Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: Coin_Gabbar on September 15, 2022, 01:32:41 PM
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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.
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Its a fact that this market is not mature, many whales and institutes have large amount of bitcoins and controls the crypto market , these big investors need a regulation to not sell all the crypto at once as we see that the Elon sell the bitcoins and market comes to more then 30% in a day , and its a institute but it worked as a catalyst and force other investors to sell and therefore we see a huge dump .
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This FUD has been spreading, but the influence is not really high. We know how tight the regulation by the SEC is if this news is true.
We can see how they regulate and ban every crypto activity. This is bad enough when many more countries try to accept crypto and legalize it, the SEC this country preciselly wants toband.