Thailand To Ban Crypto Staking And Lending? Here’s What We Know

Thailand is reportedly considering banning cryptocurrency staking and lending. The move comes in response to concerns from the Securities and Exchange Commission (SEC) that these activities pose significant risks to investors. Although the ban is not yet official, it is under review, and experts are anticipating a potential clampdown on the crypto industry in the country. This news has caused concern among crypto investors and traders, as well as those in the blockchain and DeFi industries. Stay tuned for updates on Thailand’s potential crypto ban.

The Securities and Exchange Commission of Thailand has recently published an announcement regarding crypto staking and lending services offered by crypto firms, which has raised questions and speculations about a possible ban on such services. The SEC is seeking public feedback on a draft regulation that seeks to prohibit digital asset business operators from providing or being involved with lending and staking services, which the authority calls “crypto saving” or “crypto deposit taking.” The reason for this prohibition is to prevent possible damage to digital asset investors and the public in the event of service discontinuance or financial problems that may occur. The proposed regulation aims to provide greater protection to investors, reduce associated risks, and prevent a misunderstanding that deposit-taking and lending services are under the same supervision as regulated digital asset businesses. While stakeholders and interested parties are summoned to submit their comments and suggestions, the global crypto market capitalization continues to plummet.

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