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Home » Thailand SEC Bans Using Of Customer Crypto Assets For Investment And Lending

Thailand SEC Bans Using Of Customer Crypto Assets For Investment And Lending

Hania by Hania
July 3, 2023
in Bitcoin News
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Thailand SEC Bans Using Of Customer Crypto Assets For Investment And Lending
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Regulations to protect investors have been discussed since September 2022, following the crypto lending crisis that witnessed companies such as BlockFi and Celsius declare bankruptcy.

Thailand’s Securities and Exchange Commission (SEC) has released fresh rules for digital asset service providers with the objective of protecting investors.

The new guidelines compel digital asset service providers to provide adequate warnings about the risks associated with crypto trading. The following message must be displayed on all platforms:

Cryptocurrencies carry a significant risk. Please thoroughly research and understand the risks associated with cryptocurrency because you own the risk of losing your entire investment.

Before customers are allowed to access a service, the business operator must make arrangements for them to consent and acknowledge the risks involved. The warning message should be clearly visible.

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Thailand SEC Bans Using Of Customer Crypto Assets For Investment And Lending

The new regulations ban service providers from using customer funds for lending or investment in addition to a warning regarding trading risks.

The Thai SEC banned cryptocurrency lending services, making it unlawful for cryptocurrency exchanges to provide any kind of return on customer deposits. The SEC aims to more effectively safeguard investors from risks associated with lending services. The new rules are scheduled to take effect from July 31, 2023.

On September 1, 2022, the SEC approved the necessity for security warnings by crypto business operators to disclose the risks of trading cryptocurrencies, which prompted discussion about new legislation for investor protection. The regulations restricting digital asset business operators from offering services or assisting with deposit-taking and lending services were considered at meetings on December 1, 2022, and May 11, 2023.

A large crypto lending crisis during the 2022 bear market prompted the establishment of stringent new regulations aimed at protecting investors. Several cryptocurrency lending companies that had amassed billions in deposits from customers by promising significant returns failed during the bear market. Leading lending companies, including Celsius and BlockFi, declared bankruptcy as a result of which investor funds were frozen in the bankruptcy process.

Tags: cryptocrypto lending crisislawREGULATIONSthai sec
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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