Crypto Dreams Dashed in Thailand as Regulators Tighten Rules

Thailand’s aim to become Southeast Asia’s leading digital asset trading hub has suffered a setback, following moves by regulators to tighten rules following trading irregularities and the collapse of a major acquisition involving a crypto exchange.

The country was the first in the region to implement digital assets legislation in 2018, which helped attract masses of so-called millennials to invest their money in cryptocurrencies. The Securities and Exchange Commission has licensed six platforms as exchanges, including Bitkub Capital Group Holdings Co. and Zipmex Thailand. Bitkub founder and CEO Jirayut Spupsrisopa has even become a pop culture icon as a frequent guest on TV shows and Youtubewith his face glued to the highway signposts.