Platforms need more control to limit risk

After a bitcoin sell-off resulted in significant losses for individual investors and the collapse of several companies, Thailand aims to tighten government regulation of digital asset enterprises.

The Securities and Exchange Commission of Thailand seeks to revise current laws governing digital assets by tightening the requirements for administering and granting licenses to custodians.

The main task of regulation will be the protection of retail investors

“Better monitoring of digital assets is urgently needed due to the significant price volatility of those assets.” Small investors, some of whom are investing the majority of their money in these assets, will be our primary target, according to SEC secretary-general Ruenwadi.

Plans to strengthen control follow this week’s suspension of withdrawals by Zipmex (Thailand) Ltd., one of the nation’s authorized cryptocurrency exchanges, and its regional parent business.

According to the SEC, cryptocurrency trade on authorized exchanges in Thailand reached 58 billion baht ($1.6 billion) in June, the lowest level since January 2021.

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