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Leader of Thai cryptocurrency exchange warns regulators about tight restrictions

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The co-founder of Thailand’s largest cryptocurrency exchange has slammed regulators for plans to set requirements that would limit who can trade cryptocurrency. Following a drastic spike in domestic crypto trading, Thailand’s Securities and Exchange Commission, decided to look into tighter restrictions and say traders will be soon required to have experience, be educated in trading or pass an exam.

Too many regulations will push some Thais away, according to 33 year old Atichanan Pulges, co-founder and CFO of Bitkub. He warns that too many restrictions might drive amateur traders to unregulated international platforms in other countries.

Atichanan told Bloomberg that these restrictions will do little to stem the increasing popularity of cryptocurrencies in Thailand. The SEC’s restrictions were proposed in response to an unprecedented surge in crypto trading beginning in November 2020. According to the SEC’s own data, crypto-trading in Thailand jumped six fold from 18 billion baht in November to 124 billion baht in February. Bitkub themselves reported a daily turnover of 4.2 billion baht throughout February, a jump of nearly 40% from the previous month.

Thai authorities continue to struggle with the increasing popularity of cryptocurrencies, as they strive to balance embracing innovation with protecting investors. The SEC recently walked back potential restrictions which would have limited crypto purchases to those with a minimum income of 1 million baht after public backlash. Instead, they’ve proposed a program to educate potential investors of the risks involved in investing in the notoriously volatile crypto market.

Undeterred by any potential regulations, Bitkub – who claim to host around 90% of crypto trading in Thailand – have announced plans to expand over the coming year, aiming to double their current staff to 500 and introduce their own debit card. The company is also aiming to achieve the coveted ‘unicorn’ status (a private valuation of more than $1 billion) at some point in the near future.

SOURCE: Bloomberg

 

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4 Comments

4 Comments

  1. Avatar

    Sanuk

    Monday, April 5, 2021 at 8:38 pm

    “Thai authorities continue to struggle with the increasing popularity of cryptocurrencies, as they strive to balance embracing innovation with protecting investors.”

    They are not trying to protect investors, they simply don’t want their citizens using decentralized currencies instead of fiat currency like the Baht which they manipulate and use to keep citizens subjugated.

  2. Avatar

    toby andrews

    Monday, April 5, 2021 at 9:54 pm

    Good luck with that.
    Who are the fools that are going to buy cripto currencies run by a Thai organisation and regulated by official Thai regulators?
    Any enterprise with the word Thai in the title is poison.

  3. Avatar

    BKKSomchai

    Tuesday, April 6, 2021 at 10:21 am

    Well i am one of those fools who has made quite a bit of money on that exchange, their business model and customer service is excellent, and Thai regulations are some of the most transparant in the world and BTW its calked crypto not “cripto”…you have no idea what you are talking about

  4. Avatar

    Sip

    Tuesday, April 6, 2021 at 12:47 pm

    I am the fool who bought BTC @ USD 9600 back last year and made around 600% on my investment. Bitkub works like a charm, so please restrain your venomous comments and get your facts straight before spewing out accusations all over the place.

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