Regardless of the condition of the crypto market, regulators are still leaving their mark in the industry using their respective power. On March 8, Thailand’s Securities and Exchange Commission (SEC) published an announcement targeting crypto staking and lending services issued by crypto firms. 

The announcement has raised questions and speculations among the crypto community on whether the Southeast Asian country is looking to prohibit cryptocurrency staking and lending services on crypto exchanges in its region.

Thailand To Ban Crypto Staking And Lending?

According to the announcement published by the regulator on Wednesday, it is seeking public feedback on a draft regulation concerning  the “prohibition of digital asset business operators’” or virtual asset providers’ (VASPs) “provision of or involvement with lending” and staking services in which the authority calls “crypto saving” or “crypto deposit taking.” 

Per the SEC’s policy, VASPs are not permitted to provide crypto staking and lending service due to the probability of the firm falling into insolvency.

The Thailand SEC noted:

Digital asset business operators are not allowed to provide or support deposit taking and lending services to prevent possible damage to digital asset investors and the public in the possible event of service discontinuance or financial problems that may occur on a continuous or concurrent basis among service providers as has recently been the case for foreign counterparts.

Additionally, the Thailand SEC further stated that the draft regulation which it wants the public hearing is also expected to clarify the common misconception that the supervision of regulated digital asset businesses is under the same scope as crypto staking and lending services which are currently not supervised at all.

The SEC added: 

Go to Source to See Full Article
Author: Samuel Edyme

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details