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Thailand’s securities regulator says it must authorise issuances of digital tokens on decentralised finance, or DeFi, platforms under the Digital Asset Act, which regulates assets such as cryptocurrencies and digital tokens and the exchanges where they are traded.
“The issuance of digital tokens must be authorised and overseen by the SEC and the issuer is required to disclose information and offer the coins through the token portals licensed under the Digital Asset Act,” the SEC says in a statement on June 2.
This is the SEC’s first announcement related to DeFi and comes after wild swings in the price of TukTuk Finance digital tokens traded on DeFi platform Bitkub Chain. According to a June 1 report in the
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In their latest effort to regulate the cryptocurrency industry, Thailand’s financial regulators have turned their sights towards decentralized finance, or DeFi.
According to a June 1 report from
Bangkok Post,
Thailand’s Securities and Exchange Commission (SEC) has announced that any activities related to DeFi may require a license from the financial regulator in the near future. The SEC specifically stated it will target DeFi protocols that issue tokens.
The latest regulatory push comes after the launch of the native token for Thai DeFi protocol, Tuktuk Finance, on the smart contract platform operated by popular local crypto exchange Bitkub on Sunday.
Activities related to decentralised finance (DeFi) projects which involve digital coin issuance may require a licence from the regulator in the near future, the Securities and Exchange Commission (SEC) announced.
The move is coming after a DeFi-based project was launched without the necessary approval.
All digital asset businesses without the prerequisite license will be punishable under the Digital Assets Act.
The DeFi sector in Thailand could be facing a more restricted environment as the country’s Securities and Exchange Commission has stepped up in its regulation.
The regulatory body announced that digital tokens issued and offered for transactions must receive the necessary approval. This also includes decentralized finance (DeFi) projects.
The move is coming after the launch of a DeFi project
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