Market Maker Rules

Created by Support WaanX, Modified on Wed, 4 Feb at 4:35 PM by Application Support

Acceptance of Market Makers

The company divides market makers into 3 categories: Thai individuals, juristic persons registered under Thai law, and juristic persons registered under foreign law.

Each category of market maker must possess all of the following qualifications:

Thai Individuals

At least 20 years of age.
Possess knowledge and capability to perform duties and understand digital assets, including potential risks from investing in digital assets, by presenting evidence to demonstrate that they:
1. Have been a market maker in the capital market or digital asset market for no less than 1 year, or
2. Have been an investor in the capital market or digital asset market for no less than 1 year.
Have a stable financial status that does not create a risk of being unable to perform market maker duties continuously, with an initial personal investment of no less than 1 million Baht.
The applicant must possess the financial capacity to perform their obligations; must not be a person under a court-ordered receivership or declared bankrupt; must not be blacklisted according to the National Credit Bureau (NCB) report; and there must be no reasonable grounds to believe the applicant is in a financial position that may cause damage or exhibits behavior indicating ongoing financial difficulties.
Maintain a good record with no history of actions that are or may be fraudulent or illegal, by:
1. Having no criminal record in cases related to corruption or fraud in the database of the Criminal Records Registration Division, Royal Thai Police; and
2. Not being a person listed as bankrupt according to the database of the Legal Execution Department; and
3. Having no record of offenses under the laws on anti-money laundering and the financing of terrorism and the proliferation of weapons of mass destruction (AML/CFT), and no name appearing in the database of the AMLO; and
4. Having no record of offenses related to corruption or fraud.
5. Have only one "Market Maker" type digital asset trading account for individuals (not allowed to open an additional general individual trading account).

Juristic Persons (Registered under Thai Law or Foreign Law)

A juristic person legally registered and established under the laws of that country.
Possess knowledge and capability to perform duties and understand digital assets, including potential risks from investing in digital assets, by presenting evidence to demonstrate that:
1. It has been a market maker in the capital market or digital asset market for no less than 1 year, or
2. It has investment experience in the capital market or digital asset market for no less than 1 year, or
3. The highest executive or the authorized person of the juristic person responsible for the duties possesses the qualifications under (2)(a) or (b).
Have a stable financial status that does not create a risk of being unable to perform market maker duties continuously, with a paid-up registered capital of no less than 1 million Baht.
The applicant must possess the financial capacity to perform their obligations; must not be a person under a court-ordered receivership or declared bankrupt; must not be blacklisted according to the National Credit Bureau (NCB) report; and there must be no reasonable grounds to believe the applicant is in a financial position that may cause damage or exhibits behavior indicating ongoing financial difficulties.
Directors, executives, authorized persons, and ultimate beneficial owners maintain a good record with no history of actions that are or may be fraudulent or illegal, by:
1. Having no criminal record in cases related to corruption or fraud in the database of the Criminal Records Registration Division, Royal Thai Police; and
2. Not being a juristic person listed as bankrupt according to the database of the Legal Execution Department; and
3. Having no record of offenses under the laws on anti-money laundering and the financing of terrorism and the proliferation of weapons of mass destruction, and no name appearing in the database of the AMLO; and
4. Having no record of offenses related to corruption or fraud.
5. In the case of a juristic person registered under foreign law, the company will verify information under (a), (b), and (c) from publicly disclosed sources such as Google. For item (d), the company will require the market maker applicant to Self-Declare.
Have only one "Market Maker" type digital asset trading account for juristic persons (not allowed to open an additional general juristic person trading account).

Scope of Market Maker Duties

The company defines the scope of duties for market makers as follows:

Comply with the Emergency Decree on Digital Asset Businesses B.E. 2561 and including related notifications and guidelines.
Do not provide cooperation or assistance to other persons in committing violations or failing to comply with the Emergency Decree on Digital Asset Businesses B.E. 2561 and including other related laws, rules, or notifications.
Do not submit orders to buy or sell digital assets, or buy or sell digital assets, in a manner that misleads the general public regarding the price or volume of digital asset trading (False Market / Manipulate) as defined by the company. Do not submit orders to buy or sell digital assets, or buy or sell digital assets, using inside information.
Trading through the trading system by a market maker must comply with the Trading Rules defined by the company and can only submit Limit Orders. Market Orders cannot be used (the company does not have Post Only orders).
The company requires the Market Surveillance division to have the duty of inspecting and monitoring the trading of market makers to prevent actions that may fall under unfair trading practices. The trading system can prevent the submission of orders that match with oneself (Wash Sale).
Orders submitted by the same market maker cannot match with themselves (Wash Sale), but matching may occur with other market makers. The Market Surveillance division is responsible for inspecting whether such matching constitutes unfair trading practices.
Market makers must submit buy and sell offers for digital assets as Limit Orders so that the bid and offer prices appear in the company's trading system to wait for matching or to match existing orders.
Market makers settle the trading price and pay digital asset trading fees and other fees (if any) according to the rules, procedures, and rates defined by the company or as agreed upon in the Market Maker Agreement.
Market makers may receive compensation based on performance or other benefits at the rates defined by the company or as agreed upon in the Market Maker Agreement.
A market maker ends their duties when any of the following events occur:
1. The agreement or contract for performing market maker duties reaches its expiration.
2. Being penalized at a level that requires cancellation of market maker status.
3. The market maker wishes to cancel their duties by notifying the company in writing at least 45 days in advance via email before the end date of duties. The company will then proceed with the market maker cancellation process.

Regulations and Supervision

The company has regulations and supervision for the performance of market maker duties to ensure that market makers operate within the scope defined by the company as follows:

Require a written agreement or contract to be made with the market maker.
Require the market maker to report incidents affecting the performance of market maker duties immediately or when an event occurs via email to the Strategy and Marketing Department (mm@waanx.com), such as inability to perform duties due to trading system problems.
The Strategy and Marketing Department notifies the Business Development Department via email of the temporary suspension of the market maker's duties to announce it to customers on the company's website.
The Market Surveillance division is responsible for inspecting trading, False Market items, and unfair trading practices through the Market Surveillance system.
The Operation Department is responsible for reporting market maker performance data to the SEC Office according to the format, method, and within the timeframe defined by the SEC Office (Daily and Monthly data).
Establish penalties for market makers who fail to perform duties, commit violations, or breach the contract or agreement made with the company in writing. The company can penalize market makers according to one or several of the following penalties:
1. Warning
2. Admonishment
3. Probation
4. Fine of 10,000 - 500,000 Baht
5. Cancellation of Market Maker status