The Securities and Exchange Commission of Thailand (SEC) has proposed banning companies from engaging in cryptocurrency staking and lending activities. The regulator has solicited public comment on the proposal, noting that the ban is intended to “offer greater protection to investors and reduce associated risks.”
Thailand Seeks Public Comment On Two Crypto Regulation Proposals
The Securities and Exchange Commission of Thailand (SEC) announced Thursday that it is seeking public comment on two proposals for regulation of crypto assets.
The first is a proposal to ban cryptocurrency staking and lending activities by companies. The securities regulator said the ban’s purpose is to “provide investors with greater protection and reduce the associated risks.”
The regulator clarified that under the proposal, companies “cannot accept deposits of digital assets from customers and lend, invest, sponsor or employ such digital assets.” described.
A cryptocurrency company also cannot “accept deposits of digital assets from customers and pay them periodic interest or other types of benefits from their own sources.” In addition, “providing support, including marketing, to third-party virtual currency savings and lending services” is also prohibited.
The second is a proposal to require digital asset companies to disclose SEC-proposed risk information to users before allowing users to participate in the platform. Also, cryptocurrency companies must purchase digital assets at least 5,000 baht ($135).
Crypto regulations in Thailand are changing. August, Minister of Finance of Thailand clearly It plans to amend national legislation on digital assets in order to strengthen scrutiny of crypto-assets, especially trading platforms. Earlier this month, Thailand’s SEC approved the following new requirements: crypto advertising.
What do you think of the two crypto regulation proposals by Thailand’s SEC? Let us know in the comments section below.
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