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Mar 13, 8:04 AM EDT

Thailand to draft plans to regulate and tax cryptocurrencies

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AP Photo/Rick Bowmer

BANGKOK (AP) -- Thailand's cabinet agreed Tuesday to draft a law to oversee cryptocurrency trading, seeking to tax the largely unregulated market.

Government spokesman Nathporn Chatusripitak said the Ministry of Finance also proposed the new regulations to help prevent use of digital currencies in money laundering and fraud.

He said details of the proposed regulations would be announced later in the month.

In February, Thailand's central bank issued a circular asking financial institutions to not handle transactions involving cryptocurrencies.

Across Asia, governments have been belatedly moving to exert control over bitcoin exchanges and other fast-growing cryptocurrency-related activities.

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