Thailand’s Securities and Exchange Commission (SEC) this week announced a proposal for a regulatory framework for blockchain and digital assets that would include additional licensing requirements for companies that offer digital tokens. The SEC said it would issue a more detailed proposal in October 2018, but this week for the first time outlined the broad outlines of its proposed policies. The regulator said it would define the legal status of digital tokens, including the classification of tokens as securities or as commodities, and the standards for their issuance.
Thailand’s Securities and Exchange Commission (SEC) has begun a review of the issuance of digital tokens and digital asset-based offerings (DAO). The review comes after a local news outlet reported the SEC has ordered 14 local banks to cease all bank-to-bank transfers of digital assets, including bitcoin, amid an increase in scams.
Earlier this month, Thailand’s Securities and Exchange Commission (SEC) began its first steps towards a regulatory framework for Initial Coin Offerings (ICOs). In a statement last week, the SEC announced that it would be creating a framework to regulate tokens issued by enterprises.. Read more about defi crypto news and let us know what you think.Thailand’s Securities and Exchange Commission (SEC) has announced that it may require decentralized financial projects (DeFi) that issue cryptocurrencies to obtain the appropriate licenses in the future, the Bangkok Post reported today. The issuance of digital tokens must be approved by and supervised by the Securities and Exchange Commission, and the issuer must disclose and offer the tokens through token portals approved under the digital assets order, the SEC said. The SEC’s announcement came shortly after the launch Sunday of farming platform Tuktuk Finance, which is run by popular Thai cryptocurrency exchange Bitkub. At that point, the price of Tuktuk’s TUK token rose to a few hundred dollars, then dropped to around $1. According to the report, this is the first time the Securities and Exchange Commission of Thailand has issued an official statement on the DeFi. Previously, it was not even known which agencies would oversee this area. The SEC also stressed that FFi operators should take into account existing regulations before issuing tokens and encouraged private users to study all technical and security aspects of the protocols before investing.
Niran Pravithana, CEO of AI investment advisor Ava Advisor, said the SEC’s statement is reasonable and pointed out that many unsuspecting retail investors are falling victim to the many fraudulent token schemes now found on every corner. These criminals can hide in Telegram messages and manipulate token prices, and these illegal activities can easily go undetected by authorities, Prawitkhana said. Domé Charoenost, founder of token placement service Tokenine, agrees and says the SEC’s warning is appropriate because the agency is mandated by law to regulate and oversee token issuance. Some types of DeFi have proven to be under-regulated, and we may see DeFi platforms regulated by the SEC in the future, Charoenost said. In March, U.S. Securities and Exchange Commission Commissioner Hester Pierce expressed similar concerns about DeFi, noting that the lack of a central counterparty in such projects creates a number of problems for regulators. I think a lot of what happens at DeFi is outside the jurisdiction of the SEC, but to the extent that people create things that are intended to mimic securities or do things that have to do with asset management, that’s within our jurisdiction, she explained.
Gaining an advantage in the crypto asset market
As a paying member of Edge, you have access to a deeper understanding of cryptocurrencies and context in each article. Chain Analysis Price snapshots More context Join now for $19/month View all benefits
Do you like what you see? Sign up for updates.
The SEC of Thailand is weighing regulation of digital assets, such as tokens, in a bid to create a legal framework for their issuance. The move is significant because digital assets are not recognized as securities under existing regulations. The Thai SEC is set to announce its decision on the matter on the 19th of January.. Read more about why is crypto dropping right now and let us know what you think.
defi crypto newsbitcoin sudden drop todaycoindesk hong kongwhy is crypto dropping right nowwhy is btc droppingcoindesk arcanum,People also search for,Privacy settings,How Search works,defi crypto news,bitcoin sudden drop today,coindesk hong kong,why is crypto dropping right now,why is btc dropping,coindesk arcanum,bitcoin will drop to zero,bangkok post crypto