A 33-Year-Old Fueling Crypto Boom Is Worrying Thai Regulators

[webfact]

Atichanan Pulges

Source: Bitkub Capital Group Holdings

 

By Anuchit Nguyen

 

• Bitkub grows into biggest of Thailand’s six crypto bourses

• Thai SEC plans rules to limit risks among young traders

 

Atichanan Pulges first became interested in cryptocurrencies a decade ago when he was an engineering student in Los Angeles. Mining Bitcoin was a way for the Bangkok native to learn about markets and pay his rent.

 

Now back in Thailand after a stint at Goldman Sachs Group Inc., Atichanan is a co-founder of the nation’s largest licensed cryptocurrency exchange. He’s also on the front lines of an intensifying debate over who should be allowed to buy digital assets in Southeast Asia’s second-largest economy.

 

Thailand’s Securities and Exchange Commission, alarmed by a sixfold surge in domestic crypto trading since November, said on April 1 that it would soon require traders to have experience, or take courses or pass an exam. The regulator didn’t finalize a date and opted not to ban local exchanges from accepting clients who didn’t meet minimum-income levels, which had been mulled. Digital-asset proponents including Atichanan argue that too many restrictions will merely drive Thais to unregulated platforms overseas.

 

Full story: https://www.bloomberg.com/news/articles/2021-04-04/a-33-year-old-fueling-crypto-boom-is-worrying-thai-regulators

 

 

-- © Copyright Bloomberg 2021-04-05

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

[jesimps]

"Digital-asset proponents including Atichanan argue that too many restrictions will merely drive Thais to unregulated platforms overseas."

 

That's true. While faffing about with the verification process here on a local exchange, I signed up with two well-known overseas exchanges. The process was easy and it's a simple task to transfer sterling from my UK bank to those sites. Although I'm now registered with the local exchange, it's still a pain depositing money, almost as if it was them parting with their cash. I'm only on the Thai site so that I can invest any spare baht I may have.

 

[Oxx]

2 hours ago, webfact said:

Thai SEC plans rules to limit risks among young traders

 

Why only young traders? Old people can make foolish mistakes, too, and potentially have a lot more wealth to lose.

[cocoonclub]

58 minutes ago, Oxx said:

 

Why only young traders? Old people can make foolish mistakes, too, and potentially have a lot more wealth to lose.

That’s another unregulated market that starts with “B” (it ends with “argirls”) 

[brucegoniners]

“Take courses and pass an exam” to buy crypto?

 

What a joke!

[Heng]

Just another example of the old guard losing its grasp.  At least they didn't mention tulips.

[Raphael Hythlodaeus]

2 hours ago, jesimps said:

Although I'm now registered with the local exchange, it's still a pain depositing money, almost as if it was them parting with their cash.

Strange -- I'm with Bitkub and it's simple and fast to deposit Thai Baht funds with them from my designated Thai bank (SCB). Withdrawing funds to the Thai bank account also fast. By the way, money deposited in a bank account is indeed "their cash" -- depositors are creditors of the bank. Exactly why we need cryptos -- become your own bank.

[Nanaplaza666]

4 hours ago, brucegoniners said:

“Take courses and pass an exam” to buy crypto?

 

What a joke!

Why the h.ll would they allow only aducated people and people take courses and pass exams ? I geuss they want to keep this market only for the rich that can pay their childrens university and pay for their courses and exams . Then want to keep it only for the hi-so .

[Surelynot]

God...... there will be soon greedy little Napoleons looking at this and thinking how do they get their snouts in the trough.....not your usual brown envelope situation.....

[Caldera]

Even now (with the current level of regulation and KYC), I've been told by Thai friends that they're using foreign platforms, because they have no intention to share their profits with the Thai tax authorities once the day to cash in comes. This will end in tears for many, either way...

 

[patman30]

8 hours ago, brucegoniners said:

“Take courses and pass an exam” to buy crypto?

 

What a joke!

it is very common on non crypto trading platforms
it is not an exam as such
but just the basics
they confirm that you understand the risk you are taking
this is done for different types of trades
usually just a few multi choice questions

[rimmae2]

On 4/5/2021 at 10:53 AM, Raphael Hythlodaeus said:

Strange -- I'm with Bitkub and it's simple and fast to deposit Thai Baht funds with them from my designated Thai bank (SCB). Withdrawing funds to the Thai bank account also fast. By the way, money deposited in a bank account is indeed "their cash" -- depositors are creditors of the bank. Exactly why we need cryptos -- become your own bank.

Yes depositing is simple and quick - about a minute. Much ado about nothing.