SEC proposes tighter rules for digital asset businessesThe Securities and Exchange Commission yesterday began a public hearing to seek public comments on the proposed amendments to the regulations on the custody of clients' assets by digital asset business operators. The SEC began a public hearing on Wednesday to seek public comments on the proposed amendments to the regulations on the custody of clients' assets by digital asset business operators. The new rules will require digital asset businesses to deposit the client's fiat money with commercial banks or other banks established by specific laws and clearly stated in the deposit account that it is operated by digital asset operators for the benefit of clients only. In this regard, digital asset business operators and the clients may agree on an interest rate not exceeding the actual rate the business operators receive from the commercial bank. In the case of digital assets, seeking benefits for clients will also be prohibited, including in the form of digital asset lending to other persons.

Source: Bangkok Post August 26, 2021 00:00 UTC