Thailand seeks to introduce a new set of rules for retail cryptocurrency investors, especially for those who want to open an account. Thai financial regulators may require domestic cryptocurrency exchanges to require traders to provide proof of income.
The Securities and Exchange Commission of Thailand may also require cryptocurrency investors to prove their knowledge of the market
According to a Bloomberg report, the Securities and Exchange Commission of Thailand (SEC) may be prepared to require investors to show their income or assets before opening an account.
Ruenvadee Suwanmongkol, the secretary-general of the country’s financial regulator, pointed out that anyone who is not allowed to trade cryptocurrency through his account can invest through a licensed manager. She added:
Since most of the cryptocurrency investors on domestic exchanges are very young, such as students and teenagers, this is a big problem. We realize that those people like innovation and technology, but investing in these assets carries huge risks.
In addition, the Secretary-General stated that unqualified cryptocurrency traders can invest through financial advisors only if they have obtained SEC approval.
The regulator will announce its new rules on cryptocurrency trading within a week before the scheduled public hearing in March. Officials participating in the meeting should evaluate the recommendations of local exchanges and brokers.
Although it has not been confirmed, the Secretary-General recommends that investors must prove some market knowledge before being allowed to open cryptocurrency accounts for trading.
So far, there are six licensed cryptocurrency exchanges in Thailand
Thailand’s Securities and Exchange Commission (SEC) speech is now turning to be cautious about the risks of cryptocurrencies. However, they continue to grant licenses to cryptocurrency companies in the United States. So far, in terms of approved digital asset transactions, Thailand has only six legally operating companies.
They are Bitkub, BX, Satang Pro, Huobi Thailand, ERX and Zipmex. With the exception of ERX, all six licensed crypto exchanges have approved the use of cryptocurrencies and digital tokens.
The SEC classifies cryptocurrency as “the purpose of creating it is to become a medium of exchange for obtaining goods, services or other rights.”
On the other hand, the purpose of creating a digital token is to “designate individuals to participate in any project or business investment or obtain the right to specific goods, services or other rights in accordance with the agreement between the issuer and the issuer. Holder.” Financial regulation The agency said.
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