Thammasat University academic believes that regulating Finfluencers will still follow existing principles but will help reduce the risk of investors being misled by false information. They also propose that the SEC find ways to control online forums - behavior of showcasing profitable portfolios to encourage others to buy, as this distorts the market and causes stock prices to spike.

Professor Dr. Anut Lee Makdech, a faculty member of the Faculty of Commerce and Accountancy at Thammasat University, revealed that the Securities and Exchange Commission (SEC) announced plans to regulate the group of financial and investment influencers (Finfluencers) in 2026. Personally, he believes this will be an adaptation of existing principles but will clarify the distinction between providing factual information and giving investment advice, which will help investors stay informed and reduce the risk of buying assets during high price periods, leading to what is known as 'getting stuck on the mountain' as a result of Finfluencer recommendations.

Currently, general data analysis that does not specifically lead to buying or selling, and does not involve receiving payment for investment advertising, does not require a license. However, receiving payment to recommend investments or make predictions to facilitate public stock trading requires a license from the SEC. Personally, I believe the plan to regulate Finfluencers will likely remain within these principles and will not require Finfluencers to take new licensing exams.

However, an interesting issue alongside this is the group that the regulatory framework does not cover, namely those providing information on forums like Pantip, etc., which are not counted as Finfluencers but still recommend stocks or investments and may have underlying interests. This includes individuals claiming no underlying interests and showcasing stock portfolios to demonstrate profits from certain stocks that have not yet been sold, potentially creating buzz and prompting others to buy. If this is done correctly as information sharing, there is no issue, but if there are underlying interests that spark trends through forums leading to stock price increases, similar to the GameStop case in the United States, this is concerning and constitutes market distortion.

“The SEC's criteria today do not yet cover forums or even group chat rooms or certain trading apps that resemble social investing. If we look at the GameStop case, this could happen in Thailand as well, and it is clearly a matter of advantage and disadvantage when investors showcase their portfolios. Therefore, there should be some level of control over these issues because those who showcase portfolios usually only show when they are profitable. For transparency, they should disclose both profits and losses, but it should not be so restrictive that it hinders activity,” he concluded.

The Thammasat academic further stated that regulating Finfluencers should not become overly rigid, as they play an important role in enhancing financial literacy among the general public. Even if Finfluencers may not have formal education in finance, what matters is their ability to produce engaging content that stimulates investors, especially the younger generation (Gen Z), to access information, including information about other digital assets such as tokens, Bitcoin, etc., which are relatively new. People in the finance industry or analysts may not have in-depth knowledge, while many Finfluencers providing knowledge in this area have engineering backgrounds and understand software related to computer systems, thus having a good grasp of digital assets and the ecosystem of modern finance, such as decentralized finance (DeFi).

Regarding the SEC's previous public consultation at the end of 2025, it was aimed at controlling advertising from Finfluencers rather than requiring them to take licensing exams like investment analysts or investment advisors. Personally, I see it as appropriate to regulate content that is advertising related to investments. For instance, if there is content about investments that is advertising, it should be clearly stated as such, as this will help followers of Finfluencers stay informed and consider before making investment decisions.

“If there is mention of certain coins or investment tokens, we must acknowledge that when listing new coins or conducting IPOs of new stocks, sellers want to sell their products and may hire Finfluencers to recommend their stocks or coins. At the same time, many Finfluencers do this without receiving payment or any benefits. Therefore, it is crucial for information recipients to distinguish between sponsored and non-sponsored content, enabling them to seek additional information rather than believing everything blindly,” Professor Dr. Anut added.