Bangkok, 28 October 2022 – Ms. Ruenvadee Suwanmongkol, Secretary-General of the Securities and Exchange Commission, Thailand (SEC) joined the panel discussion on the topic, “Writing the Rules of Crypto” at the 6th Future Investment Initiative (FII) in Riyadh, the Kingdom of Saudi Arabia, on 27 October 2022.
Future Investment Initiative Institute invited SEC Secretary-General to exchange views and opinions on digital asset developments with business leaders in the field, namely Sam Blatteis, Co-Founder & CEO of The MENA Catalysts), Ola Doudin, Co-Founder & CEO of BitOasis, and Michelle Ritter, Founder & CEO of Steel Perlot Management. Edie Lush, Executive Producer & Co-Host of Global GoalsCast, was the moderator. The topics of the conversation were:
(1) Possible approaches for promoting conversations and discussions among investors, developers, business operators and the public sector;
(2) Potential risks concerning investor protection in case of non-regulation by the public sector; and
(3) Future perspectives of the markets and businesses related to cryptocurrency business in the next 15 years.
SEC Secretary-General was of the view that the promotion of discussion approaches among the public sector, the private sector and investors would be possible if all believe that mutual cooperation will bring about mutual interest. The SEC discusses with business operators on a continuing basis and mandates public and stakeholder consultation before issuing or amending regulations and guidelines. This is to make sure that all comments and suggestions will be taken into account as the SEC maintains the balance between industry development and appropriate investor protection. Given the 24/7 non-stop operation of businesses related to digital assets and the accommodation of cross-border/borderless transactions, it is also important that international cooperation, especially among IOSCO members and in the region, should be at play.
Thailand is seeing a very rapid growth in the digital asset trading accounts from approximately 100,000 accounts in 2019 to the current total of 3 million accounts only within three years. In comparison, it took more than 40 years for the Stock Exchange of Thailand to reach the same level of growth. The SEC has therefore launched the investor education series starting with Crypto 101 Courses. Meanwhile, warnings of potential risks are issued regularly to protect digital asset traders who are mostly young people. Importantly, traders should trade cryptocurrency with full understanding of details and relevant risks and the fear of missing out (FOMO) trade should be avoided. In any case, the SEC supports the use of technologies in fundraising including digital token offerings. Hence, if the public sector did not come in to regulate, it would be possible for frauds, scams or unfair activities to arise and consequently damage the trading confidence and investors themselves.
Regarding the next 15-year perspective, the Secretary-General said: “It is difficult to make a clear-cut prediction while the digital asset industry is in constant, dynamic change. Nevertheless, the SEC is committed to the fair balance of developments and innovations on one side and appropriate investor protection on the other. In this regard, the SEC implements the oversight principle of “same activity, same risk, same rule,” and allocates resources to build investors’ knowledge and understanding on a continuing basis while strengthening cooperation with all parties involved, both local and international.”
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