A major monetary regulatory authority in Thailand is looking to uncover the credentials for cryptocurrency traders to ensure capitalist defense.
Stocks and Exchange Compensation of Thailand has held a public hearing this month to address certain demands from investors who want to open a crypto trading account, regional news agency publication The Bangkok Blog reported on Monday.
By initiating the new credential system, the Thai SEC plans to ensure that new retail capitalists relocating directly into crypto trading have adequate funds to absorb the threats of highly unpredictable crypto rates.
Thai SEC Secretary General Ruenvadee Suwanmongkol hinted that Thailand’s upcoming crypto investor credentials could involve demands such as age, business experience, and financial understanding, in addition to specific wealth levels:
“Cryptocurrencies have high risks for investors. We should set some screening criteria such as age, trading experience and level of revenue or wealth to limit risks. These limits already exist for high-yield bonds, which are only available to some types of investors.”