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Saturday, March 25, 2023

Thailand readies ban for crypto staking and lending

Thailand’s Securities and Exchange Commission (SEC) is holding another open hearing to get public opinion about placing a ban on providing crypto staking and lending services to clients.

According to a press release, the watchdog is cracking down on digital asset depository services in the aftermath of crypto lending platforms’ crashes experienced earlier last year. Several regulators have warned in recent weeks that many more DeFi platforms are on the verge of facing a collapse.

As such, Thailand’s SEC has stepped in to ensure maximum protection for local investors and minimize the general public’s risks when interacting with the sector. It explains that these unexplored and uncharted technologies put consumers at risk, where the lack of regulation often covers fraud, completely illegitimate claims about valuation, and very often speculation, as well as criminal…

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