SEC says stablecoin won't be employed as fundraising toolThe Stock Exchange of Thailand's (SET) stablecoin is to be used as an e-payment medium for clearing and settlement and not a fundraising tool, says a senior official at the Securities and Exchange Commission (SEC). The expectation is that the SET will be an intermediary for converting the baht's value into a stablecoin for securities clearing and settlement, Ms Supa said. Separately, parties involved with digital asset transactions of more than 5 million baht will have to report their trades to the Anti-Money Laundering Office (Amlo). Local digital asset exchanges will be required to report digital asset trades with a value exceeding 5 million baht to commercial banks, then banks must report such transactions to Amlo, said acting secretary-general Preecha Jaroensahayanon. The Finance Ministry will issue an additional clause in the digital asset royal decree on the compulsory practice, expecting to take effect in early August, Pol Maj Gen Preecha said.

Source: Bangkok Post July 16, 2019 00:22 UTC