Thailand SEC seeks public feedback on crypto lending and staking ban.
Thailand’s securities regulator believes that crypto firms should not be allowed to distribute users’ deposits and provide lending services. Thailand’s Securities and Exchange Commission (SEC) plans to hold a new public hearing on the potential ban on staking and lending services in the country.
Public opinion will be taken
Thailand’s SEC announced on March 8 that it would like to seek public opinion on a draft that would prohibit virtual asset service providers from providing and engaging in any form of crypto staking and lending.
According to the SEC’s policy, VASPs should not be allowed to distribute users’ deposits and provide lending services to avoid potential losses to investors in the event of service termination. The SEC also stated that the draft regulation is expected to further clarify the scope of auditing of digital asset businesses because they are currently not audited.
The announcement states that the securities regulator SEC held a public hearing on the principle of the proposed regulation in September and October 2022. The draft regulation will prohibit VASPs from lending, staking and accepting user deposits for further distribution of such assets, offering interest payments on crypto assets, and advertising any of such services.
In the announcement, interested parties are requested to submit their feedback and suggestions through the SEC’s website or via email by April 7, 2023.
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