Thailand plans to draft a law to regulate cryptocurrencies: official

Representation of the Ethereum virtual currency standing on the PC motherboard is seen in this illustration picture, February 3, 2018. REUTERS/Dado Ruvic/Illustration

BANGKOK (Reuters) - Thailand’s cabinet has agreed in principle that a law should be drafted for regulating digital assets, including cryptocurrencies and initial coin offerings, a government official said Tuesday.

It has instructed the Office of the Council of State to look into the matter and submit a draft to the cabinet next week, Nathporn Chatusripitak, a spokesman for Deputy Prime Minister Somkid Jatusripitak, told reporters.

Last month, the central bank said it had asked financial institutions not to get involved in cryptocurrency transactions.

Reporting by Kitiphong Thaichareon; Writing by Orathai Sriring; Editing by Richard Borsuk