The SEC is open to hearing opinions. Draft Announcement to Revise Regulatory Regulations for ICO Portal and Digital Token Offerings

The Securities and Exchange Commission (SEC) has opened a public hearing on draft announcements on revising regulations governing digital token portal service providers (ICO portals) and digital token offerings. relevant to be clearer and more appropriate have standards comparable to that of securities financial advisors Including increasing efficiency and access to customers in the digital token offering.

According to the SEC at its meeting No. 6/2022 on June 2, 2022, it has approved the principle of revising the ICO portal supervision rules and related digital token offering rules. To make supervision more clear and appropriate. and has a standard comparable to that of a financial advisor (FA) in the case of issuing and offering securities especially on conflicts of interest and managing conflicts of interest (Conflict of Interest: COI), including to increase efficiency crash fix And increase customer access channels and offer digital tokens. The SEC held a public hearing in June-July 2022, where most of the commentators agreed with the revised regulations.

The SEC has therefore drafted a notice regarding the revision of regulations governing ICO portals and related digital token offerings. and is open to hearing opinions on the draft announcement The important points are as follows:

(1) It is forbidden to be an ICO portal for digital token offerings that have a conflict of interest, for example, having a shareholding, having a director, executive, the person in charge of the unit or an employee of the ICO portal screening the tokens. The digital tokens to be offered are the same person as the board of directors of the digital token issuer. There is a relationship or interest between them in a way that may lead to a lack of independence in performing duties.
(2) Allowing the ICO portal to assign other persons to perform related tasks (outsource), only for tasks related to the sale of digital tokens, such as contacting and providing services to customers. and support for the sale and subscription of digital tokens. It is forbidden to delegate the core tasks of ICO portal services, such as screening digital token offering projects. Measures and methods for outsourcing, including having to practice and monitor the outsourcing to comply with relevant regulations. and must notify the SEC of details and a summary report of outsourcing as well
(3) Amending other rules related to the supervision of digital token offerings, such as monitoring

For the operation of the ICO portal after approval, the ICO portal must notify the SEC in case of any change in qualifications or functions. and revising the requirements under the announcement regarding the offering of digital tokens to the public to be clearer and cover all relevant duties.

In this regard, the SEC has published a public hearing on the draft announcement regarding the revision of such regulatory rules on its website. Those involved and interested can express their opinions on the website or via e-mail: [email protected] [email protected] or [email protected] until January 5, 2023.

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