The Securities and Exchange Commission (SEC) of Thailand has initiated a consultation period, according to a statement released on Friday, to gather feedback on rules allowing exchanges or individuals associated with exchanges to issue utility tokens.
According to the proposed rules, exchanges must disclose the names of any individuals related to the token issuers, which will help the SEC monitor signs of insider trading. This initiative is part of Thailand's efforts to establish a regulatory framework for the cryptocurrency industry.
In May, Thailand announced plans to allow tourists to spend cryptocurrency using credit cards, only to block domestic exchanges OKX and Bybit days later due to concerns over unlicensed operations and money laundering. A month later, Thailand announced an exemption from capital gains tax for cryptocurrency sales conducted through licensed crypto service providers.
Thailand experienced a cryptocurrency insider trading scandal in 2022. In August of that year, the SEC accused the Chief Technology Officer of Bitkub, one of the country's largest exchanges, of using insider information to purchase certain tokens before a significant transaction.
Insider trading is the act of buying or selling securities based on private, non-public information. This practice is considered illegal in many jurisdictions, but specific rules depend on regulatory bodies, such as a country's corresponding securities commission.
There have been several cases of suspected insider trading in the cryptocurrency market industry.
In 2021, OpenSea employee Nate Chastain was accused of using insider information to purchase NFTs that were about to be featured on the OpenSea homepage. In 2023, Nate was convicted of wire fraud and money laundering and sentenced to three months in prison.
In 2022, three Coinbase employees were charged with insider trading, two of whom were sentenced to prison.
Recently, Binance suspended an employee following an investigation into suspected insider trading in March. Additionally, after a blockchain analytics company analyzed unusual behavior of a whale wallet, the meme coin Official Trump (TRUMP) faced insider trading allegations.
Related: Reports indicate that the Governor of the Bank of Korea does not oppose the issuance of a won-pegged stablecoin.
Original: “Thai SEC Proposes New Rules for Crypto Token Insider Trading”
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