Thai Securities and Exchange Commission is preparing more severe regulations on digital assets to mirror the global market.
To justify such a decision, the SEC representatives reportedly nodded on the failures of FTX, Three Arrows Capital, the TerraUSD, Celsius Network and the local exchange, Zipmex.
The regulators also raised their concern with the recent trends in crypto advertising, notably the use of “finfluencers” to deliver the message, which could have misled the audience into investment risks. They deemed the digital asset industry to be vulnerable and in need of oversight.
The SEC highlighted investor protection, control over crypto advertising, prevention of conflicts of interest and cybersecurity as major areas to focus its efforts on. It has set up a working committee, combined with both officials and private stakeholders, to assess and prepare the relevant amendments to existing regulations.
Interestingly, it’s not the first time the Thai SEC acts on crypto advertising standards. It has already obliged the market players to have clear investment warnings to consumers back in September.
The same month the SEC opened a public hearing on its initiative to prohibit crypto platforms from providing or supporting digital asset depository services. The possible ban of any staking and lending services is supposed to protect traders and the general public.
