The Thai SEC has tightened rules related to the crypto market, while the central bank is receiving more powers to regulate the market. Meanwhile, the country’s Gulf Energy Development is looking to launch a crypto exchange.
Regulators in Thailand are taking an aggressive stance on the crypto market as authorities are passing into law several new rules. The actions by Thailand’s Securities and Exchange Commission (SEC) have affected trading numbers, as the number of active accounts has dropped to about 33% of what it was at the start of the year.
On Sept. 1, the SEC passed new rules related to crypto advertisements, saying that companies must not present false or misleading information, while also mandating a warning that speaks of the risks of investing in cryptocurrencies. These advertisements must change within 30 days of the announcement of the notice.
The Central Bank of Thailand will also receive more power over the crypto market, with Finance Minister Arkhom Termpittayapaisith saying as much in an interview. So far, the Thai SEC has been in charge of regulating the crypto market, but that responsibility will now be partly divided between the two, and the SEC will be in charge of this change.
Despite the more restrictive rules being implemented, there are still exchanges on breaking into the country. Gulf Energy Development, Thailand’s biggest energy producer, is aiming to invest in blockchain ecosystems and is seeking approval from the SEC to operate an exchange and brokerage. It wants to build these platforms through a partnership with Binance.
Regulators taking stern action against crypto companies
The market share of most cryptocurrencies in Thailand is dominated by Bitcoin at 11.83%. After Bitcoin are Tether, Ethereum, and Gala. The trading volumes on these assets may very well decrease as regulation tightens.
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