Exchange News- The protection of investors and the tracking of emerging dangers will be top priorities.
- Companies were also advised by the agency not to use deceptive or misleading claims.
Due to the FTX’s demise, another financial regulator stepped in. To safeguard its citizens’ savings, the Thailand Securities and Exchange Commission (SEC) is preparing to implement stricter rules on crypto assets in line with those of the international market.
The SEC reportedly argued that authorities should take a more active role in improving investor protection procedures, as reported by the Bangkok Post.
In order to investigate and suggest measures to strengthen the rules to adapt to the market. The regulator has formed a working group comprised of key government agencies. And representatives from the business sector.
Protecting Investor’s Top Priority
The protection of investors and the tracking of emerging dangers will be top priorities. The SEC has also said that it will implement effective laws to deal with issues such as regulating marketing. And product promotions, avoiding conflicts of interest and bolstering cybersecurity.
Due to the algorithmic stablecoin’s demise in the Terra ecosystem. A number of crypto lenders, including Three Arrows Capital, went out of business. Leading to a severe shortage of available funds. Companies operating in the nation were also advised by the agency not to use deceptive or misleading claims in their marketing materials.
After FTX collapsed, however, the extent of the market slump became clear, and investment flows drastically slowed. The Thai SEC said that these incidents show how vulnerable the digital asset sector is and how little regulation there is.
Three months after the SEC released a statement requesting that cryptocurrency firms provide clear and conspicuous warnings about the dangers connected with virtual tokens and crypto investments, this next development has occurred.
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Source: https://thenewscrypto.com/thailand-sec-warns-of-stricter-crypto-regulations-post-ftx-fall/