Twitter: Thailand wants to ban all lending and interest-yielding crypto products, as well as their advertising.
Thailand's Securities and Exchange Commission is preparing to hold a new public hearing on a potential ban on staking and lending services in the country.on March 8 that the authority is seeking public comments on a draft regulation prohibiting virtual asset service providers from providing or getting involved in any type of crypto staking and lending transactions.
According to the SEC’s policy, VASPs should not be allowed to deploy users’ deposits and provide lending services in order to prevent possible damage to investors in a possible event of services’ termination. Additionally, the draft regulation is expected to further clarify the scope of supervision of digital asset businesses because they are currently not fully supervised, the SEC stated, adding:
“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.”on the principle of the proposed regulation in September and October 2022.
The authority has invited stakeholders and interested parties to submit their feedback and suggestions via the SEC’s website or email by April 7, 2023.
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