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SEC starts public hearing on prohibiting digital assets as means of payment
The Securities and Exchange Commission (SEC) is seeking public comments on a proposed amendment to the rules prohibiting the use of digital assets as a means of payment for products or services
The SEC is inviting public feedback on proposed rule changes that would lift the ban on digital assets as a form of payment, encompassing various digital asset business models. The amendments are designed to enable these businesses to engage in the BOT’s Programmable Payment Sandbox initiative.
Bangkok, 16 July 2024 – The Securities and Exchange Commission (SEC) is seeking public comments on a proposed amendment to the rules prohibiting the use of digital assets as a means of payment for products or services (MOP) to include all current types of digital asset business operators.
The public is also invited to comment on a proposed amendment to allow digital asset business operators under the SEC’s supervision to participate in the Programmable Payment Sandbox created by the Bank of Thailand (BOT) to promote the development of digital financial innovation.
Recently, the Ministry of Finance has prescribed Digital Asset Custodial Wallet Provider as a new type of digital asset business, resulting in the total of six digital asset businesses.* In addition, the BOT has revised the scope of the Regulatory Sandbox Guidelines for the application of digital technologies to further develop financial innovations and specified additional conditions for automatic programmable payment.
To ensure that the services provided by digital asset business operators without the characteristics of MOP cover all types of digital asset businesses and that the digital asset business operators are able to participate in the BOT’s Programmable Payment Sandbox while promoting the development of innovations, the SEC has drafted relevant amendments which are now open for public consultation. The key points of the proposed amendments are as follows:
(1) To revise the rules, conditions and procedures for the provision of services without exhibiting the characteristics of MOP by expanding the scope of service provision to also cover the new type of digital asset business operator: Digital Asset Custodial Wallet Provider;
(2) To revise the restrictive rules in cases where digital asset business operators under the SEC’s supervision wish to participate in the BOT’s Programmable Payment Sandbox, regarding both the use of digital assets as MOP and the conditions for accepting cryptocurrencies in transactions. This is to support and provide opportunities for interested parties to participate in the Sandbox, thereby promoting the digital development in the money and capital markets.
The consultation paper is available at: https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1006 and the legal hub at: https://law.go.th/. Stakeholders and Interested parties are welcome to submit comments and suggestions via the websites or emails: [email protected], [email protected] and [email protected]. The public hearing ends on 29 July 2024.
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