In short
- The SEC from Thailand proposes to relax the knowledge test rules for crypto-investors in the retail trade, so that they can skip repeated tests if they have already been passed on, so that the current requirement of 3 months is replaced.
- New rules would oblige suitability tests for all digital token investors, which are assessed every two years, to ensure coordination between risk tolerance of investors and product risk.
- The proposed regulations are intended to reduce burdens and ICO portals and at the same time to be in accordance with existing standards for securities supervision.
Thailand’s securities controller is looking for public input on new rules that would facilitate the requirements for testing knowledge for crypto investors and at the same time mandatory extensive suitability assessments.
The Thai Securities and Exchange Commission announced On Friday, the public hearings carries out on proposed initial currency offer instructions, so that investors can circumvent repeated knowledge tests if they have passed such assessments before.
According to the current rules, investors have to complete knowledge tests every three months before they invest via ICO portals.
The proposed changes are aimed at two important areas of investor protection.
Firstly, the SEC wants non-institutional investors, those who are not classified as ultra-high-network-worthy or high-quality individuals, to pass on a knowledge test before they invest, unless they have already done this in the past.
Secondly, ICO portals would be needed to perform extensive suitability tests “to ensure that investors in digital tokens understand the investment risks and have a suitable risk tolerantan level and in accordance with the product risk.”
These assessments must be assessed and updated at least every two years, to replace the current quarterly requirement.
“This proposal is intended to reduce the burden for both ICO portals and investors by the requirement for such an assessment to cancel the three months,” said the SEC in the announcement.
The supervisor noted that the new requirements are in accordance with “legal practices that apply to both securities and digital activist operators.”
“Thailand is a first mover for Crypto instructions and the SEC has played a crucial role in delivering all regulated activities and licenses, a lot for Singapore, Malaysia, Philippines and Vietnam in Zuidoost -Asia,” Jagdish Pandya, founder of Blockon Ventures, Vertelde, Vertelden, Vertelden, Vertelden, Terreldeld, Vertsdelde, Vertures and organizer of Thai Blockon Ventures, Vertures and Organizer of Thai Blockon Ventures, Vertures and organizer of Thai Blockon, Ventures and organizer of Thai Blockon Ventures and Tai Blockon’s organizer of Thai Blockon Blockon. Decrypt.
Pandya said that the proposed knowledge and suitability tests would help to prevent “amateur investors from jumping in ICO’s and repeat errors from the” old ICO scam era “.
“Their ICO portal makes it possible to raise money, which is again a benchmark for his time compared to the VAE of Hong Kong,” he noticed.
Professional investor classes would remain exempt from the requirements for knowledge tests under the proposed framework.
Investors and stakeholders have until 1 August to comment on the proposal, which could change how ICOs are accessible in Thailand.
The regulatory push of Thailand extends beyond ICO portals, as in June, the sec too Open consultation About allowing exchanges to state yourself issued tokens with improved disclosure requirements to prevent prior knowledge trade.
At the same time, the country is preparing pilot programs for Crypto -Tourist Payments In popular destinations such as Phuket and considering access to stores to spot Bitcoin exchange-bound funds.
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