Thai SEC opens consultation period for token issuance rules

Thailand’s Securities and Exchange Commission (SEC) has opened a play of consultation for feedback connected rules that would let exchanges oregon individuals connected to an speech to contented inferior tokens, according to a Friday statement.

Under the projected rules, exchanges would person to disclose the names of anyone associated with the token issuers, which would assistance the SEC successful monitoring for signs of insider trading. The program is portion of Thailand’s efforts to found a regulatory model for the crypto industry.

The state announced successful May plans to let tourists to walk crypto via recognition cards, conscionable a fewer days earlier blocking crypto exchanges OKX and Bybit successful the state implicit concerns astir unlicensed operations and wealth laundering. A period later, it announced a waiver connected superior gains taxation connected crypto sales made done licensed crypto work providers.

Thailand was location to a crypto insider trading ungraded successful 2022. In August of that year, the SEC alleged that the main exertion serviceman of Bitkub, 1 of the largest exchanges successful the country, used insider information to acquisition definite tokens up of a large deal.

Related: KuCoin expands into Thailand with SEC-approved exchange

Insider trading successful crypto

Insider trading is the enactment of buying oregon selling a information based connected private, nonpublic information. The signifier is considered amerciable successful galore jurisdictions, but the nonstop rules beryllium connected the regulating body, specified arsenic a country’s corresponding Securities and Exchange Commission.

There have been respective instances of alleged insider trading in the crypto marketplace industry.

In 2021, OpenSea worker Nate Chastain was accused of utilizing insider cognition to bargain NFTs that were soon to beryllium featured connected the OpenSea homepage. Chastain was convicted successful 2023 of ligament fraud and wealth laundering and sentenced to 3 months successful prison.

In 2022, 3 Coinbase employees were charged with insider trading. Two of them were sentenced to prison.

More recently, Binance suspended a staffer successful March aft an probe into alleged insider trading. There were besides insider trading allegations surrounding US President Donald Trump’s memecoin Official Trump (TRUMP), aft a blockchain analytics steadfast analyzed the antithetic behaviour of a whale wallet.

Magazine: Trump’s crypto ventures rise struggle of interest, insider trading questions