- SEC to hold third public hearing between March 8 and April 7
- Prior to this, the regulator raised this topic in September and October last year.
- The Commission is close to completely banning these services and their promotion for all VASPs
On Wednesday, March 8, the Securities and Exchange Commission (SEC) of Thailand published a new ruling. The regulator is asking for public opinion on a complete ban on staking and lending cryptocurrencies.
According to press release, the change in policy aims to reduce risks and ensure investor protection. The ruling also aims to clarify the extent of the regulator’s oversight of digital asset service providers (VASPs), since not all of them are under the jurisdiction of the SEC.
Prior to this, the Commission held public hearings on the issue in September and October. The resolution refers to a virtually complete ban on VASPs accepting customer stakes, paying remuneration on them, and using these funds for re-investment.
In addition, these counterparties are also prohibited from publishing promotional materials promoting these services. All this is set out in the text of the decree, available at link.
All interested parties can leave their comments up to and including April 7th. The news about the new public hearings appeared against the backdrop of global problems with landing protocols.
The examples of Celsius and Voyager demonstrate how high-risk these investments are for the average user. We also recall that the US SEC banned staking on Kraken and fined the exchange. Many traders take this as the first sign of a similar law in America.