Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
Thai SEC Proposes to Ban Crypto Firms from Betting and Lending Activities – Regulating Bitcoin News
The Thai Securities and Exchange Commission (SEC) has proposed to ban businesses from engaging in crypto betting and lending activities. The regulator is seeking public comments on the proposal, noting that the purpose of this ban is “to provide greater protection to investors and reduce associated risks.”
Thailand seeks public comments on 2 crypto regulatory proposals
The Thai Securities and Exchange Commission (SEC) announced on Thursday that it is seeking public comments on two proposals related to the regulation of cryptoassets. The comment period for both proposals ends on 17 October.
The first is a proposal to ban businesses from crypto betting and lending activities. The securities watchdog said the purpose of this ban is “to provide greater protection to investors and reduce associated risks.”
The regulator detailed that under this proposal, companies cannot accept “deposits of digital assets from customers and lend, invest, bet or use such digital assets.”
Crypto firms also cannot accept “escrow of digital assets from customers and pay customers regular interest or other types of benefits from their own source.” Moreover, they are prohibited from “providing support to third parties that perform crypto savings and lending services, including marketing.”
The second is a proposal to oblige digital asset firms to disclose risk information as proposed by the SEC to users before releasing them to their platforms. Crypto firms must also require a minimum purchase of 5,000 baht ($135) for digital assets.
Crypto regulation in Thailand is undergoing changes. In August, Thailand’s finance minister revealed plans to amend the country’s digital assets law to tighten oversight of the crypto sector, particularly trading platforms. Earlier this month, the Thai SEC approved new requirements for crypto ads.
What do you think of the two crypto regulatory proposals from the Thai SEC? Let us know in the comments section below.
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