SEC improves criteria for investment in digital tokens, digital asset depository

Bangkok, The SEC has revised the criteria for investing in digital tokens. Providing digital asset custodial services and other criteria related to digital asset business operations in order to have adequate and appropriate governance mechanisms Can protect investors Support the use of digital technology in raising funds for national development. Effective from 16 Jan. 2024 According to the Securities and Exchange Commission (SEC), in its meeting No. 5/2023 on March 2, 2023, it was resolved to approve the principles for improving the criteria for investing in digital tokens. Providing digital asset custodial services and other criteria related to digital asset business operations In order to have adequate and appropriate investor protection mechanisms. In line with the risks of digital assets Along with supporting the use of technology in fundraising. By continuing to support the development of innovation and technology To benefit the sustainable growth of the capital market and digital economy, the SEC has opened for comments on the principles and the draft announcement was completed in September 2023, with the majority of commentators agreeing with the principles. and the draft announcement The SEC therefore issued an announcement to improve the rules regarding investing in digital tokens. Providing digital asset custodial services and other criteria related to digital asset business operations The important points are as follows: (1) Supervising the issuance of investment tokens by removing investment restrictions on retail investors for digital tokens that have real estate or real estate income streams as the underlying asset (real estate backed ICO). ) and digital tokens that have infrastructure operations or revenue streams from infrastructure operations as underlying assets. (infra-backed ICO) previously limited investment by retail investors to no more than 300,000 baht per offering. To be consistent with product risks and promote the use of digital technology in fundraising. (2) Reviewing the criteri a to support the creation of custodial wallet provider businesses and being able to provide services to digital asset business operators that are related in the manner of having major shareholders. can be together If it is a listed company or subsidiary company as specified and is in a group of companies with expertise Experience and readiness in storing clients' securities or other financial assets and in managing related risks. Including being able to comply with the criteria for independence as specified by the SEC. (3) Digital asset business operators who wish to operate other businesses. Requires permission from the SEC before proceeding. In order to be able to monitor the said other business operations more efficiently. (4) Improving service standards By digital asset business operators Must not provide services through digital asset operators that operate illegally. To raise the quality and increase the reliability of the overall digital asset market. The announcement specifying the said criteria ha s been published in the Royal Gazette and will come into effect from 16 January 2024 onwards. Source: Thai News Agency