Thailand updates crypto regulations to support innovation.
The SEC of Thailand announced updated criteria for investing in digital tokens and related services on January 18th, 2023. The changes aim to promote technological innovation, enhance investor protection, and support the country's digital economy.
The SEC has removed previous investment restrictions on retail investors for real estate and infrastructure-backed digital tokens. Previously, individual investments were capped at 300,000 baht per offering of these asset-backed initial coin offerings (ICOs). By aligning regulations to product risks, the SEC hopes to encourage the use of digital fundraising.
The regulatory body will also support the creation of independent custodial wallet providers to store clients' digital assets securely. These providers must be subsidiaries of listed firms with expertise in securities safekeeping. Strict independence criteria have been outlined as well.
In a bid to boost oversight efficiency, digital asset firms looking to expand into other business verticals must first seek SEC approval. Operators are also prohibited from servicing illegal token issuers, which the SEC said will improve overall market quality.
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