Thailand SEC Allays Fears Over Controversial Crypto Proposal

Thailand Securities and Exchange Commission (SEC) has allayed concerns regarding some of the requirements in its crypto proposal draft plan. This was in response to the uproar from crypto stakeholders about certain aspects of the proposed crypto framework. 

Thai SEC Responds to Crypto Regulatory Controversy

The crypto proposal draft released in February had suggested that new crypto investors must possess a minimum of 1 million baht annual income, a minimum age limit, and proven trading experience. The proposal had drawn criticism due to the excessively high standards for crypto trading, limiting low and middle-income earners from investing in cryptocurrencies. 

However, according to a report from the local news outlet, the Bangkok Post, the Thai SEC is backing its draft plan. According to the regulator, the draft was designed to test public sentiments from industry stakeholders. 

This was revealed by the SEC’s secretary-general, Ruenvadee Suwanmongkol, who stated that it was a standard protocol from the regulator.

“I proposed the criteria that many considered too tough to prompt people to express their opinions on the matter and did not intend to say these are the exact qualifications that will be implemented,” she said.

The Facebook live hearing scheduled for March 24 has been brought forward to March 3 as the regulatory body looks to address stakeholders’ growing concerns. 

Thailand Seeking to Regulate Cryptocurrencies

Thailand is regarded as one of the crypto-friendly nations, becoming one of the first to acknowledge cryptocurrencies with its Digital Assets Decree in 2018. The rise in bitcoin since the end of 2020 has led to increased awareness of cryptocurrencies in the Asian nation. This has led to a foray of retail investors into the market, causing concerns for regulators. 

The volatile nature of cryptocurrencies means that inexperienced investors can quickly lose their money within a short period. This is one of the SEC’s main focuses, which says that most of the new investors in crypto are not well informed and may not be ready to invest in high-risk crypto-assets. 

Ruenvadee Suwanmongkol echoed this point when addressing concerns on the proposals.”If the SEC just stands by and does nothing, it would be totally our responsibility if investors lose on cryptocurrency. She added. 

The SEC is expected to conclude its three-week-long consultation with industry stakeholders in March as it looks to roll out new regulations for crypto service providers.

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Mainnet launch and NFT sale lift Aavegotchi (GHST) to a new all-time high

Non-fungible tokens (NFTs) have rapidly become the new hot topic in the cryptocurrency sector, as evidenced by Litecoin creator Charlie Lee comparing the current spike in NFT interest to the ICO mania of 2017. 

The recent pullback in the cryptocurrency market hit decentralized finance tokens (DeFi) pretty hard but as Bitcoin price recovered the $50,000, DeFi and NFT tokens bounced back rapidly. 

One project that has successfully capitalized on the DeFi and NFT boom is Aavegotchi (GHST). The project benefits from its association with AAVE, while also focusing on the creation of value-infused NFTs that are limited in thminting.

Data from Cointelegraph Markets and TradingView shows that GHST rose 35% from $1.36 on March 1 to a new all-time high of $1.86 on March 2 as the community conducted its first NFT sale.

GHST/USDT 4-hour chart. Source: TradingView

Three reasons for the GHST breakout to a new all-time high include its recent migration to the Polygon network, the successful completion of its first NFT sale, and excitement about the upcoming mainnet launch.

Users bridge to Polygon for lower fees

Transaction fees on the Ethereum (ETH) network have been increasing since the beginning of 2021 and they show no signs of decreasing anytime soon.

In response to this, the team at Aavegotchi announced that the project would bridge to the Polygon network, an Ethereum layer-2 solution, on Jan. 26. Following the migration, users are able to conduct transactions, buy items in the store, and stake their GHST tokens for the cost of .0001 MATIC, a significant price reduction from the current costs of transacting on Ethereum.

GHST price rose from a price of $0.61 on Jan. 27, when the Polygon bridge was first released, to $1.25 on Feb. 14 as users began to be more active in the community due to lower transaction costs.

Optimism grows as the mainnet launch approaches

One of the biggest drivers of GHST was its official mainnet launch on March 2.

While most NFT projects are content to utilize Web2 servers or IPFS, Aavegotchi has taken its project to the next level by creating its own blockchain. Doing this enables each GHST token to have its unique personality traits, staked cryptocurrencies, and visual elements stored permanently on the blockchain which may help to strengthen their collectability and long-term value.

This also creates the unique opportunity where DeFi can be combined with NFT’s by locking one of Aave’s wide selection of interest-generating tokens directly into a particular Aavegotchi, making each one a rare, unique form of a digital piggy bank.

NFTs sell out in under a minute

As Aavegotchi launched its mainnet, the project also conducted its first “portal drop,” which allows token holders to buy a portal that is capable of summoning a yield-bearing Aavegotchi NFT.

Each portal was on sale for 100 GHST and the demand was so high that the 10,000 portals sold out in less than a minute.

Through an integration with Aave and its aTokens, NFT’s on the GHST platform create unique interest-bearing representations of funds supplied to the Aave protocol, a first for the NFT space.

Aavegotchis are designed to combine elements from gaming and collecting in an effort to tie digital collectibles to real value. This adds a new level of functionality to NFTs and is likely to help each Aavegotchi increase in value over time. In order to extract the value of aTokens locked within an NFT, the Aavegotchi must be destroyed in the process.

Future portal drops, low transaction fees and an expanding NFT store demonstrate that there is a healthy demand for GHST tokens and this is bound to grow as the platform expands to offer new layers of gamification.