We should always remember that if a politician or a government official defend their policies by saying that it is for the public’s own good, this is never true. The create policies to control you and limit your freedom. This is never for your own good.
Consumer protection is also another way of saying limit the consumer. I reckon when the real time comes where bitcoin becomes really needed, it might only be barely available for the common people. It should always be open access.
Should he be confirmed, Gensler will shape crypto policy over the next several years, though it’s an open question if the industry will love the rules he implements. Under his tenure, the CFTC approved nearly 70 rules or pieces of guidance, and he may just regulate the hell out of crypto. He told the Senate Banking Committee he intends to continue focusing on consumer protection at the SEC.
Source https://www.coindesk.com/gary-gensler-sec-crypto
Topic: Thailand’s Securities Regulator Eyes Qualifications for New Crypto Investors (Read 189 times)
March 10, 2021, 08:57:43 PM
February 25, 2021, 08:35:04 PM
@joniboini. They are regulating exchanges. Some exchanges freeze your account if the source of funds is from a source that they do not like to remain compliant with the regulators.
This is why I speculate that Paypal might never allow their users to withdraw their funds in bitcoin and other cryptocoins. It would be a compliance nightmare for them.
This is why I speculate that Paypal might never allow their users to withdraw their funds in bitcoin and other cryptocoins. It would be a compliance nightmare for them.
February 25, 2021, 02:36:32 AM
If these guys are smart, they should focus on regulating exchanges so people will regularly use them. Sooner or later they'd build a profile for each user and eventually knows which wallet belongs to who. Forcing them to declare their holdings would incentivize more people to be cautious and use mixers etc instead. Not sure how it's gonna work out but pretty sure they'll miss a lot.
February 24, 2021, 10:31:45 PM
@Lorence.xD. However, will cryptocurrencies continue to be speculative investments? I am skeptical but how can ordinary people use this new type of currency if we are being regulated strictly from buying this?
Also, this might only be the beginning. The government might also tell you to declare your wallets or you will be penalized. This is not what a currency should be. A currency should be free to trade.
Also, this might only be the beginning. The government might also tell you to declare your wallets or you will be penalized. This is not what a currency should be. A currency should be free to trade.
February 24, 2021, 03:40:51 AM
Such rules exist for trading stocks, bonds, derivatives, etc., and on the face of it I have no problem with it. In my country you simply have to answer a questionnaire showing you know a bit about the products you're about to trade in.
It just means that an exchange that wants clients from Thailand would have to do the same, it's much less problematic than KYC/AML in my opinion (but KYC/AML is also becoming a given for such exchanges).
If that is how it is then there should be no worries that they are looking for qualifications. In my country, bureaucracy is the enemy when you want to apply to trade your own stocks, the paperwork to get an account in a bank and to have your tax ID and other boring papers which discourages a lot of people to get in. Good thing that in my country, there isn't a lot of regulations in cryptocurrency for now which is good for many people. The news is pretty bad because it removes almost a lot of crypto investors that have no real experience in trading in the industry, I think people can still revert this regulation but knowing that a lot of people doesn't know about trading, this regulation will definitely pass through without a hitch. It just means that an exchange that wants clients from Thailand would have to do the same, it's much less problematic than KYC/AML in my opinion (but KYC/AML is also becoming a given for such exchanges).
February 24, 2021, 12:40:37 AM
I speculate that this might only be the beginning. Stop ordinary people from trading anything related to cryptocurrencies and the cryptospace on mainstream brokers then move on to stop cryptocoin exchanges located in their jurisdictions from providing their services to ordinary people.
London-listed forex and derivatives trading platform IG Group (IGG) is asking retail clients to close their open spread bet and contract for difference (CFD) positions on cryptocurrencies.
According to a post from an administrator on IG’s forum Sunday, the firm has now reached its internal product limit for exposure to cryptocurrencies, and as a result, will be removing them from its offerings. Until then, IG will be increasing its margin requirements, the admin said.
Source https://www.coindesk.com/uk-broker-ig-group-stops-retail-crypto-derivatives-trades-after-fca-ban
London-listed forex and derivatives trading platform IG Group (IGG) is asking retail clients to close their open spread bet and contract for difference (CFD) positions on cryptocurrencies.
According to a post from an administrator on IG’s forum Sunday, the firm has now reached its internal product limit for exposure to cryptocurrencies, and as a result, will be removing them from its offerings. Until then, IG will be increasing its margin requirements, the admin said.
Source https://www.coindesk.com/uk-broker-ig-group-stops-retail-crypto-derivatives-trades-after-fca-ban
February 21, 2021, 08:53:33 PM
There it is. Right from the dragon’s mouth hehe. What investor protection certainly implies is you cannot use your own money and trade it with another form of money without the government’s permission.
This is my prediction, the cryptospace will be the bankers and the rich’s playground. They will remove you from participating in it unless you meet their criteria.
The recently appointed US Treasury Secretary Janet Yellen called Bitcoin a “highly speculative asset” and pointed to the asset’s high volatility in an interview with CNBC on Thursday.
When asked if cryptocurrencies like Bitcoin need a special regulatory environment, Yellen said that the authorities are focusing on protecting investors and ensuring that cryptocurrencies are not used in criminal activity.
“I think it’s important to make sure that it is not used as a vehicle for illicit transactions and that there’s investor protection,” said Yellen.
Source https://decrypt.co/58248/janet-yellen-calls-bitcoin-a-highly-speculative-asset
This is my prediction, the cryptospace will be the bankers and the rich’s playground. They will remove you from participating in it unless you meet their criteria.
The recently appointed US Treasury Secretary Janet Yellen called Bitcoin a “highly speculative asset” and pointed to the asset’s high volatility in an interview with CNBC on Thursday.
When asked if cryptocurrencies like Bitcoin need a special regulatory environment, Yellen said that the authorities are focusing on protecting investors and ensuring that cryptocurrencies are not used in criminal activity.
“I think it’s important to make sure that it is not used as a vehicle for illicit transactions and that there’s investor protection,” said Yellen.
Source https://decrypt.co/58248/janet-yellen-calls-bitcoin-a-highly-speculative-asset
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February 18, 2021, 12:24:19 PM
They do not want us to have 100% control on how to invest your own money.
Although I agree with you [for the most part], something like this would've prevented that young person that suicided after an error that was made in showing accurate/live balances in one of the trading platforms [I forgot the name but it was last year].This is just another of abusing power just like we see during the time when KYC was introduced in ICO.
February 17, 2021, 11:17:51 PM
They do not want us to have 100% control on how to invest your own money.
Although I agree with you [for the most part], something like this would've prevented that young person that suicided after an error that was made in showing accurate/live balances in one of the trading platforms [I forgot the name but it was last year].He is an irregularity and that story is precisely what the regulators will use as an argument. Similar to the arguments that violent video games will turn children into killers, rock music causes suicide among teenagers, 3d printing will increase terrorism and all the other silly research reports designed to spread fear and control you.
All in the name of protection. That's actually an attempt to control but in sheep's skin. Although, make no mistake, I am also wondering why a lot of children's video games are all about killing. I don't understand why.
Anyway, Thai people will have to resort to decentralized platforms sooner rather than later. This initiative by the government will definitely not end well.
Moreover, this particular statement from the SEC's secretary general bothers me: “We should set some screening criteria such as age, trading experience and level of revenue or wealth to limit risks.” This implies heavy KYC and proof of income or proof of fund source. This looks really bad.
Agreed. This is what the cryptospace is creating. A financial ecosystem where it is hard to be censored. I am aware that many of the projects are scams, however, the concepts of cryptocurrencies, ICO and Defi are very important ideas to give power back to the powerless.
The skeptical me is thinking that some of the developers are government supported people to scam everyone intentionally to discourage people from accepting the concept of ICOs and Defi as good ideas.
February 17, 2021, 11:06:23 PM
Such rules exist for trading stocks, bonds, derivatives, etc., and on the face of it I have no problem with it. In my country you simply have to answer a questionnaire showing you know a bit about the products you're about to trade in.
It just means that an exchange that wants clients from Thailand would have to do the same, it's much less problematic than KYC/AML in my opinion (but KYC/AML is also becoming a given for such exchanges).
It doesn't mean anything for buying/selling directly between individuals.
It just means that an exchange that wants clients from Thailand would have to do the same, it's much less problematic than KYC/AML in my opinion (but KYC/AML is also becoming a given for such exchanges).
It doesn't mean anything for buying/selling directly between individuals.
February 17, 2021, 09:55:13 PM
They do not want us to have 100% control on how to invest your own money.
Although I agree with you [for the most part], something like this would've prevented that young person that suicided after an error that was made in showing accurate/live balances in one of the trading platforms [I forgot the name but it was last year].He is an irregularity and that story is precisely what the regulators will use as an argument. Similar to the arguments that violent video games will turn children into killers, rock music causes suicide among teenagers, 3d printing will increase terrorism and all the other silly research reports designed to spread fear and control you.
All in the name of protection. That's actually an attempt to control but in sheep's skin. Although, make no mistake, I am also wondering why a lot of children's video games are all about killing. I don't understand why.
Anyway, Thai people will have to resort to decentralized platforms sooner rather than later. This initiative by the government will definitely not end well.
Moreover, this particular statement from the SEC's secretary general bothers me: “We should set some screening criteria such as age, trading experience and level of revenue or wealth to limit risks.” This implies heavy KYC and proof of income or proof of fund source. This looks really bad.
February 16, 2021, 10:59:12 PM
They do not want us to have 100% control on how to invest your own money.
Although I agree with you [for the most part], something like this would've prevented that young person that suicided after an error that was made in showing accurate/live balances in one of the trading platforms [I forgot the name but it was last year].He is an irregularity and that story is precisely what the regulators will use as an argument. Similar to the arguments that violent video games will turn children into killers, rock music causes suicide among teenagers, 3d printing will increase terrorism and all the other silly research reports designed to spread fear and control you.
February 16, 2021, 07:26:38 AM
It expected that the crypto investors will experience some hardship in the future now that institution and some banks have understand the potential of crtprocurrency investment but honestly the US and EU are one of the most fair countries when it come to crypto regulator, investment, trading etc. they can only impose tax that will lead to panic of the civil investor since they are not communism country only country like the India, China which which impose laws to stop crypto investment, trading for civil people.
February 16, 2021, 02:10:33 AM
They do not want us to have 100% control on how to invest your own money.
Although I agree with you [for the most part], something like this would've prevented that young person that suicided after an error that was made in showing accurate/live balances in one of the trading platforms [I forgot the name but it was last year]. February 15, 2021, 11:35:37 PM
This is precisely what I have predicted. However, my mistake was I thought it would be implemented in America and by European regulators first hehe.
This is only the beginning. The regulators will use fear tactics and FUD on you. They do not want us to have 100% control on how to invest your own money. They want to filter which group of people can invest in the cryptospace. They only want professional banking and finance people and the wealthy. They want the cryptospace to become their playground. They do not want you. They want you to stay poor!
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.
Read in full https://www.coindesk.com/thailand-sec-regulator-public-hearing-crypto-qualification-investment
This is only the beginning. The regulators will use fear tactics and FUD on you. They do not want us to have 100% control on how to invest your own money. They want to filter which group of people can invest in the cryptospace. They only want professional banking and finance people and the wealthy. They want the cryptospace to become their playground. They do not want you. They want you to stay poor!
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.
Read in full https://www.coindesk.com/thailand-sec-regulator-public-hearing-crypto-qualification-investment
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