The latest report shows that Thailand’s Securities and Exchanges Commission (SEC) is taking strict actions to control the crypto market. Consequently, their rigid rules and regulation have rendered many traders inactive as crypto transactions dwindled by 33%.
Thailand’s Regulators Seeks To Control The Crypto Market
According to reports, the Thai SEC is strangling the crypto market with several unfavorable regulations for traders. Furthermore, the report showed that several traders have deserted as the market recorded 33% lesser trading accounts this year.
Earlier this month, the Thai regulators enacted a new regulation that guides crypto firms’ use of publicity and advertisements. The rule required them to thoroughly display the merits and investment risks involved in their operation while advertising.
In addition, the regulators gave crypto firms just 30 days, which ends by Sept 30, to comply with the new rule. Meanwhile, the Central Bank and the SEC are taking strict actions to gain power over the crypto market in Thailand.
The SEC has been enjoying the privileges of regulating and controlling the market so far. However, reports showed that the Central Bank would soon feature in the power game.
Regulators Unleash Stern Actions Against Crypto Traders
Additionally, statistics showed that Bitcoin is the most traded crypto asset in Thailand as it has 11.8% market dominance in Thailand. Ethereum, Gala, USDT, and other altcoins follow in no particular order.
However, due to the stringent laws from the regulators, analysts suggested that the trading volumes of the assets would soon deplete drastically. Similarly, the strict crypto rules in the country caused the Bitkub exchange acquisition deal to fall through.
That was because the Siam bank, which wanted to buy 51% shares of Bitkub, faced massive losses due to the tightened rules. In addition, the SEC recently sued a Bitkub executive for operating insider transactions and fined it a $235k penalty.
Similarly, the Thai SEC filed a police case against Zipmex, a crypto firm that recently allied for insolvency protection. With its strict actions and rules, the Thailand regulators are trying to gain complete control over the crypto market.
Gulf Energy CEO Partners With Binance To Run An Exchange
However, the head of Gulf Energy Development seems not to be deterred by the recent stern actions of the regulators. Sarath Ratanavadi, the Gulf Energy founder and second-richest person in the country, seeks to invest in the crypto industry.
Ratanavadi recently announced that he wishes to invest part of his company’s funds into Blockchain startups. According to reports, the CEO has partnered with the Binance exchange to create a new business for his purpose.
Furthermore, Ratanavadi will acquire a Binance token (BNB) and other coins that Binance specified according to their deal. The most prominent energy manufacturing firm’s CEO now seeks the approval of the SEC and other regulators to launch his exchange and custodian operation in Thailand.