Thai SEC Proposes Banning Crypto Businesses From Staking and Lending Activities – Regulation Bitcoin News

Bitcoin.com

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.

How To Get Free Crypto  

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.

Coinbase Banner  

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

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.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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.

FreeBitcoin Banner  

Read disclaimer

Go to Source
Author: Kevin Helms


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.