Thailand Bans Lending and Staking Services
Thailand has joined Singapore in banning crypto exchanges from offering lending and staking services to retail investors. The Thai SEC announced the new rules, aimed at improving investor protection, which will take effect on July 31, 2023. The ban applies to depository services that offer returns to depositors and lenders, and exchanges are outright banned from offering such services. The Thai SEC also introduced a mandatory trading risk disclaimer and investor suitability assessments for users.
Singapore Bans Lending and Staking for Retail Investors
Following Thailand’s lead, the Monetary Authority of Singapore (MAS) has also announced a ban on lending and staking services for retail investors. The MAS stated that staking activities are unsuitable for the retail public due to their extremely high risk and speculative nature. In addition to the ban, the MAS will require crypto exchanges to safeguard customer assets in a trust by the end of the year.
Hot Take
Thailand and Singapore’s actions reflect a growing concern for investor protection in the crypto industry. The bans on lending and staking services aim to prevent further losses and protect retail investors from high-risk activities. However, it remains to be seen how these regulations will impact the overall crypto market and if other countries will follow suit.
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