Thailand’s Office of Securities and Exchange Commission (SEC) has one of the most stringent regulations on digital assets in the world. It is mandatory for any crypto-related businesses operating in Thailand to acquire a license from the SEC, for example crypto exchanges such as Satang Pro and Bitkub, ICO portals such as SE Digital and Longroot and even crypto asset brokers. Currently, the process requires a six to nine month review from the SEC.
According to a new update by the SEC, it is now ready to receive comments from the public on the issue of amendments of regulations and laws which supervise and govern the actions of digital asset entrepreneurs and businesses. The suggestion poll on the SEC’s official website offers close to 40 questions and the public has up to January 3 next year to submit their opinions.
This also includes changes for digital asset service providers which are in accordance with the digital asset issuance ecosystem. Moreover, the SEC is looking to match their regulations to international standards, while also ensuring that crypto-related businesses will operate more efficiently.
The SEC hopes to protect the interests of investors, which will come with amending regulations on ICO portals in particular. Securing data storage systems and the networks which sensitive information lies on is also a priority in this case.
The Thai SEC announced its intention to change the regulations governing digital assets in November 2019, as it recognised the need for crypto businesses to be under a more robust set of rules and laws due to the fear of current businesses in the industry losing their competitive edge under current regulatory restrictions.
You may also want to read: Thai SEC To Reconsider Existing Laws on Digital Assets
