Thailand requires SEC approval for digital asset businesses

Thailand’s Securities and Exchange Commission (SEC) announced that digital asset businesses that are set to have a major shareholder are now subject to its approval. Major shareholder refers to a person who holds shares in a digital asset business operator, whether directly or indirectly, with more than 10% of the total voting rights. The Thai regulator said the operator of a digital asset business will have to submit an application within 14 days from the date that the digital asset operator knows the identity of the major shareholder. The SEC currently regulates digital asset business under the Digital Asset Business Act B E 2561. Therefore the agency has duties and power on supervising the business to ensure that the operators are prepared and able to provide services to investors in accordance with business standards, the SEC noted.