Thailand’s Securities and Change Fee (SEC) has introduced new tips to strengthen investor safety within the cryptocurrency trade. The SEC has mandated clearer disclosure of threat warnings and restrictions on digital asset enterprise operators’ deposit and lending companies.
The foundations, endorsed throughout conferences in September, December of 2022, in addition to Might of 2023, require cryptocurrency enterprise operators to explicitly inform potential buyers concerning the inherent dangers concerned in buying and selling. Clients should acknowledge these dangers and supply consent earlier than commencing buying and selling, following an funding suitability evaluation and acceptable funding proportions.
The second a part of the brand new rules prohibits digital asset enterprise operators from offering or supporting deposit taking and lending companies, with sure exceptions. These guidelines will take impact on August 30, 2023, and prohibit providing returns on digital asset deposits except it falls underneath promotional actions outlined by the SEC.
Moreover, the rules prohibit any actions geared toward persuading or promoting deposit taking and lending companies to most of the people, together with these offered by different entities.