The Thai Securities and Exchange Commission has proposed a set of cryptocurrency rules that would apply to all cryptocurrency owners in the country. Cryptocurrency owners will have until September to ensure compliance. The regulatory authority has said that the new regulations are meant for greater investor protection.
With the new cryptocurrency regulations, the Thai SEC is restricting cryptocurrency investment firms from leveraging the investors’ crypto assets for third-party benefits. It says they will restrict investor crypto assets to be sued for the “benefit of another client or other persons.” The proposal states: “Seeking benefits from clients’ fiat money shall be prohibited except in the form of deposit with commercial banks.”
According to the new cryptocurrency regulations, there are also fresh requirements for all deposits, transfers and exchange of cryptocurrency ownership. It is required to ensure compliance with “decentralized approval authority, multi-sign approval authority, and check and balance.”
Over the coming weeks, the SEC will be accepting suggestions and opinions from users. Users will be able to share their opinions until September 22.
Thailand has been working on a crypto tax and cryptocurrency regulations framework since the beginning of 2021. Earlier in the year, it had introduced a minimum requirement for investors looking to put funds in crypto assets. The proposition was to make an annual income of $32,000 mandatory for investors who were planning to invest in Bitcoins. It had also banned users from investing in certain non fungible tokens.