Asia, thai sec, thailand, thailand crypto, thailand crypto regulation, thailand exchanges, thailand license

Thailand seeks to introduce a new set of rules for retail crypto investors, specifically targeting those who want to open accounts. The Thai financial watchdog could require domestic crypto exchanges to ask traders for proof of income.

Thai SEC Could Also Ask Crypto Investors to Prove Their Knowledge of the Market

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. She added:

Moreover, the general secretary said that non-qualified crypto traders could invest via financial advisers only if they’re licensed by the SEC.

The watchdog is set to unveil its new rules on crypto trading 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.

Although it’s not confirmed, the general secretary suggested that investors have to prove some knowledge of the market before being allowed to open crypto accounts for trading.

Six Licensed Crypto Exchanges Operating in Thailand so far

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.

They are Bitkub, BX, Satang Pro, Huobi Thailand, ERX, and Zipmex. All six licensed crypto exchanges are approved for both cryptocurrencies and digital tokens, except for ERX, which is only approved for the latter.

The SEC distinguishes cryptocurrencies as “created for the purpose of being a medium of exchange for the acquisition of goods, services, or other rights.â€

On the other hand, digital tokens are created “for the purpose of specifying the right of a person to participate in an investment in any project or business, or to acquire specific goods, services, or other rights under an agreement between the issuer and the holder,†said the financial watchdog.

What do you think about the words from the Thai SEC general secretary? Let us know in the comments section below.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

South Korean Governor Becomes the First Politician to Disclose Publicly His Cryptocurrency Holdings in the Country

Regardless of the political turmoil that arose in South Korea due to the crypto-related regulations, a leading politician had come forward to reveal that he had made investments in virtual currencies publicly. Won Hee-ryong, the Governor of Jeju Island, unveiled that he invested in four different cryptocurrencies. Wong Plans to Keep Updating People via Youtube […]

Xem chi tiết: South Korean Governor Becomes the First Politician to Disclose Publicly His Cryptocurrency Holdings in the Country

South Korean Deputy Prime Minister Eases Anti-Crypto Rhetoric, Aims to Create More Domestic Market Opportunities

The South Korean government seems to be easing its anti-crypto tone, as the Deputy Prime Minister came forward with a statement that opened the doors for future open dialogue on virtual currency topics. Hong Nam-ki unveiled that officials are assessing ways to get young people into “domestic asset markets†and thus bringing more opportunities in […]

Xem chi tiết: South Korean Deputy Prime Minister Eases Anti-Crypto Rhetoric, Aims to Create More Domestic Market Opportunities

Chinese Internet Cafe Owners Deal With the Pandemic Crisis by Using Their Facilities to Mine Cryptocurrencies

The Coronavirus pandemic has driven people to take advantage of new business lines to deal with the economic crisis, and cryptocurrency is once again a headliner. Internet cafe owners in China are using their facilities to set up crypto mining farms after temporarily shutting down in 2020. Owners Are Earning Around $6,200 Monthly According to […]

Xem chi tiết: Chinese Internet Cafe Owners Deal With the Pandemic Crisis by Using Their Facilities to Mine Cryptocurrencies

South Korean Ministries ‘Do Not Want’ to Take Charge of Crypto-Related Regulation, Claims Official

The crypto regulation crisis is on fire in South Korea, as politicians have struggled to reach agreements with top government officials to ease rulings. A local media outlet reveals that South Korean ministries “do not want†to take charge of the country’s digital assets’ regulation, after several meetings held in the last few days. Prime […]

Xem chi tiết: South Korean Ministries ‘Do Not Want’ to Take Charge of Crypto-Related Regulation, Claims Official

South Korean Ministries ‘Do Not Want’ to Take Charge of Crypto-Related Regulation, Claims Official

The crypto regulation crisis is on fire in South Korea, as politicians have struggled to reach agreements with top government officials to ease rulings. A local media outlet reveals that South Korean ministries “do not want†to take charge of the country’s digital assets’ regulation, after several meetings held in the last few days. Prime […]

Xem chi tiết: South Korean Ministries ‘Do Not Want’ to Take Charge of Crypto-Related Regulation, Claims Official

South Korean Banking Association Concerned Over Surge of the Altcoin Trading Frenzy

A banking association in South Korea recently added weight to regulatory discussions across the country, raising concerns about the high altcoin trading volume. The Korea Federation of Banks (KFB) requested its members to audit trading volumes through their crypto exchanges’ customers’ altcoin activity. Altcoins Trading Volume Outperformed Bitcoin Last Weekend in South Korea According to […]

Xem chi tiết: South Korean Banking Association Concerned Over Surge of the Altcoin Trading Frenzy

Japanese Assembly Members Seek to Make Tokyo a ‘Cryptocurrency Trading Center’

Japan is steadily becoming an area of interest for the cryptocurrency industry, and a politician in the capital city is looking to strengthen the trend. A member of the Tokyo Metropolitan Assembly wants to transform the Japanese capital into a “trading center†for cryptos. Blockchain as a ‘Growth Strategy’ to Create Industry Hub Yuu Ito, […]

Xem chi tiết: Japanese Assembly Members Seek to Make Tokyo a ‘Cryptocurrency Trading Center’

Kazakhstan Is Preparing the Launch of a CBDC Pilot With Private Financial Companies

Central bank digital currencies (CBDCs) are steadily becoming a serious discussion among governments globally, with Kazakhstan as the latest country unveiling its plans. The National Bank of Kazakhstan is making preparations to launch a CBDC pilot program soon. The National Bank Released a Public Consultation Paper According to the announcement published on their website, the […]

Xem chi tiết: Kazakhstan Is Preparing the Launch of a CBDC Pilot With Private Financial Companies

Vietnam Plans to Regulate Digital Currencies After Commissioning a Crypto Research Group

South Korean Police Raid Crypto Exchange Allegedly Involved in a $214M Multi-Level Marketing Fraud

South Korean Ruling Party Contemplates Postponing Crypto Tax in a Bid to Regain Younger Votes

Thailand’s New Cryptocurrency Regulation Requires Users to Be Physically Present to Open Accounts

Beijing Is Collecting Data From Local Datacenters Involved in Cryptocurrency Mining Activities

Beijing Is Collecting Data From Local Datacenters Involved in Cryptocurrency Mining Activities

Former Employees From Major South Korean Firms Quit Their Jobs After Pocketing Millions in Crypto Profits

Crypto Fraud Reports in South Korea Surged Over 41% in 2020, Says Financial Watchdog

Other Articles