The Thai Securities and Exchange Commission has proposed that businesses be prohibited from participating in crypto staking and lending activities. The regulator seeks public comments about the proposal. It notes that this prohibition is intended to provide greater protection for investors and lower associated risks strong>
Thailand Calls for Public Comments on 2 Crypto Regulatory Ideas
Thai Securities and Exchange Commission (SEC), announced Thursday that they are seeking public comments on two proposals related to regulation of crypto assets. Both proposals will be closed for comment until October 17.
First, a proposal is to ban crypto lending and crypto staking by businesses. According to the securities watchdog, this prohibition was intended to provide more protection for investors and lower associated risks.
According to the regulator, this proposal would prohibit businesses from accepting "deposits digital assets" from customers. They cannot lend, invest in, stake, or employ these digital assets.
Also, crypto firms cannot accept "deposits of digital assets from customers" and pay customers regular interest or other benefits from their own fund source.
Second, the proposal to require digital asset firms to disclose any risk information to users in order to allow them access to their platforms. For digital assets, crypto firms will also need to require a minimum purchase amount of 5,000 baht ($135)
Thailand's crypto regulation is currently under review. The Thai finance minister announced plans to amend Thailand's law regarding digital assets in August to tighten oversight of the crypto sector, especially trading platforms. The Thai SEC approved changes to crypto ads earlier this month.
What are your thoughts on the two proposed crypto regulatory measures by the Thai SEC. Comment below.
By: Kevin Helms
Title: Thai SEC Proposes Banning Crypto Businesses From Staking and Lending Activities
Sourced From: news.bitcoin.com/thai-sec-proposes-banning-crypto-businesses-from-staking-and-lending-activities/
Published Date: Sat, 17 Sep 2022 06:30:11 +0000