Miguel Cordon · · 1 min readThailand SEC bars crypto firms from offering lending, staking services
Thailand intends to ban crypto firms from running digital asset businesses or supporting digital asset depository services.
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The country’s Securities and Exchange Commission said it made the decision to protect traders and the general public from risks associated with related transactions, such as crypto staking and lending.
The SEC also noted that there are currently many foreign crypto companies that are facing liquidity issues and have stopped providing their services or suspended withdrawals of their digital assets.
The announcement follows recent shake-ups in the crypto industry, including the looming arrest of Terraform Labs founder Do Kwon after the over US$40 billion crash of the company’s Terra ecosystem. This sent out a massive wave that crashed against crypto firms globally, such as Three Arrows Capital, Vauld, and Hodlnaut.
Thailand’s ban also follows crypto exchange Huobi exiting the country after its license to operate was revoked by the SEC. The regulatory body said that Huobi Thailand failed to “rectify the work system and personnel to be ready and in accordance with the relevant rules and conditions as ordered by the SEC.”
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Editing by Jaclyn Tiu
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