By enforcing the ban, Thailand's SEC wants to ensure maximum security for local cryptocurrency participants.
By enforcing the ban, Thailand’s SEC wants to ensure maximum security for local cryptocurrency participants.
Thailand’s Securities and Exchange Commission prohibited domestic cryptocurrency entities from providing staking and lending services to clients. The ban aims to protect traders and the public from risks related to such activities. The South East Asian country has been active on the digital asset scene lately. At the beginning of the year, the local authorities displayed intentions to start taxing transactions with bitcoin and alternative coins, while later, they outlawed crypto’s usage for payments., Thailand’s SEC banned local cryptocurrency business operators from offering or supporting digital asset depository services such as staking and lending.
The regulator said enforcing such a ban is essential since many foreign companies have experienced liquidity issues in the past several months. One example is the DeFi platform and one of the largest cryptocurrency lenders – Celsius Network.
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