Skip to main content

Thai SEC Explains Two Laws Could Apply to Crypto Securities

Thai SEC Explains Two Laws Could Apply to Crypto Securities

Thailand’s Securities and Exchange Commission (SEC) has reportedly clarified how existing laws can apply to crypto securities. In addition, Thai companies planning to issue securities tokens abroad would be guilty of wrongdoing under the Digital Asset Act for avoiding regulated fundraising channels.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Applicable Current Laws

Thai SEC Explains Two Laws Could Apply to Crypto SecuritiesOn Thursday, the Bangkok Post reported that Tipsuda Thavaramara, deputy secretary of the Thai SEC, revealed that “the regulator will have to consider how to deal with STOs [securities token offerings] for issues such as share ownership, voting rights, and dividends.”

Thailand enacted cryptocurrency regulation in May. The country’s Digital Asset Act regulates cryptocurrencies and initial coin offerings (ICOs) and installs the Thai SEC as the main regulator of the crypto industry. However, STOs are not included within the scope of any current laws.

The publication detailed:

If STOs have conditions similar to other fund-raising securities, they could undergo processes similar to those for IPOs, thus coming under the SEC Act … STO trading could fall under the Digital Asset Act if fund-raising is carried out in the same manner as for ICOs.

Thavaramara clarified, “At the moment, we have not decided whether STOs fall under the SEC Act or the Digital Asset Act,” adding that “it depends on the STO’s conditions and the details in its white paper.” She emphasized, “The SEC will have to consider carefully how to respond to each STO.”

Thai Company Plans STO Launch in the US

Thai cryptocurrency exchange operator Satang Corp. has announced a plan to launch its own STO in the U.S., the Bangkok Post also reported.

Thai SEC Explains Two Laws Could Apply to Crypto SecuritiesSatang Corp. operates a crypto exchange in Thailand called Satang Pro, formerly Tdax. The exchange has been granted temporary approval to operate in Thailand while its full application is being reviewed by the Thai SEC.

Thai SEC Explains Two Laws Could Apply to Crypto SecuritiesThe company “recently said it would issue an STO in the first quarter of next year but file for fund-raising with the US’s SEC and list on the T-zero exchange in the US,” the news outlet wrote on Thursday.

Overstock.com’s August filing with the U.S. SEC states that its Tzero platform aims to provide “current market participants the opportunity to access crypto-securities without having to incur switching costs.” The filing further describes, “Tzero represents a regulated bridge between the traditional securities markets and the fast-emerging world of crypto-securities.”

According to the Bangkok Post, Thavaramara explained:

An STO affiliated with Thai investors launching in an international market at this point would be guilty of wrongdoing under the Digital Asset Act. A company making such an STO launch would be trying to avoid regulated fund-raising channels, such as sales of ordinary shares or sales of digital assets via IPO portals.

What do you think of Thailand’s approach to regulating crypto securities? Let us know in the comments section below.

Images courtesy of Shutterstock, Satang Corp., Overstock.com, and Thai SEC.

Need to calculate your bitcoin holdings? Check our tools section.

The post Thai SEC Explains Two Laws Could Apply to Crypto Securities appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2PbzHnX
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more