BANGKOK: Thailand plans to introduce new guidelines to curb people’ cryptocurrency buying and selling after a surge in inflows from younger individuals sparked concern from regulators.
Retail traders will most likely be required to indicate their earnings or property earlier than opening buying and selling accounts with the nation’s six licensed cryptocurrency exchanges, mentioned Ruenvadee Suwanmongkol, the secretary-general of the Securities and Alternate Fee (SEC).
Anybody who isn’t allowed to commerce crypto through their very own accounts can make investments by means of licensed fund managers or monetary advisers, she mentioned, declining to elaborate.
“It’s an enormous concern as most crypto traders on home exchanges are very younger, comparable to college students and youngsters, ” Ruenvadee mentioned in an interview.
“We realise these individuals love innovation and know-how, however investments in these property have huge danger.”
Thai authorities are becoming a member of different nations’ regulators in warning about cryptocurrencies, whilst value rallies draw retail traders trying to find larger returns amid document low rates of interest.
Bitcoin, the most important token, has added greater than US$450bil of worth in 2021 and reached US$1 trillion in market capitalisation for the primary time final week.
The regulator will reveal new proposed guidelines on cryptocurrency buying and selling this week earlier than holding a public listening to in early March, mentioned Ruenvadee. Officers will consider suggestions and recommendations from crypto alternate operators, brokerages and different associated events earlier than finalising the constraints, she mentioned.
The brand new guidelines may additionally require particular person traders to own some information of crypto markets earlier than being allowed to open accounts to commerce them, mentioned Ruenvadee.
Buying and selling of cryptocurrencies on the nation’s licensed bourses greater than tripled in January from the earlier month to 65 billion baht (US$2.17bil), in response to SEC information. Greater than 90% of buying and selling got here from Thai residents, it mentioned.
South-East Asia’s second-biggest financial system will most likely see its first preliminary coin providing by a neighborhood firm within the first half, mentioned Ruenvadee.
The brand new token shall be backed by rental income of properties, she mentioned, with out giving extra particulars. — Bloomberg
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