The Securities and Exchange Commission (SEC) sends a letter to digital asset operators. To rehearse the practice of opening accounts for those who are under the age of majority to be the same standard. and in accordance with the Civil and Commercial Code Due to the jurisdiction of minors, there are several relevant provisions of the Civil and Commercial Code. This may pose a risk to minors in the validity of the contract. and the risks to the business operators regarding the legality of the acts performed
The SEC found that there are digital asset business operators opening accounts for those who are under the age of majority. Therefore, there is a letter to rehearse the practice of providing services in the digital asset business to minors on January 8, 2022 in order to be the same standard. and to comply with the Civil and Commercial Code By requiring all digital asset business operators to perform the following actions:
(1) Consider information about the legal capacity of the investor to conduct legal acts before the commencement of the service. so that there are no legal issues concerning the ability of a person which will affect the juristic act between the digital asset business operator and the investor Because of the juristic act of minors, there are several relevant provisions of the Civil and Commercial Code. This may pose a risk to minors in the validity of the contract. and risks to business operators in regards to the legality of the acts that are made, such as Section 21 that stipulates that a minor will perform any act must have the consent of the legal representative first that is void unless otherwise provided for
(2) Know your client (KYC) to be able to know the identity or the true beneficiary before the account opening is approved. There must be a procedure to be taken in accordance with (1) as well to ensure that the client is legally capable of doing various legal acts with the digital asset business operator. and must monitor and review customer information to be current and correct when it appears that the customer information is incorrect or inaccurate
In addition, digital asset business operators must educate their customers. To understand the risks of digital assets before providing services
At the same time, the SEC urges those interested in trading digital assets to carefully study all relevant information and risks. and must be able to bear the risk of price fluctuations as well as allocating investments in appropriate proportions Since digital assets are highly exposed to price volatility and some cryptocurrencies may not have underlying fundamentals.
People interested in digital assets can learn more from the digital asset information center. “Cryptoscience know in one click” and a course to educate the basics “Crypto 101” at the website www.smarttoinvest.com Including checking the list of authorized digital asset business operators on the SEC website www.sec.or.th under the topic of digital assets or via the SEC Check First application
and if there are any clues or dishonest behavior You can report or make a complaint at “SEC People’s Service Center” call 1207 or via Facebook page “SEC Office” or SEC Live Chat at the SEC website
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