Thai SEC Seeks to Update Rules for Utility Token Issuance
Thailand’s Securities and Exchange Commission (SEC) is consulting on new rules allowing exchanges or affiliated individuals to issue utility tokens. Proposed regulations require exchanges to disclose the identities of token issuers to help monitor insider trading. This initiative is part of Thailand's broader regulatory framework for the crypto industry. In May, Thailand announced plans for tourists to use crypto via credit cards but subsequently blocked exchanges OKX and Bybit due to unlicensed operations and money laundering concerns. A capital gains tax waiver on crypto sales through licensed providers was also introduced. Thailand experienced a crypto insider trading scandal in 2022 involving Bitkub's CTO. Insider trading, illegal in many jurisdictions, has seen various cases in the crypto market, including accusations against OpenSea and Coinbase employees, and recent allegations involving Binance and Donald Trump's memecoin.
