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by
Adeniyi Olowoporoku
on
March 2, 2021 Regulation
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.
The Securities and Exchange Commission (SEC) is backing off its draft plan to require a 1-million-baht minimum annual income and other requirements for cryptocurrency investors, noting the draft was just meant to test public sentiment from stakeholders.
Regulator to shift oversight of ICOs to Securities Act
Measure will remove regulatory overlap
published : 9 Feb 2021 at 09:11
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The Securities and Exchange Commission (SEC) plans to transfer oversight of initial coin offerings (ICOs) for investment and utility tokens to the Securities Act in order to remove regulatory overlap and promote digital assets.
Nopnuanparn Pavasant, director of the Fintech Department at the SEC, said the Digital Assets Decree will be amended along with the SEC s Securities Act to ensure that Thailand s regulations regarding digital assets trading are in line with international standards.
The amendments will transfer the supervision of investment tokens and utility tokens that are not readily exchangeable for services and products, previously regulated under the Digital Assets Decree, to the Securities Act.