The Thai SEC Thinking About Regulations For Cryptocurrency and Cryptocurrency Investors

Thai Securities and Exchange Commission (SEC) is concerned with a six-fold increase in cryptocurrency trading since November.
SEC announced on April 1st that people who deal with cryptocurrency must attain a certification or have experience or pass a test. The SEC did not specify a date by which these requirements will be necessary and it decided it will not prevent local exchanges from having clients who do not meet the minimum income levels. More regulations might drive Thais to unregulated platforms abroad.
Atichanan, a former Goldman Sachs employee who co-founded Bitkub believes Thai regulators realize that they will not be able to stop the tide of virtual currency. He believes that Bitkub has about 90 percent of domestic exchange trading and has about 300,000 customers.
The crypto exchanges in Thailand see lower volumes than those in countries like South Korea and the United States. However, the value of cryptocurrencies like Bitcoin has risen to all-time highs and more Thais have joined the exchanges as a result.
At Bitkub, they had a daily turnover of 4.2 billion baht in February, the Thai SEC says. There were 18 billion baht in November, as the SEC has kept track of cryptocurrency since November 2021. Statistics from Bitkub show a 40% increase from January. Looking at turnover on March 30, Bitkub ranked 124th among more than 300 exchanges as monitored by CoinMarketCorp.
Young investors are the ones driving the crypto market in Thailand during the pandemic. With the large boom came some hiccups at local Thai exchanges including Bitkub.
The increased activity at the crypto markets has led the Thai Securities and Exchange Commission to scrutinize cryptocurrencies more closely. Bitkub was asked by the Thai SEC to submit a plan to fix problems that have caused trading outages. Thailand’s regulator tried to restrict clients’ eligibility for crypto exchanges a month later, requiring that a customer’s income should be at least 1 million baht in order to trade. On April 1st, 2021, the SEC decided not to have the income requirement, but it still wants customers to know something about cryptocurrency.
The Thai SEC secretary-general, Ruenvadee Suwanmongkol, believes the vast majority of Thai crypto participants are young and enthusiastic about decentralization and new technology. These participants should realize that any financial innovation has the potential to cause damage to the financial system and the economy.
88 years ago, the US federal government created Executive Order 6102 which made private ownership of gold illegal.
Today, on April 5th, is Satoshi Nakamoto’s birthday. He is the creator of Bitcoin. It is a cryptocurrency where if you put in American currency terms, satoshi is the cents and Bitcoin is the dollars. SO far, Bitcoin has been the most valuable cryptocurrency. His creation of Bitcoin is a game-changer in the currency exchange systems, digital or analog.
In the future, his birthday could be a holiday for the world.

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