Thailand’s Securities and Exchange Commission (SEC) has announced it will be revising its crypto regulations with stricter policies following the FTX market collapse to protect its investors and traders from financial loss.
Thailand comes under the top 10 with the most crypto users in 2022. According to Inery Blockchain, 20.1% of the country’s citizens are digital currency owners.
Seeing the increasing interest in Web3, the government and regulators have decided to tighten their regulatory framework, especially after the SBF-FTX collapse that cost millions of dollars of loss to investors.
The regulators also highlighted the rising crypto advertisements by influencers have misled many people to make risky investments, which can directly affect Thailand’s economy.
Thai SEC has formed a separate committee with private stakeholders and official members who will closely look into the existing policies and add more details to them.
The committee will oversee conflicts of interest, crypto advertising, and other Web3-based issues that can be solved through the new framework.
Besides Thailand, the European Union also recently passed a crypto regulation bill that will soon be adopted around the continent.
