Thailand Regulators Prepare Stricter Rules For Crypto

Thailand Regulators Prepare Stricter Rules For Crypto
фото показано с : beincrypto.com

2022-12-13 08:16

Financial regulators in Thailand are about to get tough on crypto. The move follows a tumultuous year in which Asians have suffered major losses.

On Dec. 13, the Bangkok Post reported that the Thai Securities and Exchange Commission is preparing stricter rules for crypto assets.

The regulator cites the same “investor protection” motivations, but tighter rules usually make things tougher for retail investors.  

Furthermore, the bankruptcy of the Celsius Network had a knock-on effect on Thai investors using the Zipmex platform. Asian retail investors were also hit hardest when FTX collapsed in early November.

According to the Thai SEC, the recent events “reflect the vulnerability of the digital asset industry and the lack of proper oversight.”

Investor Protection Priorities

The regulator used new regulations in the U.K., Japan, and Singapore as examples of what it wants to replicate. However, Singapore remains the region’s crypto hub and does not wish to stifle innovation or investment.

Thailand’s SEC is setting up a working committee to study the crypto industry. Additionally, it will consist of relevant government agencies and private sector representatives. They will be tasked with suggesting ways to improve the laws to adapt to the changing environment.

The SEC aims to crack down on crypto advertising and product promotions, especially those using celebrities and influencers. This month, a similar crackdown occurred in the United States as several high-profile athletes were paid to promote FTX.  

The regulator is also monitoring new potential risks and has vowed to improve regulations. Cryptocurrency trading is very popular in Thailand, but the military-backed government has banned its usage for payments.

Crypto trading remains open and available in Thailand, but it remains to be seen how the government will restrict it going forwards.

Thailand’s tourism ministry has repeatedly touted the country as a crypto hub, but the central bank and regulators have other ideas. In September, it was reported that more restrictive regulations dashed Thailand’s dreams of becoming a crypto hub.

Thailand CBDC Plans Pursued   

Thailand’s central bank is keen to follow in China’s footsteps, rolling out its central bank digital currency (CBDC).

Furthermore, the Bank of Thailand is preparing to launch a retail CBDC pilot before the end of the year. Just like China, Thailand wants a programmable currency that the state can monitor and control.

However, it is not so keen on decentralized crypto assets such as Bitcoin and Ethereum.

The post Thailand Regulators Prepare Stricter Rules For Crypto appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

thailand crypto regulators stricter rules prepare suffered

thailand crypto → Результатов: 126


Crypto exchange Zipmex expands to Thailand

Licensed bitcoin and crypto trading platform Zipmex, today announced its launch in Thailand with its official mobile app. The expansion comes after successful launches in Singapore, Indonesia, and Australia as the company continues to accelerate operations across Southeast Asia to fuel a rising demand for digital currency due to the recent regulation changes in the […] CryptoNinjas: Crypto exchange Zipmex expands to Thailand

2020-7-9 14:36


Фото:

Crypto Regulation Roundup: More Cryptocurrency Control Urged in South Korea and Thailand, France Plans to Ease Crypto Taxes

South Korea’s lawyers have lobbied the government to establish a better legal framework around blockchain that would help develop the industry and protect investors. More regulation was also urged in Thailand, where on November 7, 2018, the Deputy Prime Minister has called for more measures to control cryptocurrencies and prevent them from being used to fund terrorism.

2018-11-9 00:00


Thai Central Bank Defends Cryptocurrencies

In the high-profile Thai crypto fraud case involving an actor, Thailand’s central bank has clarified that the fraud is not related to cryptocurrency trading, but a general misuse of money. Thailand has recently legalized seven cryptocurrencies, authorized seven crypto firms, and the Bank of Thailand has green-lighted commercial banks’ subsidiaries for crypto activities.

2018-8-21 14:02


Thailand’s SEC Approves Seven Crypto Exchanges, Two More Under Review

Thailand’s SEC Accepts Seven Crypto Exchanges, Looking into Another Two On Wednesday, August 15, Thai SEC disclosed a list of seven cryptocurrency firms that can continue their business operations. As per their statement, it has been confirmed that the list includes Bitcoin Company Limited (BX), BitKub, Cash2Coin, Group Company Limited (TDAX), and Coin Asset Co […]

2018-8-16 20:26


Crypto Friendly Policies Rapidly Drawing Companies to Thailand

Soon after Thailand adopted its regulations for cryptocurrencies and initial coin offerings (ICOs), companies reportedly pile up to apply for licenses to operate in the country. According to the Thai Securities and Exchange Commission, about 50 ICO projects are seeking to launch, five portals plan to open for business and 20 crypto exchanges have applied […] The post Crypto Friendly Policies Rapidly Drawing Companies to Thailand appeared first on Bitcoin News.

2018-8-10 08:25