Thailand‘s interest in the cryptocurrency industry has risen dramatically in recent months. The number of cryptocurrency users in the country increased by 300 percent in six months, according to the country’s Securities and Exchange Commission.
In terms of crypto market regulation, the Asian nation is at the top of the list, as many cryptocurrency exchanges are subject to stringent regulations. The country’s largest crypto exchange was recently shut down due to regulatory violations. BitKub, a cryptocurrency exchange, is said to have experienced many lengthy service outages, according to multiple sources.
Despite a number of strict regulations, the country’s crypto industry continues to thrive. The SEC, on the other hand, had intended to reduce the number of crypto investors in the country by issuing an official statement on the subject. In an official announcement, the SEC suggested that only people with an annual income of at least 1 million Thai baht ($33,000) have the right to invest in the crypto industry.
Of course, the statement was met with skepticism by a significant portion of the country’s crypto community because it would affect those with insufficient funds — low- and middle-income earners. Following community uproar, Thailand’s Securities and Exchange Commission (SEC) came out a few days later to clarify why such strict regulations were necessary.
In response to citizens’ indignation, the SEC’s secretary clarified that the overly stringent rule was enforced solely to see how people respond to it rather than to be implemented.
Thailand’s cryptocurrency industry defies the country’s stringent regulations.
The crypto market has continued to expand despite the country’s strict regulations. According to SEC data, the cryptocurrency sector in the United States grew significantly from December 2020 to February 2021. According to the report, there were approximately 160,000 trading accounts in the country as of December 2020. Last month, this number rose to 470,000. Furthermore, half of these accounts belonged to people under the age of 30.
The crypto market in Thailand is growing rapidly, according to recent data, and the SEC’s strict rules are unlikely to stymie things anytime soon.