Gold traders seek clarity on new trading rules

The Gold Traders Association (GTA) is asking the Bank of Thailand to clarify all the regulations it is set to enforce regarding gold trading, asking for more time to comply, particularly with the measure for online gold trading using dollar-based transactions.

- NAREERAT WIRIYAPONG WICHIT CHANTANUSORNSIRI

In a letter sent to the regulator yesterday, the association stated it wants to know the exact details of central bank measures planned to enhance gold trading oversight, said GTA president Jitti Tangsithpakdi.

“So far, we have met with the Revenue Department and the Anti-Money Laundering Office, but not the Bank of Thailand to understand the exact measures set to be enforced. Everything we've heard has been reports from the media,” he told the Bangkok Post.

“It will take several months for gold shops to be ready to comply, especially for online gold trading to be conducted in dollars.”

Taking effect yesterday, gold traders with annual gold trading volumes of 10 billion baht or more are required to report their transaction data to the central bank.

According to the Royal Gazette on Jan 26, any person or entity engaged in the purchase or sale of gold, both domestically and internationally, who imports or exports gold, with an average total value of domestic gold trading over the past five calendar years amounting to 10 billion baht per year or more, or the equivalent based on market exchange rates, must comply with the following requirements: