Thailand SEC seeks to regulate and protect 500,000 crypto traders

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TL;DR Breakdown:

  • Thailand SEC seeks a directive to regulate and protect crypto investors in the country.
  • Younger people are increasingly investing in digital currencies in Thai, making up to about 500,000 crypto investors.

While countries like Nigeria and India have a hard stance for digital currencies, the Securities and Exchange Commission (SEC) of Thailand has said it’s urgently looking to regulate digital currencies and also protect legal crypto users in the country. As the Bangkok Post reported on Friday, young investors are increasingly joining the Thai cryptocurrency space, just as interest in crypto-assets has been significantly rising around the world.

Thailand seeks directive for crypto regulation

As reported, Thailand sees an influx in digital currency trading. Over the past three to four months, crypto investors in the country increased to about 500,000, most of whom are younger investors. Thus, the regulator is urgently seeking directives to regulate cryptocurrencies, to protect and educate the investors about the risks associated with digital currency. Ruenvadee Suwanmongkol, the SEC secretary-general, said they would hold the discussion with the board of directors in a so-called “retreat session” scheduled for Q2 2021.

Among other things, the Thailand SEC will mandate exchanges in the country to enforce KYC measures for the users. The regulator may also want to exchange to store users’ assets on cold wallets to ensure more security. While referring BX exchange, the secretary-general said:

“We found exchanges should clearly separate hot wallet [cryptocurrency accounts that are connected to the internet] and cold wallet [typically not connected to the internet] accounts, and have the private key deposited with a third party to allow customers to track assets if the exchange has shut down, especially for non-Thai exchange owners.”

Thai SEC is more concerned about investors’ protection

The Thailand regulator moved on to warn investors about the risks associated with investing in cryptocurrency. Young people dealing with digital currencies should devote their time to gradually study about them and “invest carefully.” The regulator also warned about using borrowed funds for investment. “Investors must accept their investments could lose money, and not be lured by the ability to gain.”

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