The latest proposal by the SEC of Thailand follows a series of regulatory changes targeting the digital asset market in the country.
Own this piece of history
Collect this article as an NFT
Thailand’s Securities and Exchange Commission (SEC) is preparing to soften retail investment restrictions related to initial coin offerings (ICO) to boost digital investments.
The Thai securities regulator is willing to lift the limit of 300,000 baht ($8,800) for asset-backed ICOs per person, planning to allow bigger investments in real estate and infrastructure-backed ICOs, the SEC officially announced on March 30.
The new measures aim to help Thailand boost local technological development due to growth in the capital market and the digital economy, the SEC said, adding:
“The revision of the regulation is aimed at enhancing effective monitoring of digital asset operations and reducing risks that might affect investors, digital asset operators and the market.”
The SEC opened a public hearing for the plan to remove the investment limit, noting that the new measures would increase investors’ risk exposure. The public consultation is scheduled to run until April 27.
Related: SEC’s Gensler seeks $2.4B in funding to chase down crypto ‘misconduct’
The regulator plans to require digital asset operators to apply for permission from the SEC to expand to other businesses. Digital asset operators may also incur additional costs for compliance with new ICO regulations, the SEC noted.
The latest proposal by the SEC of Thailand follows a number of other regulatory amendments targeting the digital asset market in the country.
In early March, the SEC launched another public consultation regarding its draft regulation that would ban crypto firms from offering staking and lending transactions. Previously, the regulator also introduced new crypto custody services, potentially requiring virtual asset service providers to establish a digital wallet management system to guarantee safety of funds.
Magazine: Best and worst countries for crypto taxes — Plus crypto tax tips