Thailand’s Securities and Exchange Commission (SEC) will conduct a public hearing this month to gauge what qualifications should be imposed on retail investors opening new cryptocurrency trading accounts.
According to a report by the Bangkok Post on Sunday, the regulator is concerned for investor safety amid the recent meteoric rise in cryptocurrency prices and the resulting flood of sign-ups to local exchanges.
The regulator aims to determine if new crypto investors have enough experience and are in a financial position to absorb the risks associated with cryptocurrency trading and volatile price swings.
“We should set some screening criteria such as age, trading experience and level of revenue or wealth to limit risks,” said the SEC’s secretary-general, Ruenvadee Suwanmongkol, adding that such measures are already in place for high-yield bonds, which are only available to certain investor types.
The SEC reported 124,000 new investor signups within the first week of February bringing the monthly total to 594,000 as of Feb. 8, according to the Bangkok Post’s report.
The hearing comes after the country’s finance minister, Arkhom Termpittayapaisith, asked the SEC to keep tabs on local cryptocurrency exchanges in a bid to protect newcomers.
CoinDesk attempted to contact the SEC to ask for more details on the hearing, but had not received a response by press time.
Julia started off her career as a travel blogger, hitchhiking and exploring the world as a nomad. After many years of traveling with little to nothing on her, volunteering, and waiting tables from town to town across Europe and US, she met a crypto trader who opened her eyes to how she can invest and make money with blockchain. Nowadays she is a trader and a blogger, writing about new currencies, NFTs, p2e platforms, and DeFi in general.