Connect with us

Blockchain

New Crypto Rules in Thailand Could Require Traders to Show Income Before Opening Trading Accounts

New Crypto Rules in Thailand Could Require Traders to Show Income Before Opening Trading AccountsThailand seeks to introduce a new set of rules for retail crypto investors, specifically targeting those who want to open accounts. The Thai financial watchdog could require domestic crypto exchanges to ask traders for proof of income. Thai SEC Could Also Ask Crypto Investors to Prove Their Knowledge of the Market According to a Bloomberg […]

Avatar

Published

on

Thailand seeks to introduce a new set of rules for retail crypto investors, specifically targeting those who want to open accounts. The Thai financial watchdog could require domestic crypto exchanges to ask traders for proof of income.

Thai SEC Could Also Ask Crypto Investors to Prove Their Knowledge of the Market

According to a Bloomberg report, the Securities and Exchange Commission (SEC) of Thailand is likely preparing the ground to require investors to show their income or assets before opening accounts.

Ruenvadee Suwanmongkol, the secretary general of the country’s financial watchdog, pointed out that anyone who isn’t allowed to trade cryptocurrencies via their accounts can invest through licensed managers. She added:

It’s a big concern as most crypto investors on domestic exchanges are very young, such as students and teenagers. We realize those people love innovations and technology, but investments in these assets have enormous risk.

Moreover, the general secretary said that non-qualified crypto traders could invest via financial advisers only if they’re licensed by the SEC.

The watchdog is set to unveil its new rules on crypto trading over the week, ahead of a public hearing scheduled for March. Officials involved in the meetings are expected to evaluate recommendations from local exchanges and brokerages.

Although it’s not confirmed, the general secretary suggested that investors have to prove some knowledge of the market before being allowed to open crypto accounts for trading.

Six Licensed Crypto Exchanges Operating in Thailand so far

The rhetoric from the Thai SEC is now shifting to a cautious one towards the cryptocurrencies’ risks. However, they keep granting licenses to crypto businesses in the nation. So far, in terms of digital asset exchanges approved, there are only six operating legally in Thailand.

They are Bitkub, BX, Satang Pro, Huobi Thailand, ERX, and Zipmex. All six licensed crypto exchanges are approved for both cryptocurrencies and digital tokens, except for ERX, which is only approved for the latter.

The SEC distinguishes cryptocurrencies as “created for the purpose of being a medium of exchange for the acquisition of goods, services, or other rights.”

On the other hand, digital tokens are created “for the purpose of specifying the right of a person to participate in an investment in any project or business, or to acquire specific goods, services, or other rights under an agreement between the issuer and the holder,” said the financial watchdog.

What do you think about the words from the Thai SEC general secretary? Let us know in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Source: https://news.bitcoin.com/new-crypto-rules-in-thailand-could-require-traders-to-show-income-before-opening-trading-accounts/

Continue Reading

Blockchain

Avatar

Published

on

Coinsmart. Beste Bitcoin-Börse in Europa
Source:

Continue Reading

Blockchain

Avatar

Published

on

Coinsmart. Beste Bitcoin-Börse in Europa
Source:

Continue Reading

Blockchain

Avatar

Published

on

Coinsmart. Beste Bitcoin-Börse in Europa
Source:

Continue Reading
Blockchain1 day ago

ETHFUND Launches First NFT Tokenization of Online Movies in China

Blockchain5 days ago

Nhash Cloud Mining Get 30$ Free When You Sign Up

Blockchain3 days ago

PancakeSwap DeFi Governance Manipulated by Single Whale Vote

Blockchain4 days ago

Filecoin Price Analysis: 18 April

Blockchain5 days ago

Top Trader Says Crypto Asset That Surged 2,550% in Two Months Has No Limits

Blockchain4 days ago

DeFi Deep Dive – Synthetix, Real World Assets to Crypto

Blockchain5 days ago

Shark Tank’s Barbara Corcoran Advocates Getting Rich by Investing in Real Estate, Not Cryptocurrencies

Blockchain5 days ago

Bank of Brazil Offering Exposure to a Crypto ETF for Its Customers

Blockchain5 days ago

The 5 best decentralized VPNs for data privacy

Blockchain4 days ago

Ripple Price Prediction: XRP/USD Slide below $1.56; the Coin is Down with 11.63%

Blockchain3 days ago

NFT Game Market Booms as Startups Raise Millions of Dollars

Blockchain4 days ago

Sunday Bitcoin Flash Crash Sees $10 Billion in Positions Liquidated

Blockchain5 days ago

Bitcoin (BTC) Price Prediction: BTC/USD Shows Weakness, Slumps From $65,000 High But Finds Support above $60,000

Blockchain5 days ago

Venus (XVS) price aims for $100 amid rising TVL and surge in DeFi users

Blockchain5 days ago

Silicon Valley ‘Super Angel’ Investor Ron Conway Says Crypto Economy Is the Next Multitrillion Dollar Opportunity

Blockchain5 days ago

Binance Launches Tradable Stock Tokens, Starting with Coinbase and Tesla 

Blockchain4 days ago

If You Want a Cheap Bitcoin Mining Rig, You Could Use a Commodore 64

Blockchain5 days ago

Crypto Asset Manager Kryptoin Re-Files for a Bitcoin ETF 

Blockchain5 days ago

VET Price Analysis: Unlocks New All-Time Highs, Consolidation in View

Blockchain5 days ago

$7.6 billion in crypto long positions liquidated in one hour as bitcoin plunges to $52,000

Blockchain5 days ago

Which Crypto/Stock Will Elon Musk Promote After Gamestop and DOGE?

Blockchain2 days ago

MLB Legend Ted Williams’ NFT Art on Deck at Auction

Blockchain5 days ago

VeChain Mentioned in 2021 Forbes Blockchain 50, Parabolic Move In Sight?

Blockchain2 days ago

MakerDAO Governance Votes on Liquidation System Upgrade

Blockchain1 day ago

JPMorgan Strategists Warn Bitcoin’s Momentum Could Collapse

Blockchain5 days ago

Canada Approves Three Ethereum ETFs, Ether Funds Set to Launch on TSX Next Week

Blockchain5 days ago

Societe Generale Taps Tezos (XTZ) Blockchain for Issuance of Security Token 

Blockchain5 days ago

Technical Analysis – Loopring (LRC), Bancor (BNT), and JUST

Blockchain5 days ago

5 Tips on How To Start a Business Through Crypto Investing

Blockchain4 days ago

‘Popularity of NFTs Shows People Are Ready to Work With Crypto’ — The Week in Quotes

Trending