Many media reports claimed that Thailand’s securities regulatory body wants to ban crypto lending & staking services in the country, as already Kraken crypto exchange was forced to suspend crypto staking services for the US customers by the US SEC agency.
Thailand is a popular crypto-friendly Southeast Asian country. Over the last few years, the majority of Thailand-based Fintech companies showed significant Inclination toward crypto & blockchain technology and their better uses. Also, Thailand’s government agencies reduced crypto gain tax from 15% to 7%. Thailand’s Securities and Exchange Commission (SEC) is the dominant crypto regulatory agency in the country.
Last week, many crypto media reports claimed that Thailand’s SEC agency planned to issue regulatory action against all those companies which are providing crypto lending & crypto staking services under the existing virtual asset providers’ (VASPs) regime. On behalf of such reports, many people considered that action by Thailand’s SEC agency may ban lending & crypto staking services, which are one of the options of the passive earning system for some people.
But our deep investigation into this matter found that the Thai SEC was working to bring a new draft to regulate crypto staking & lending services and for the same agency seeking to get public hearing.
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Thailand SEC confirmed that all the crypto companies, providing Crypto services under the full licence, are not allowed to provide crypto staking & lending services because current existing laws don’t allow any crypto company to provide such services and also these are very risky services for the crypto Investors, under unregulated environment.
Thai SEC said:
“Digital asset business operators are not allowed to provide or support deposit-taking and lending services to prevent possible damage to digital asset investors and the public in the possible event of service discontinuance or financial problems that may occur on a continuous or concurrent basis among service providers as has recently been the case for foreign counterparts.”
So here we can say that all the news of the cryptos staking & lending ban was fake and actual information was manipulated by the media news only for just more clicks.
Read also: US Fed Res working to establish a crypto sector monitoring team
Thailand SEC doesn’t seek crypto staking ban but wants regulation
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