SEC urges caution on minors

The Securities and Exchange Commission (SEC) urged digital asset operators to be cautious when opening trading accounts to customers under 20 years of age as transactions by minors can be nullified by law if done without a guardian.

The SEC urged digital exchange operators to standardise and revise their protocols when providing services for underage customers in accordance with the Civil and Commercial Code as minors are subject to tighter regulations under the law.

The warning came after the regulator found that many local digital asset exchange operators have opened accounts for underage customers and risk having those accounts closed if their account opening processes are not in line with the Civil and Commercial Code.

Any violation of the law can revoke the validity of a contract between a customer and an exchange and nullify any action that follow such…