Thailand SEC Plans to Introduce New Rule on Crypto Trading as Young Investors Rush In

Thailand SEC Plans to Introduce New Rule on Crypto Trading as Young Investors Rush In

In January, the trading on the nation’s licensed exchanges tripled from the previous month. With very young investors involved, students and teenagers, regulators will be revealing new proposed rules this week.

Thailand is planning to introduce new rules to curb cryptocurrency trading by individuals. The move is made in response to a surge in inflows from young investors, which is concerning the regulators. Ruenvadee Suwanmongkol, the secretary-general of the Securities & Exchange Commission, in an interview on Friday, said,

“It’s a big concern as most crypto investors on domestic exchanges are very young, such as students and teenagers.”

“We realize those people love innovations and technology, but investments in these assets have enormous risk.”

The regulators are now planning to have retail investors show their income or assets before being allowed to open trading accounts with the nation’s six licensed cryptocurrency exchanges, said Suwanmongkol.

She added that those who aren’t allowed to trade cryptocurrencies through their own accounts could invest through financial managers or licensed fund managers.

As per these new rules, individual investors may even be required to have some knowledge of crypto markets before they are allowed to open accounts to trade digital currencies.

In the month of January, crypto trading on the licensed bourses of Southeast Asia’s second-biggest economy tripled from the previous month to 56 billion baht ($2.17 billion), revealed SEC data. Over 90% of this trading comes from Thai citizens.

These new proposed rules on cryptocurrency trading will be disclosed by the regulators this week before holding a public hearing in early March, said Ruenvadee. However, before finalizing the limitations, officials will be taking suggestions and recommendations from crypto exchange operators, brokerages, and other related parties, she added.

The nation may soon see its first initial coin offering as well. The new token to be offered by a local company in the first half will be backed by the rental revenue of properties.

Read Original/a>
Author: AnTy

Reserve Bank of Australia Is ‘Closely Watching’ CBDC Research, Despite A ‘No Rush’ Attitude

Barely a month after saying it sees no rush in launching a central bank digital currency (CBDC), the Reserve Bank of Australia (RBA) has confirmed that it is still following closely on the developments in this space. RBA’s head of policy payments, Tony Richards, said that the monetary authority is also considering going the ‘wholesale’ way where the CDBC would be limited to particular financial institutions.

Richards spoke at a Blockchain, Crypto, and FinTech conference held at the University of Western Australia. He highlighted some of the considerations that RBA will focus on as it continues to deliberate on the CBDC proposition,

“We will be continuing to consider the case for a CBDC, including how it might be designed, the potential benefits and policy implications, and the conditions in which significant demand for a CBDC might emerge.”

While RBA’s mid-September report was skeptical about issuing a CBDC, Richards noted that a public policy case for its issuance is yet to be made. He went on to add that the bank is currently looking at the design options that it could take if it eventually launches a CBDC. Unlike Bitcoin, whose foundation is on the blockchain, Richards anticipates that an Aussie CBDC will take the form of a centralized & permissioned digital ledger.

Other consideration factors include whether to develop the CBDC as a token-based or account-based ecosystem. The RBA is also looking at the retail case as part of its ongoing research on the policy and technological effects of launching a CBDC. Richards confirmed that they would continue to follow closely what CBDC advanced jurisdictions are doing,

“If some jurisdictions do move towards full implementations of CBDC, there will be many central banks like us who will be closely watching.”

With the current CBDC developments, it appears that these digital assets may soon become part of legal backed tenders in global circulation. The Bank of International Settlements (BIS) recently released a CBDC report in collaboration with seven major central banks. Russia has also issued a consultative paper on CBDCs, while Japan’s central bank is set to pilot its digital yen in 2021.

Read Original/a>
Author: Edwin Munyui