SEC eyes tighter control for digital assets
The Securities and Exchange Commission (SEC) has announced that it will adjust the criteria for digital assets in line with their risks.
SEC secretary Ruenvadee Suwanmongkok said digital assets are more volatile than other investments due to high interest and also because some digital currencies have no fundamentals.
She added that investors should study and understand the technology and risks related to digital assets. To prevent huge losses, she advised investors to work out how much risk they are willing to take and set a budget accordingly.
Ruenvadee pointed out that most accounts are being constantly traded and the sector is also rife with fraud or unauthorised transactions.
The SEC’s aim is to educate buyers so they will understand digital assets and recommend service providers that are authorised by the Finance Ministry.
SEC is also looking for ways to monitor each type of digital asset, so it is in line with its risks. It is also planning to put digital assets under the jurisdiction of the Securities and Exchange Act to protect investors as well as create guidelines that are in line with foreign countries.
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The commission plans to introduce changes this year because digital assets are connected worldwide, can be traded 24 hours a day and are changing rapidly. It will monitor the situation closely, review rules and coordinate with related organisations in Thailand foreign countries.