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The Thai SEC has tightened the rules relating to the crypto market, while the central bank receives more powers to regulate the market. Meanwhile, the country’s Gulf Energy Development is looking to launch a crypto exchange.
Thai regulators are taking an aggressive stance on the crypto market as authorities pass several new rules. Thailand’s Securities and Exchange Commission (SEC) actions affected trading figures, with the number of active accounts dropping to about 33% from what it was at the start of the year.
On September 1, the SEC passed new rules relating to crypto advertisements, stating that companies must not present false or misleading information, while imposing a disclaimer that talks about the risks of investing in cryptocurrencies. These announcements must change within 30 days of the announcement of the notice.
The Central Bank of Thailand will also receive more power in the crypto market, with Finance Minister Arkhom Termpittayapaisith saying as much in an interview. Until now, the Thai SEC was responsible for regulating the crypto market, but this 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 discussions about breaking and entering the country. Gulf Energy Development, Thailand’s largest energy producer, aims to invest in blockchain ecosystems and seeks SEC approval to operate an exchange and brokerage. He wants to build these platforms through a partnership with Binance.
Regulators Take Tough Action Against Crypto Firms
The market share of most cryptocurrencies in Thailand is dominated by Bitcoin at 11.83%. After Bitcoin, there is Tether, Ethereum and Gala. Trading volumes on these assets could very well decline as regulations tighten.
A plan by Siam Commercial Bank to acquire Bitkub fell through as a result of tougher regulations. The bank, Thailand’s lost lender, was to acquire a 51% stake in the exchange.
Meanwhile, the SEC also fined a Bitkub executive $235,000 for insider trading. As for Zipmex, which has filed for bankruptcy, the regulator has filed a complaint with the police.
Conviction for crypto still exists in Thailand
Thailand is certainly aiming to impose some control on the market after the rout earlier this year. That hasn’t stopped Gulf Energy Development CEO Sarath Ratanavadi from wanting to invest in the blockchain space. Thailand’s second richest person, Ratanavadi, wants to invest part of the company’s earnings in blockchain companies.
This led him to want to create a crypto exchange and is in a joint venture with Binance for this purpose. The company has also agreed to invest in Binance Coin and invest in Binance US Preferred Shares.
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