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The SEC is seeking public feedback on proposed rule changes to allow digital assets as payment and enable businesses to participate in the Bank of Thailand’s Programmable Payment Sandbox initiative.
SEC Seeks Feedback on Digital Assets as Payment
The SEC is inviting public comments on proposed rule changes to allow digital assets for payments, covering all current digital asset business models. These amendments aim to enable businesses to participate in the Bank of Thailand’s (BOT) Programmable Payment Sandbox initiative.
Amendments for Digital Innovation
The proposed amendments also aim to expand the scope for Digital Asset Custodial Wallet Providers and facilitate the participation of digital asset businesses in the BOT’s Sandbox. Feedback can be submitted via the SEC website or email by 29 July 2024, to promote digital financial innovation. For details, visit the SEC consultation paper.
The Securities and Exchange Commission (SEC) has initiated a public hearing to deliberate on the proposed ban on digital assets as a means of payment in the country. This move is seen as a bid to regulate the growing digital asset industry and protect investors from potential risks. During the hearing, stakeholders in the fintech industry, including operators of digital assets, are expected to present their cases for or against the proposed ban.
Some industry players have argued that banning digital assets as a means of payment would stifle innovation and hinder economic growth. They argue that digital assets, such as cryptocurrencies, have the potential to increase financial inclusion and provide an alternative to traditional payment systems. On the other hand, regulatory bodies have raised concerns about the volatility and lack of oversight in the digital asset market, citing cases of fraudulent activities and money laundering.
The hearing is expected to be a crucial step in shaping the regulatory landscape for digital assets in the country, and its outcome could have far-reaching implications for the fintech industry.
Source : SEC starts public hearing on prohibiting digital assets as means of payment
