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Author Topic: Thai SEC Planning to Ban Crypto Operators: Reports  (Read 342 times)

cryptogabbar

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  • Thai SEC Planning to Ban Crypto Operators: Reports
    « on: September 15, 2022, 01:29:55 PM »
    As the cryptocurrency market matures, Thailand's Securities and Exchange Commission is instituting new regulations governing the activities of crypto operators.
    According to reports, the Thai SEC is planning to ban or prohibit crypto operators from providing digital asset depository services. It also intends to ban the platform’s payment of returns on cryptocurrency deposited by users and utilized for lending or reinvesting via the platform.

    The Thai SEC said that these measures will assist safeguard traders and regular investors. The recent development follows the exchanges earlier this year's liquidity issues. In addition, several crypto lenders that promised better interest rates to depositors risked insolvency as a result of the crypto market's brutal fall.

    The Thai Securities and Exchange Commission has proposed the following:

    Prohibit crypto business operators from accepting deposits of digital assets and then borrowing and investing those digital assets to reimburse the depositors.

    Prohibiting advertising or soliciting the general public, as well as engaging in any activity that might encourage deposit-taking or lending services.

    Prohibiting digital business operators from receiving digital assets and providing returns to depositors.

    Thai SEC’s Regulatory Measures

    The Thai SEC has taken action following the liquidity issues encountered by crypto exchange Zipmex in July 2022. Back then, Zipmex, which had a large presence in Southeast Asian countries, had suspended platform deposits and withdrawals.

    Since then, the Thai SEC has probed regarding the public's possible losses. It also requested feedback from impacted Zipmex users via an online forum. Although withdrawals from Zipmex resumed immediately for its Thai customers, it has left the SEC in a state of concern.

    Last week, the Thai Securities and Exchange Commission also filed a police complaint against crypto exchange Zipmex. The exchange assured that they are working with regulators to fully comply with all essential standards and security procedures.
    For more information visit Coingabbar.com


     

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