Thai SEC Intends to Amend Crypto Laws to Foster Greater Innovation

Michael LaVere

Thailand’s Securities and Exchange Commission (SEC) reportedly intends to amend its digital asset business regulations in 2020 to make the laws more favorable towards crypto-assets. 

According to a report by local news outlet Bangkok Post, the Thai SEC is planning a series of sweeping amendments to its digital asset business regulations next year in order to facilitate the growth of digital assets while “protecting investors from unnecessary risk.”

SEC secretary-general Ruenvadee Suwanmongkol told the press:

"The regulator must be flexible to apply the rules and regulations in line with the market environment.”

She continued:

“For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market. We need to explore any possible obstacles."

Ms. Ruenvadee warned that while the SEC seeks to foster digital asset innovation, the regulatory body is also concerned with consumer protection. 

Her predecessor, the former SEC secretary-general Rapee Sucharitakul, said in a statement last year:

"The legislation also aims to protect investors from risk of fraud and deception by dishonest persons, money laundering and exploitation of digital assets to facilitate illegal financial transactions, while ensuring regulatory clarity to facilitate legitimate uses of digital assets.”

So far only five Thai companies have been awarded digital asset exchange licenses to operate within the country. 

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Brazil’s Securities Watchdog Blocks Binance From Offering Derivatives

  • Brazil's SEC has blocked Binance from offering derivatives products in the country.
  • Brazilian regulators ruled that derivative contracts are securities, regardless of whether they involve crypto-assets. 

Brazil’s equivalent of the U.S. Securities and Exchange Commission, the Comissão de Valores Mobiliários (CVM), has blocked leading cryptocurrency exchange Binance from offering derivative products in the country. 

According to an order published July 6, reported on by local news outlet Portal do Bitcoin, Brazilian regulators claimed derivative contracts are securities, regardless of whether the underlying assets are cryptocurrencies. 

The order reads, 

It remains evident that there are indications that the company BINANCE FUTURES, through the page '"www.binance.com" on the world wide web, captures customers residing in Brazil with a public offering of derivative intermediation services.

The order continued, adding that Binance “does not hold authorization” to act as an intermediary for securities in the country. 

The CVM determined that Binance must immediately suspend the “broadcasting of any public offering of securities intermediation services,” including derivatives products or else face a daily fine of R $1,000 ($186). 

The order fails to clarify whether Binance’s spot trading services will continue to be allowed to operate in Brazil, as opposed to only banning their derivative offerings. 

Featured Image Credit: Photo via Pixabay.com