10 Feb 2021 — Securities and Exchange Commission, Thailand‘s plan to transfer oversight of initial coin offerings (ICOs) for investment and utility tokens to the Securities Act is now closer in line with Singapore’s Securities and Futures Act (SFA)
The Securities Act will now include project-based and asset-backed investment tokens and utility tokens that are not readily exchangeable for services and products, previously regulated under the Digital Assets Decree. This is to remove regulatory overlap so as to be in line with international standards and promote #digitalassets.
Nopnuanparn Pavasant, director of SEC said the licensees involved in ICO fundraising such as ICO portals will also be required to apply for a licence to act as a financial adviser or underwriter in order to lead fundraising projects under the Securities Act.
Singapore’s SFA regulates digital tokens that constitute capital markets products i.e. securities, derivatives contracts etc. with existing licenses such as the Capital Markets Services (CMS) license, based on the activities performed by the businesses: whether as a token issuer, exchange platform, advisor or otherwise.
Other digital tokens are classified as payment tokens i.e. Bitcoin, Ether, etc, and fall under the Payment Services Act.