SEC improves 4 digital asset criteria

The SEC has summarized the revision of the criteria for digital assets in 4 important areas in August 2024. Mr. Anek Yoo-yuen, Deputy Secretary-General of the Securities and Exchange Commission (SEC) and SEC spokesperson, along with Ms. Jomkwan Kongsakul, Deputy Secretary-General of the SEC, revealed that the digital asset market and digital asset business are developing and changing rapidly. Therefore, the SEC must continuously improve the regulations to promote fundraising by utilizing technology, support the operation of Thai digital asset businesses to be of quality, have fair competition, and investors are protected under Thai law, as well as promote the country's digital economy policy. In August 2024, the SEC has revised the digital asset criteria in 4 additional important matters, both in terms of supporting innovation and the digital economy and increasing the efficiency of supervision of digital asset business operators, including: 1. Improving the supervision criteria for ready-to-use digital tokens (Utility Tokens) for both the offering of digital tokens in the primary market and the supervision of the secondary market, to be consistent with the characteristics, risks, and usage of each type of ready-to-use utility token, such as: Except for the request for permission to offer for sale of ready-to-use Utility Tokens whose main purpose is for consumption or as a certification or replacement of any document of title (Group 1 Ready-to-use Utility Tokens) ?????????????????? Utility Token ???????? 1 ??????????????????????????????? ??????????????????????????????????????????????????????????????? ??????? ???????????????? ?????????????? ????????????????????????? ????????? (????????????????? ?.?.?. ?????????????????????) ?????? Utility Token ???????? ???????????????????????????????? 1 (Utility Token ???????? ???????? 2) ????????? list ?????????????????????????????? ??????????????????? ?.?.?. ??????????????????????????? ?????????????? ICO portal ?????????????????????????????????????????????????????????? ????????????????? (Digital Asset Regulatory Sandbox) ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ?.?.?. ???????????? ??? ?.?.?. ?????????????????????????????????????????????????????????????????????????? ??????????????????????????????????????????????????????? 9 ??????? 2567 (?????????????????????????????????) 3.??????????????????????????????????????? (governance) ?????????????????????????????????? ???????????????????????????????????????????????????????????????????????????????????????????????????? ????????????? ?????????????????????????????????????????????????? ????????????????????????????????????????????? ???? ???????????????????????????????? 5 ?? ???????????????????????????????? 2 ?? ?????????????????????????? ??????????????????????????????????????? ???????????????/????????????????????????????????????????????????????????????? 1 ?? ???????????????????????????? ?.?.?. ????? ?????????????????????????????????????????????? ??? (????????????????????????????????????? 1 ?????????????????????????????????) ?????????????????????????????????????????????????????????????????????????????? ???? ???????????????????????????????????????????????????????????? ??????????????????????????????????????? ??????????????????????????????????? (KYC) ?????????????????????????????????? 4.?????????????????????????????????????????????????????????????????? (Exchange rules) ????????????????????????????????????????? Exchange rules ????????????????????????????????????????? ???????????????????????????????????????????????????????????????? ???? ???????? Exchange rules ??????????????? ???????????????????????????????????????? ?.?.?. ????? ???? ?????????????????????????????????????????????? (listing and delisting rules) ?????????????? Exchange rules ??????????????????????????? ???? ???????????????????????????????? ??? ????????????????? Exchange rules ???????????????????? ?.?.?. (????????????????????????????? ?.?.?.) ?????????????????????????????????????????? ?. ?.?. ????????????????????????????????????????????????? ?.?.?. ??????????? ?.?.?. ??????????????????????????????? Exchange rules ??????????????????????? ?.?.?. ????? ????????????????????????????????????????? Exchange rules ???????????? The SEC has summarized the timeline for improving the digital asset regulations to promote and develop the Thai digital asset market, including investor protection, with 7 issues now in effect: 1. Sustainability-Themed Token offerings 2. ICO governance 3. Advertising by digital asset business operators 4. Utility Tokens 5. Digital Asset Regulatory Sandbox project 6. Governance of digital asset business operators 7. Improving the regulatory criteria related to the establishment of digital asset exchange regulations (Exchange rules) Meanwhile, there are 10 more issues that are currently under process: 1. Requesting permission for a group ICO (Shelf Filing) 2. Criteria to support the establishment of digital asset custodial wallet providers in Thailand to help increase the oppor tunity for a wider variety of digital asset custodial providers 3. Requesting a license to support securities companies in selling Investment Tokens 4. Criteria for capital for digital asset business operators. These 4 issues are expected to be issued within the 3rd-4th quarter of 2024. Part 5. Advertising and sales promotion practices for digital asset business operators 6. KYC practices for digital asset business operators 7. Submission of data by digital asset business operators, which is expected to be issued within the second quarter of 2025, and Part 8. Improving the criteria to allow ICO Portals to outsource their systems further 9. Improving the criteria to support Investment Tokens while the amendment of the Securities Act is not yet complete 10. Allowing digital asset exchanges, digital asset brokers, and digital asset traders to provide Utility Tokens that are primarily intended for certain types of consumption, which are currently being collected and considered. Mr. Anek added that in the past 2 years, the law has been enforced to recover money from offenders totaling 442 million baht, which has been sent to the Ministry of Finance and offenders must pay compensation to the SEC of more than 2 million baht. However, since 2017, approximately 2,261 million baht has been recovered from offenders. - Source: Thai News Agency