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Thai SEC Proposes Banning Crypto Businesses From Staking and Lending Activities

News Feed - 2022-09-17 03:09:11

Thai SEC Proposes Banning Crypto Businesses From Staking and Lending Activities


The Thai Securities and Exchange Commission (SEC) has proposed banning businesses from engaging in crypto staking and lending activities. The regulator is seeking public comments on the proposal, noting that the purpose of this prohibition is “to provide greater protection to investors and reduce associated risks.” Thailand Seeks Public Comments on 2 Crypto Regulatory Proposals


The Thai Securities and Exchange Commission (SEC) announced Thursday that it is seeking public comments on two proposals relating to the regulation of crypto assets. The comment period for both proposals ends on Oct. 17.


The first is a proposal to prohibit businesses from crypto staking and lending activities. The securities watchdog said the purpose of this prohibition is “to provide greater protection to investors and reduce associated risks.”


The regulator detailed that under this proposal, businesses cannot accept “deposits of digital assets from the customers and lend, invest, stake or employ such digital assets.”


Crypto firms also cannot accept “deposit of digital assets from the customers and pay the customers regular interests or other types of benefits from their own source of fund.” Moreover, they are prohibited from “Providing support to third parties that undertake crypto saving and lending services, including marketing.”


The second is a proposal to obligate digital asset firms to disclose risk information as proposed by the SEC to users before admitting them to their platforms. Crypto firms must also require a minimum purchase of 5,000 baht ($135) for digital assets.


Crypto regulation in Thailand is undergoing changes. In August, the Thai finance minister revealed plans to amend the country’s law on digital assets to tighten the oversight of the crypto sector, particularly trading platforms. Earlier this month, the Thai SEC approved new requirements for crypto ads. Tags in this story thai, thai sec, thailand, thailand bans crypto lending, thailand bans crypto staking, thailand crypto lending, thailand crypto regulation, thailand crypto staking


What do you think about the two crypto regulatory proposals by the Thai SEC? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. US Senator Wants Congress to Step in With Crypto Guidance — Urges SEC to Provide Much More Clarity on Regulations REGULATION | 5 hours ago US Treasury Clarifies How to Comply With Regulations on Sanctioned Crypto Mixing Service Tornado Cash REGULATION | 8 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUS Senator Wants Congress to Step in With Crypto Guidance — Urges SEC to Provide Much More Clarity on Regulations Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


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