The Securities and Exchange Commission of Thailand (SEC) continues to introduce new regulations for the cryptocurrency industry on the grounds of investor protection issues.
On Wednesday, the Securities and Exchange Commission of Thailand suggested A set of additional regulations related to the custody of investor cryptocurrency assets held by digital asset operators. The newly proposed rules involve keeping fiat currency and cryptocurrency lending for digital asset accounts, or earning interest on crypto assets.
The SEC specifically hopes to prohibit crypto companies from using investor assets for the “benefits of another customer or other person,” or seeking benefits from investors’ fiat currencies and digital assets, including providing digital loans to others. “It is forbidden to seek benefits from customers’ legal currency, except in the form of deposits with commercial banks,” the proposal reads.
The new rules also propose a new framework for the withdrawal and transfer of legal tender from digital asset accounts, and require compliance with the principle of “decentralized approval power, multi-signature approval power, and checks and balances.” According to regulators, these rules will strengthen investor protection and the reliability of encryption service providers, and ensure that the records held by investors are accurate and up-to-date.
related: Bank of Thailand warns against using digital currency for payments
The SEC is now accepting public comments on the newly proposed regulations until September 22. The regulator did not immediately respond to Cointelegraph’s request for comment.
The Securities and Exchange Commission of Thailand has been actively introducing new crypto industry regulations this year Booming cryptocurrency adoption domestic. In March, the authorities proposed The minimum annual income is USD 32,000 Used to invest in cryptocurrencies such as Bitcoin (Bitcoin).Previous regulators Prohibition of processing cryptocurrency exchanges Certain token types, including June non-fungible tokens.