Thailandâs crypto market seeks clearer regulations as industry interest peaks The Thai SEC says the total number of crypto accounts rose by nearly 300% over the course of the last 180 days. 10175 Total views Analysis
Thailand currently lays claim to one of the more regulated crypto trading markets in the world, with exchanges having to adhere to strict regulatory standards. For example, at the start of the year, Bitkub, the countryâs largest cryptocurrency exchange, was shut down by regulators after the trading platform faced a series of lengthy service outages.Â
Despite these seemingly stringent conditions, the countryâs crypto market has continued to thrive. That being said, a tipping point came recently when Thailandâs Securities and Exchange Commission released a statement that it plans to enact a 1-million-baht (about $33,000) annual income minimum requirement for crypto investment in the country.
Regulator to shift oversight of ICOs to Securities Act
Measure will remove regulatory overlap
published : 9 Feb 2021 at 09:11
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The Securities and Exchange Commission (SEC) plans to transfer oversight of initial coin offerings (ICOs) for investment and utility tokens to the Securities Act in order to remove regulatory overlap and promote digital assets.
Nopnuanparn Pavasant, director of the Fintech Department at the SEC, said the Digital Assets Decree will be amended along with the SEC s Securities Act to ensure that Thailand s regulations regarding digital assets trading are in line with international standards.
The amendments will transfer the supervision of investment tokens and utility tokens that are not readily exchangeable for services and products, previously regulated under the Digital Assets Decree, to the Securities Act.