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Thailand SEC Asks Investors for Feedback on Cryptocurrencies

March 12, 2019 15:22
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Following in the footsteps of the United States Securities and Exchange Commission (SEC), albeit a few months later, the Thailand SEC is also seeking comments from the public regarding cryptocurrencies or as they are known, digital assets.

A press release from the regulatory body said, “The SEC is seeking public comments on the proposed rules for data submission to the SEC Office by digital asset business operators and initial coin offering (ICO) portals. The proposal aims to promote a clear understanding and a standardized protocol for monitoring and supervision of digital asset businesses, and to reduce the necessity for case-by-case data submission.”

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It added that the regulatory body was contemplating draft rules related to preparation and submission of data and information according to specific, standardized formats to facilitate ICO portals, digital asset dealers, brokers and exchanges in this matter while reducing their data submission on a case-by-case basis.

Last year, the United States SEC had asked for similar feedback from cryptocurrency investors. As earlier reported by Crypto-News India, in June last year, the regulatory body had opened up a comment section after Chicago Board of Exchange (CBOE) had filed an application for Bitcoin ETFs.

At the time, investors in the US had enthusiastically been optimistic about the prospect of allowing bitcoin ETFs in the industry. A user had said, “Stop messing around and just have a respected company like Coinbase approve or reject this. You guys have terrible judgement.”

The press release from Thailand SEC stated that a standardized database would not only benefit the supervision of digital asset businesses but would also promote cooperation between business operators and the SEC in optimizing the use of relevant data to create a clear picture of the overall digital asset industry, laying out digital asset market development plan, as well as solving problems and preventing risks. This regulatory proposal would also contribute to the stability, transparency, fairness and digital asset market integrity in the long run.

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