Looking for the biggest developments in crypto today? Here are the latest stories affecting Bitcoin, blockchain, DeFi, Web3 and crypto regulation.
Thailand’s Securities and Exchange Commission is seeking feedback on new rules for overseas crypto derivatives. Meanwhile, Strive and Strategy both added significant amounts of Bitcoin to their corporate treasuries.
Thailand SEC Proposes Rules for Overseas Crypto Derivatives
Thailand’s Securities and Exchange Commission has proposed allowing intermediaries to offer certain overseas digital asset derivatives to retail investors.
Under the proposal, eligible products would need to closely resemble crypto derivatives already traded in Thailand.
This includes similarities in the underlying assets, maturity, leverage and settlement structure.
The products would also need to trade on an exchange that uses a central counterparty for clearing.
In addition, the exchange must be supervised by a regulator that belongs to approved international regulatory or exchange organizations.
Thailand Expands Crypto Regulation Framework
The consultation represents another step toward bringing crypto-related products into Thailand’s regulated financial markets.
The SEC previously designated cryptocurrencies and digital tokens as acceptable underlying assets for derivatives in a notification dated March 5.
It is also discussing potential contract specifications with the Thailand Futures Exchange.
Crypto derivatives that fail to meet the proposed requirements would only be available to institutional investors.
The regulator said institutional investors are generally better equipped to evaluate and manage complex, high-risk products.
Retail Crypto Derivatives Rules Remain Under Review
Thailand’s current rules allow intermediaries to provide overseas derivatives to retail and high-net-worth clients when those products resemble contracts already available in the domestic market.
However, the SEC said overseas crypto derivatives require more specific rules because their structures and risk profiles can vary significantly.
The consultation will remain open until September 30.
The regulator has not yet provided a date for when the proposed changes could take effect.
Strive Buys $143 Million in Bitcoin
Strive purchased 1,800 Bitcoin for approximately $143 million last week.
The acquisition increased the company’s holdings to 23,156 BTC, making it the fifth-largest publicly traded corporate Bitcoin holder.
Strive paid an average of about $79,431 per Bitcoin, including fees and other expenses.
The purchase followed another acquisition the previous week, when the company bought 1,110 BTC for approximately $81.5 million.
Strive Climbs Corporate Bitcoin Rankings
The latest purchase increased Strive’s Bitcoin holdings by roughly 8.4% in five business days.
It also pushed the company ahead of crypto exchange Bullish in the ranking of publicly traded companies holding Bitcoin.
The buying came as Bitcoin recovered sharply from its recent decline.
Bitcoin had climbed more than 23% to above $81,000 after the U.S. Treasury Department announced plans to increase certain long-term bond buybacks.
However, BTC later slipped back below $79,000.
Strategy Resumes Bitcoin Purchases
Michael Saylor’s Strategy also returned to the Bitcoin market after a two-month pause.
The company purchased 4,603 Bitcoin for around $370 million, marking its first corporate Bitcoin acquisition since June.
Strategy paid an average price of approximately $80,318 per BTC.
Following the transaction, the company’s total holdings rose to 845,050 Bitcoin.
Strategy’s Bitcoin Holdings Reach 845,050 BTC
According to an SEC filing, Strategy has spent around $63.3 billion building its Bitcoin position.
Its average purchase price stands at approximately $75,413 per Bitcoin.
The latest acquisition was financed through proceeds from the sale of about $602 million in MSTR common stock.
Strategy also used part of the proceeds to increase its U.S. dollar cash reserves and repurchase preferred STRC shares.
MSTR Shares Show Limited Reaction
Nasdaq-listed Strategy shares were up less than 1% in Monday pre-market trading.
That followed a decline of more than 7% on Friday.
The latest Bitcoin purchase marked Strategy’s first acquisition since mid-June, when the company bought 1,587 BTC for roughly $100 million.
The renewed buying from both Strategy and Strive highlights continued corporate demand for Bitcoin despite recent volatility in the crypto market.
