Thailand’s Securities and Exchange Commission (SEC) is taking a significant leap towards embracing cryptocurrency investment. On Wednesday, the SEC announced a proposal to revise regulations that will permit mutual and private funds to invest in digital assets, including crypto exchange-traded funds (ETFs) listed on U.S. exchanges. This initiative aims to align Thailand’s investment landscape with the growing global interest in cryptocurrencies, further solidifying the nation’s status as one of the most crypto-friendly countries in the world.
A Step Towards Modern Investment Opportunities
With Thailand ranking 10th globally in cryptocurrency adoption, the proposed regulations are timely. The SEC’s move is designed to cater to the increasing appetite among Thai investors for innovative financial products. According to Deputy Secretary-General Anek Yooyuen, the revised criteria will ensure that investment tokens mirror traditional securities in terms of investment ratios and risk profiles. This approach recognizes the evolving nature of financial assets and aims to facilitate a smoother transition for institutional investors and ultra-high-net-worth individuals who may have higher risk tolerances.
Under the proposed regulations, mutual and private funds will be allowed to invest in specific investment tokens, while adhering to existing limits on traditional securities. These limits include single-entity, group, and concentration limits. Notably, for institutional investors and ultra-high-net-worth individuals, the SEC plans to eliminate investment limits for crypto ETFs, opening the floodgates to a broader range of investment strategies.
Strengthening Regulatory Frameworks
The SEC is also keen on refining its regulatory frameworks to ensure secure and transparent investment environments. The proposed revisions will enhance asset custody protocols, digital asset valuation methodologies, and information disclosure standards. This level of diligence is crucial for maintaining investor confidence and safeguarding against potential market volatility.
In June, Thailand made headlines by approving its first crypto ETF, issued by One Asset Management (ONEAM), marking a pivotal moment in the country’s digital asset landscape. This approval signaled the Thai SEC’s commitment to developing a robust regulatory framework for cryptocurrencies, allowing investors to engage with digital assets in a structured and regulated manner.
Future Initiatives and Increased Penalties
In addition to the proposed mutual fund regulations, the Thai SEC is considering new measures, such as allowing authorized initial coin offering (ICO) portals to utilize outsourced companies. This initiative aims to streamline the ICO process while ensuring compliance with existing regulations. Furthermore, the SEC plans to expand its regulatory sandbox project, allowing ten private companies to test crypto exchanges for Thai baht.
However, the SEC is also taking a firm stance against non-compliance. Violations of crypto regulations will be treated as serious offenses, with plans to increase penalties for companies that breach the rules. Securities firms that send inappropriate trading orders could face fines ranging from 1 million to 3 million baht, while investors engaging in stock manipulation may be subject to both civil and criminal penalties.
Thailand’s SEC is laying the groundwork for a more inclusive and regulated cryptocurrency market, aligning with global trends while catering to local investor interests. As the country positions itself as a leading player in the crypto space, the proposed regulations for mutual funds to invest in digital assets could herald a new era of investment opportunities, attracting both local and international investors. With an evolving regulatory framework, Thailand is set to maintain its momentum in the dynamic world of cryptocurrencies.
The US DOJ just published a new directive claiming it will stop investigating and criminally charging crypto exchanges, mixers, and offline wallets.
This has produced a mixed response from the crypto community. Some sectors are jubilant about the potential freedom for business, while others fear the growing problem of fraud and criminal money laundering.
Today, the Department of Justice (DOJ) released a statement claiming it will no longer investigate crypto entities.
“The Justice Department will stop participating in regulation by prosecution in this space. Specifically, the Department will no longer target virtual currency exchanges, mixing and tumbling services, and offline wallets for the acts of their end users or unwitting violations of regulations,” the DOJ’s statement claimed.
The DOJ’s statement applies to cryptocurrency exchanges, wallets, and crypto mixers like Tornado Cash. It builds on the Department’s previous announcement today, claiming that it disbanded the National Cryptocurrency Enforcement Team.
The department gives itself room to prosecute individual bad actors, but only in specific circumstances.
However, the department is now moving on from crypto. According to today’s announcement, it will even drop any ongoing investigations against such entities immediately.
We will wait to see what happens with the Tornado Cash and Samourai Wallet prosecutions. But the memo from the Deputy Attorney General yesterday is right on target: we should be going after bad guys. Not the developers of good tools that bad guys happen to use. pic.twitter.com/h8taM5BvGm
— Peter Van Valkenburgh (@valkenburgh) April 8, 2025
Also, it will not pursue legal liability for developers whose code is used by others to commit crimes, and it has closed all active investigations.
While it was expected that the department would lower its crypto enforcement under Trump, the complete laissez-faire decision has caught the crypto by surprise. Following the news, Tornado Cash (TORN) surged nearly 10% today.
The Department also asked regulators to review victim compensation laws. Although this is arguably a victory for crypto, it may also enable future finance crimes.
The DOJ is disabling its ability to target criminals on exchanges and mixers, with little guarantee that it can enforce the law. In other words, it may be removing critical guardrails to prevent future disasters.
“Crypto lobby: ‘Sure, Trump nixed the Crypto Enforcement Team, directed Major Fraud prosecutors to stop prosecuting crypto cases, and is trying to exempt crypto platforms from the Bank Secrecy Act, but they wrote right here that they care about stopping crypto crime! Reject the evidence of your eyes and ears!’” claimed crypto researcher Molly White.
Overall, it’ll be difficult to fully predict the implications of the department’s new policy on exchanges. For now, this directive will give many crypto-related businesses the freedom to conduct operations as they see fit.
Hopefully, business will proceed as usual without any serious controversies.
The metrics used to measure outcomes can be misleading when evaluating blockchain performance. As more blockchain networks emerge, the public needs clear, efficiency-focused metrics, rather than exaggerated claims, to differentiate between them.
In a conversation with BeInCrypto, Taraxa Co-Founder Steven Pu explained that it’s becoming increasingly difficult to compare blockchain performance accurately because many reported metrics rely on overly optimistic assumptions rather than evidence-based results. To combat this wave of misrepresentation, Pu proposes a new metric, which he calls TPS/$.
Why Does the Industry Lack Reliable Benchmarks?
The need for clear differentiation is growing with the increasing number of Layer-1 blockchain networks. As various developers promote the speed and efficiency of their blockchains, relying on metrics that distinguish their performance becomes indispensable.
However, the industry still lacks reliable benchmarks for real-world efficiency, instead relying on sporadic sentimental waves of hype-driven popularity. According to Pu, misleading performance figures currently saturate the market, obscuring true capabilities.
“It’s easy for opportunists to take advantage by driving up over-simplified and exaggerated narratives to profit themselves. Every single conceivable technical concept and metric has at one time or another been used to hype up many projects that don’t really deserve them: TPS, finality latency, modularity, network node count, execution speed, parallelization, bandwidth utilization, EVM-compatibility, EVM-incompatibility, etc.,” Pu told BeInCrypto.
Pu focused on how some projects exploit TPS metrics, using them as marketing tactics to make blockchain performance sound more appealing than it might be under real-world conditions.
Examining the Misleading Nature of TPS
Transactions per second, more commonly known as TPS, is a metric that refers to the average or sustained number of transactions that a blockchain network can process and finalize per second under normal operating conditions.
However, it often misleadingly hypes projects, offering a skewed view of overall performance.
“Decentralized networks are complex systems that need to be considered as a whole, and in the context of their use cases. But the market has this horrible habit of over-simplifying and over-selling one specific metric or aspect of a project, while ignoring the whole. Perhaps a highly centralized, high-TPS network does have its uses in the right scenarios with specific trust models, but the market really has no appetite for such nuanced descriptions,” Pu explained.
Pu indicates that blockchain projects with extreme claims on single metrics like TPS may have compromised decentralization, security, and accuracy.
“Take TPS, for example. This one metric masks numerous other aspects of the network, for example, how was the TPS achieved? What was sacrificed in the process? If I have 1 node, running a WASM JIT VM, call that a network, that gets you a few hundred thousand TPS right off the bat. I then make 1000 copies of that machine and call it sharding, now you start to get into the hundreds of millions of ‘TPS’. Add in unrealistic assumptions such as non-conflict, and you assume you can parallelize all transactions, then you can get “TPS” into the billions. It’s not that TPS is a bad metric, you just can’t look at any metric in isolation because there’s so much hidden information behind the numbers,” he added.
The Taraxa Co-founder revealed the extent of these inflated metrics in a recent report.
The Significant Discrepancy Between Theoretical and Real-World TPS
Pu sought to prove his point by determining the difference between the maximum historical TPS realized on a blockchain’s mainnet and the maximum theoretical TPS.
Of the 22 permissionless and single-shard networks observed, Pu found that, on average, there was a 20-fold gap between theory and reality. In other words, the theoretical metric was 20 times higher than the maximum observed mainnet TPS.
Taraxa Co-founder finds 20x difference between the Theoretical TPS and the Max Observed Mainnet TPS. Source: Taraxa.
“Metric overestimations (such as in the case of TPS) are a response to the highly speculative and narrative-driven crypto market. Everyone wants to position their project and technologies in the best possible light, so they come up with theoretical estimates, or conduct tests with wildly unrealistic assumptions, to arrive at inflated metrics. It’s dishonest advertising. Nothing more, nothing less,” Pu told BeInCrypto.
Looking to counter these exaggerated metrics, Pu developed his own performance measure.
Introducing TPS/$: A More Balanced Metric?
Pu and his team developed the following: TPS realized on mainnet / monthly $ cost of a single validator node, or TPS/$ for short, to fulfill the need for better performance metrics.
This metric assesses performance based on verifiable TPS achieved on a network’s live mainnet while also considering hardware efficiency.
The significant 20-fold gap between theoretical and actual throughput convinced Pu to exclude metrics based solely on assumptions or lab conditions. He also aimed to illustrate how some blockchain projects inflate performance metrics by relying on costly infrastructure.
“Published network performance claims are often inflated by extremely expensive hardware. This is especially true for networks with highly centralized consensus mechanisms, where the throughput bottleneck shifts away from networking latency and into single-machine hardware performance. Requiring extremely expensive hardware for validators not only betrays a centralized consensus algorithm and inefficient engineering, it also prevents the vast majority of the world from potentially participating in consensus by pricing them out,” Pu explained.
Pu’s team located each network’s minimum validator hardware requirements to determine the cost per validator node. They later estimated their monthly cost, paying particular attention to their relative sizing when used to compute the TPS per dollar ratios.
“So the TPS/$ metric tries to correct two of the perhaps most egregious categories of misinformation, by forcing the TPS performance to be on mainnet, and revealing the inherent tradeoffs of extremely expensive hardware,” Pu added.
Pu stressed considering two simple, identifiable characteristics: whether a network is permissionless and single-sharded.
Permissioned vs. Permissionless Networks: Which Fosters Decentralization?
A blockchain’s degree of security can be unveiled by whether it operates under a permissioned or permissionless network.
Permissioned blockchains refer to closed networks where access and participation are restricted to a predefined group of users, requiring permission from a central authority or trusted group to join. In permissionless blockchains, anyone is allowed to participate.
According to Pu, the former model is at odds with the philosophy of decentralization.
“A permissioned network, where network validation membership is controlled by a single entity, or if there is just a single entity (every Layer-2s), is another excellent metric. This tells you whether or not the network is indeed decentralized. A hallmark of decentralization is its ability to bridge trust gaps. Take decentralization away, then the network is nothing more than a cloud service,” Pu told BeInCrypto.
Attention to these metrics will prove vital over time, as networks with centralized authorities tend to be more vulnerable to certain weaknesses.
“In the long term, what we really need is a battery of standardized attack vectors for L1 infrastructure that can help to reveal weaknesses and tradeoffs for any given architectural design. Much of the problems in today’s mainstream L1 are that they make unreasonable sacrifices in security and decentralization. These characteristics are invisible and extremely hard to observe, until a disaster strikes. My hope is that as the industry matures, such a battery of tests will begin to organically emerge into an industry-wide standard,” Pu added.
Meanwhile, understanding whether a network employs state-sharding versus maintaining a single, sharded state reveals how unified its data management is.
State-Sharding vs. Single-State: Understanding Data Unity
In blockchain performance, latency refers to the time delay between submitting a transaction to the network, confirming it, and including it in a block on the blockchain. It measures how long it takes for a transaction to be processed and become a permanent part of the distributed ledger.
Identifying whether a network employs state-sharding or a single-sharded state can reveal much about its latency efficiency.
State-sharded networks divide the blockchain’s data into multiple independent parts called shards. Each shard operates somewhat independently and doesn’t have direct, real-time access to the complete state of the entire network.
By contrast, a non-state-sharded network has a single, shared state across the entire network. All nodes can access and process the same complete data set in this case.
Pu noted that state-sharded networks aim to increase storage and transaction capacity. However, they often face longer finality latencies due to a need to process transactions across multiple independent shards.
He added that many projects adopting a sharding approach inflate throughput by simply replicating their network rather than building a truly integrated and scalable architecture.
“A state-sharded network that doesn’t share state, is simply making unconnected copies of a network. If I take a L1 network and just make 1000 copies of it running independently, it’s clearly dishonest to claim that I can add up all the throughput across the copies together and represent it as a single network. There are architectures that actually synchronize the states as well as shuffle the validators across shards, but more often than not, projects making outlandish claims on throughput are just making independent copies,” Pu said.
Based on his research into the efficiency of blockchain metrics, Pu highlighted the need for fundamental shifts in how projects are evaluated, funded, and ultimately succeed.
What Fundamental Shifts Does Blockchain Evaluation Need?
Pu’s insights present a notable alternative in a Layer-1 blockchain space where misleading performance metrics increasingly compete for attention. Reliable and effective benchmarks are essential to counter these false representations.
“You only know what you can measure, and right now in crypto, the numbers look more like hype-narratives than objective measurements. Having standardized, transparent measurements allows simple comparisons across product options so developers and users understand what it is they’re using, and what tradeoffs they’re making. This is a hallmark of any mature industry, and we still have a long way to go in crypto,” Pu concluded.
Adopting standardized and transparent benchmarks will foster informed decision-making and drive genuine progress beyond merely promotional claims as the industry matures.
Gate.io officially launched the brand-new airdrop platform CandyDrop. CandyDrop adopts a task-incentive mechanism, aiming to lower the entry barrier and enhance interaction between users and quality projects, creating a more convenient and efficient way for users to acquire cryptocurrencies.
Task-Driven Airdrops: Bridging Users with Quality Projects
CandyDrop is a token airdrop platform built by Gate.io, with its core mechanism being task-driven participation. Users can complete various tasks such as reaching a certain trading volume, depositing specific tokens, and inviting new users to register to earn candy points, which can be exchanged for project token airdrops.
Gate.io maintains its consistent professional standards in project selection, strictly controlling project quality, and selecting mature or high-potential tokens to ensure that users receive real and reliable rewards. This helps users access more quality assets while participating in the activities.
Easy Participation: Join CandyDrop Seamlessly
Participating in CandyDrop activities is very simple. On the web platform, users simply need to click “Startup” on the navigation bar and scroll to expand the “CandyDrop” page to easily join. On the app, click profile picture in the top left corner, scroll down to the “Earn” section, and open “CandyDrop” to quickly join the event as well.
After completing specified tasks, the system will award a corresponding amount of candy based on the task type. The more candy a user collects, the more tokens they will receive after the activity ends. After the activity ends, the platform will distribute the corresponding tokens to the user’s wallet based on the total amount of candy accumulated. Users can then choose to trade immediately to realize gains or hold the tokens long-term and wait for value appreciation.
CandyDrop Explained: Helping Users Participate with Confidence
CandyDrop activities have virtually no entry barrier, and all verified Gate.io users can participate. In addition to the aforementioned deposit, trading, and referral tasks, more innovative tasks will be introduced in the future.
CandyDrop’s candy distribution mechanism is closely tied to user engagement. The more tasks users complete, the more candy they receive, and the more likely they are to reach the required candy threshold to earn substantial rewards in each round. It is important to note that each CandyDrop event has an independent candy system, and candy from one event will not carry over to the next.
Each CandyDrop activity has its own rules and task requirements, which serve as the foundation for fair and orderly execution. Users must carefully read the detailed terms on the activity page before participating, to understand the rule specifics and better plan their participation strategy, allowing them to fully enjoy the event and its potential rewards.
CandyDrop: A New Model for Unlocking Asset Growth Opportunities
As the cryptocurrency market continues to develop, the CandyDrop platform, with its innovative, transparent, and user-friendly features, is expected to attract more users and inject new vitality into the industry. In the future, CandyDrop will continue to optimize platform functions, expand task types and incentive mechanisms, and provide users with diversified paths for asset appreciation, contributing to the prosperity of the crypto ecosystem.
Disclaimer: This content does not constitute an offer, solicitation, or recommendation. You should always seek independent professional advice before making investment decisions. Gate.io may restrict or prohibit certain services in specific jurisdictions. For more details, please read the User Agreement.
