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Thailand's SEC to Introduce Compulsory Licensing for DeFi Token Issuers

02 June 2021 16:58, UTC
Thailand's SEC to Introduce Compulsory Licensing for DeFi Token Issuers
By Anna Martynova

The Thailand's Securities and Exchange Commission (SEC) warns that DeFi-related activities will require a license from the financial regulator in the near future. As the regulator notes, licensing will primarily be necessary for the DeFi protocols that issue tokens.

Niran Pravithana, CEO of investment application Ava Advisor, said that such an initiative of the regulator seems quite reasonable, since there are now many fraudulent tokens being issued, and criminals work through messenger applications and manipulate token prices.

In May, it became known that the Thailand Anti-Money Laundering Office (AMLO) will oblige cryptocurrency exchange users to undergo KYC procedures. In April, KBank and the Thailand Stock Exchange began exploring DeFi for lending and borrowing funds.

Image: Cryptovibes



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