The head of Thailand’s regulatory agency emphasizes the need for stricter regulation of ads pertaining to cryptocurrencies.
After the FTX collapse, Thailand has joined the ranks of countries looking to update their crypto laws. In addition, it plans to strengthen industrial regulations and place an emphasis on protecting investors, as do the vast majority of these nations.
More stricter rules on digital assets are reportedly being prepared by the Thai Securities and Exchange Commission (SEC) “to mimic the worldwide market,” as reported by the Bangkok Post on December 13. Representatives of the SEC reportedly nodded along as they were briefed on the failures of FTX, Three Arrows Capital, the TerraUSD, the Celsius Network, and the Zipmex local exchange to justify such a decision.
When asked about its priorities, the SEC listed investor safety, crypto advertising regulation, conflict of interest avoidance, and cyber security. It has formed a working committee consisting of public and private sector representatives to evaluate existing regulations and draft any necessary changes.
It’s not the first time the Thai SEC has taken action regarding crypto advertising guidelines, which is an interesting fact. In September, it mandated that all market participants issue definite investment cautions to customers.
In the same month, the SEC held a public hearing on its proposal to prevent cryptocurrency platforms from offering or supporting digital asset depository services. Staking and lending services may be outlawed to keep investors and consumers safe.
One of the largest Thai platforms, Zipmex, was hit by the wave of crypto firms going bankrupt. After a “combination of factors beyond its control,” the business temporarily halted withdrawals in July. The SEC has reported Zipmex and its co-founder Akalarp Yimwilai to the police for alleged violations of Thai law.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Chubbi
Coincu News