Thai SEC to tighten up rules for crypto, focus on investor protection

Thailand joins the increasing database of countries that are seeking to revise their crypto regularisation successful the aftermath of the FTX collapse. And, arsenic astir of these countries do, it intends to tighten the guidelines for the manufacture and absorption connected capitalist protection. 

According to the report from the Bangkok Post, published connected Dec. 13, the Thai Securities and Exchange Commission (SEC) is preparing much stringent regulations connected integer assets “to reflector the planetary market.” To warrant specified a decision, the SEC representatives reportedly nodded connected the failures of FTX, Three Arrows Capital, the TerraUSD, Celsius Network and the section exchange, Zipmex.

The regulators besides raised their interest with the caller trends successful crypto advertising, notably the usage of “finfluencers” to present the message, which could person misled the assemblage into concern risks. They deemed the integer plus manufacture to beryllium “vulnerable” and successful request of oversight.

The SEC highlighted capitalist protection, power implicit crypto advertising, prevention of conflicts of involvement and cybersecurity arsenic large areas to absorption its efforts on. It has acceptable up a moving committee, combined with some officials and backstage stakeholders, to measure and hole the applicable amendments to existing regulations.

Related: Crypto speech Bitkub targeted by Thai SEC with lavation trading claims

Interestingly, it’s not the archetypal clip the Thai SEC acts connected crypto advertizing standards. It has already obliged the marketplace players to person clear concern warnings to consumers backmost successful September.

The aforesaid period the SEC opened a public proceeding connected its initiative to prohibit crypto platforms from providing oregon supporting integer plus depository services. The imaginable prohibition of immoderate staking and lending services is expected to support traders and the wide public.

In Thailand, the question of crypto businesses’ bankruptcies changeable 1 of the largest section platforms, Zipmex. In July, the institution suspended withdrawals, citing a “combination of circumstances beyond [its] control.” The SEC accused Zipmex and its co-founder Akalarp Yimwilai of non-compliance with section laws and referred the substance to the police.