (BOT) issued preliminary guidance on stablecoins and also requested input on potential regulatory guidelines.
It split stablecoins into two buckets, the first being stablecoins backed by Baht currency which it considers e-money. Hence issuers and those that provide stablecoin services are expected to consult the central bank before starting operations.
The second group is any other type of stablecoin, such as one backed by a foreign currency, assets or algorithmic. The central bank said these stablecoins are not currently illegal, but it is considering regulatory guidelines.
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