Thai SEC Chief: Digital Assets are only for Experts

Asia Blockchain Review
March 8, 2019

The Thai Securities Exchange Commission (SEC) has said that digital assets markets are suitable only for “experts” who have a deep understanding of the system and that the general public still lacks sufficient knowledge about investing in digital assets.

“In every investment, there is a cycle of hype,” said Rapee Sucharitakul, Secretary-General of the Thai SEC, who went onto cite examples to support his statement.

Not 10 years ago, there was a case of false advertising about the French red wine Chateau Lafite, which was made to seem like it is in high demand among Chinese consumers. Due to the hype, wine labels were counterfeited and a lot of people were duped due to their lack of understanding of wine.

Nevertheless, Sucharitakul stated that the digital assets market will still experience steady growth, as it is capable of generating returns for investors.

If there is no return, it would be impossible for the market to grow,

the Thai SEC Secretary-General said.   

On the subject of an initial coin offering (ICO) portal that can monitor and screen ICOs, examine smart contracts, as well as conduct KYC (Know-Your-Customer) verification, Sucharitakul disclosed that the SEC and the Stock Exchange of Thailand (SET) have been holding discussions on these applications in the digital asset markets, though talks are still in initial stages.

He added that the regulator may not focus on ICOs, but put emphasis on Security Token Offerings (STOs) that can cater to the businesses of SET-listed companies instead.

Previously, Thailand’s National Legislative Assembly (NLA) had approved an amendment of the Securities and Exchange Act, which will pave the way for new opportunities in tokenized securities issuance in the country. When the act comes into effect later this year, Thailand’s capital market is expected to see a rise in digital assets trading.

Source: bitcoin-addict.com

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