On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
The Thai SEC is seeking public input for newly proposed crypto custody regulations until late September.
The Securities and Exchange Commission (SEC) of Thailand continues introducing new regulations for the cryptocurrency industry, citing investor protection concerns.
On Wednesday, the Thai SEC proposed a set of additional regulations related to custody of investors' cryptocurrency holdings held by digital asset business operators. The newly proposed rules refer to custody of fiat money for digital asset accounts as well as cryptocurrency lending, or earning interest on crypto holdings.
The SEC is specifically looking to prohibit crypto companies from using investor assets for the “benefit of another client or other persons,” or seeking benefits from both investors’ fiat money and digital assets, including digital lending to other persons. “Seeking benefits from clients’ fiat money shall be prohibited except in the form of deposit with commercial banks,” the proposal reads.
The new rules also propose a new framework for the withdrawal and transfer of fiat money from digital asset accounts, requiring compliance with the principles of “decentralized approval authority, multi-sign approval authority, and check and balance.” According to the regulator, the rules would strengthen investor protection and the reliability of crypto service providers, ensuring that records of investors’ holdings are accurate and updated.
Related: Thailand's central bank warns against using digital currencies for payments
The SEC is now accepting public comments on newly proposed regulations until Sept. 22. The regulator did not immediately respond to Cointelegraph’s request for comment.
The Thai SEC has been actively introducing new crypto industry regulations this year amid booming cryptocurrency adoption in the country. In March, the authority proposed to impose a $32,000 minimum annual income requirement for investing in cryptocurrencies like Bitcoin (BTC). The regulator previously banned crypto exchanges from handling certain token types including nonfungible tokens in June.
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