According to a Bloomberg report, the Securities and Exchange Commission (SEC) of Thailand is likely preparing the ground to require investors to show their income or assets before opening accounts. Ruenvadee Suwanmongkol, the secretary-general of the country’s financial watchdog, pointed out that anyone who isn’t allowed to trade cryptocurrencies via their accounts can invest through licensed managers.
“Investments in these assets have enormous risk.”
The secretary-general further noted, “It’s a big concern as most crypto investors on domestic exchanges are very young, such as students and teenagers. We realize those people love innovations and technology, but investments in these assets have enormous risk.” The general secretary also said that non-qualified crypto traders could invest via financial advisers only if they’re licensed by the SEC. The financial watchdog is set to unveil its new crypto trading rules over the week, ahead of a public hearing scheduled for March. Officials involved in the meetings are expected to evaluate recommendations from local exchanges and brokerages.
Six licensed crypto exchanges are operating in Thailand.
The rhetoric from the Thai SEC is now shifting to a cautious one towards the cryptocurrencies’ risks. However, they keep granting licenses to crypto businesses in the nation. So far, in terms of digital asset exchanges approved, there are only six operating legally in Thailand. The crypto exchanges include Bitkub, BX, Satang Pro, Huobi Thailand, ERX, and Zipmex. All six licensed exchanges are approved for both cryptocurrencies and digital tokens, except for ERX, which is only approved for the latter. Regulators all over the world are showing concern over the crypto industry as it continues to gain mainstream exposure each day.