Thai authorities weigh regulation of the DeFi sector

The Securities and Exchange Commission of Thailand (SEC) is considering regulating the decentralised finance (DeFi) sector. The agency said на сайте ведомства.

“The issuance of digital coins must be authorised and supervised by the Securities and Exchange Commission, and the issuer must disclose information and offer assets through token portals licensed under the Digital Asset Act,” the SEC noted.

Head of fintech startup Ava Advisor, Niran Pravithana, in a comment Bangkok Post said the authorities’ requirements were reasonable. He pointed to the number of ‘dubious’ tokens in circulation.

In an interview with Decrypt Decrypt, Phuture project representative Charles Storrie said the SEC initiative harms the crypto community.

“The Commission demonstrates their misunderstanding of permissionless technology. Regulators should encourage these new ventures,” he said.

Earlier, the Central Bank of Thailand announced the introduction of rules regarding stablecoins backed by foreign currencies, assets, and also algorithmic “stablecoins”.

In May, plans by the local Anti-Money Laundering Office to require bitcoin exchanges to scan chips embedded in citizens’ identification cards when opening new accounts were announced.

In March, the DeFi project TurtleDex on the Binance Smart Chain carried out an exit scam of $2.4 million.

Users also suspected the DeFi100 team of fraud. The developers themselves said there was a hacking attack.