Thailand’s Securities and Exchange Commission (SEC) has banned crypto companies from offering staking and lending services.
A new move came from Thailand, which recently renewed its crypto advertising regulations in order to protect the investor. The SEC has restricted some services of crypto companies to minimize the risks of investments made in the crypto space.
Crypto Companies Ban From Thailand
Thailand’s Securities and Exchange Commission (SEC) stated in a press release that it prohibits crypto companies from offering staking and lending services.
The decision to ban deposit services, which includes reimbursement to depositors, was taken to protect investors from crypto-related risks, the statement said.
Thai authorities aim to provide more protection for the small investor. The restriction rules came after Zipmex, the local licensed exchange in Thailand. Zipmex stopped withdrawals last month. The parent company, Zipmex Pte, was subsequently granted quarterly creditor protection by Singapore. For these and similar reasons, the government has introduced new regulations for the crypto industry.
The regulator also asked Zipmex to provide clarity on the withdrawal freeze in July.
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