Thailand and Singapore Against Crypto Staking and Lending
In a recent development, the Securities and Exchange Commission (SEC) of Thailand has implemented new regulations that require cryptocurrency exchanges and other entities to publicly disclose the potential risks associated with trading cryptocurrencies.
Moreover, the use of users’ digital assets for loans or investments, as well as providing returns to depositors, is now prohibited. The regulations also impose restrictions on related advertisements. To protect investors, these rules will come into effect on July 31, with an injunction specifically prohibiting deposit staking and lending starting from August 30.
In parallel, Singapore has taken steps to enhance investor protection in the cryptocurrency space. The country now mandates crypto platforms to hold client funds in trusts, ensuring a higher level of security for users. Additionally, Singapore is progressing with a proposal to ban lending and staking activities for retail investors, reinforcing its regulatory regime for digital assets.
This move follows a consultation process aimed at tightening regulations in the sector. Meanwhile, other regions such as Hong Kong are actively seeking to attract greater participation from individuals and institutions in the cryptocurrency industry.
In parallel, Singapore has taken steps to enhance investor protection in the cryptocurrency space. The country now mandates crypto platforms to hold client funds in trusts, ensuring a higher level of security for users. Additionally, Singapore is progressing with a proposal to ban lending and staking activities for retail investors, reinforcing its regulatory regime for digital assets.
This move follows a consultation process aimed at tightening regulations in the sector. Meanwhile, other regions such as Hong Kong are actively seeking to attract greater participation from individuals and institutions in the cryptocurrency industry.
