Sign In
SEC News

SEC public hearing on a draft regulation regarding prohibition of digital asset business operators’ provision of or involvement with crypto deposit taking and lending services



Wednesday 8 March 2023 | No. 41 / 2023


Bangkok, 8 March 2023 – The Securities and Exchange Commission, Thailand (SEC) is seeking public comments on a draft regulation prohibiting digital asset business operators from providing or getting involved with crypto saving (deposit taking) and lending services. The proposed regulation aims to provide greater protection to investors, reduce associated risks, and prevent a misunderstanding that deposit taking and lending services are under the same supervision as regulated digital asset businesses.

Under the SEC’s policy, digital asset business operators are not allowed to provide or support deposit taking and lending services to prevent possible damage to digital asset investors and the public in the possible event of service discontinuance or financial problems that may occur on a continuous or concurrent basis among service providers as has recently been the case for foreign counterparts. In addition, the draft regulation is expected to further clarify the scope of supervision of digital asset businesses because they are not under state oversight. 

The SEC conducted a public hearing on the principle of the proposed regulation during the month of September and October 2022 in accordance with the resolution of the SEC Board Meeting No. 12/2565 on 1 September 2022. Essentially, the draft regulation would prohibit digital asset business operators from:  
(1) Accepting deposits of digital assets from the customers and lending, investing, staking or employing such digital assets;
(2) Accepting deposits of digital assets from the customers and paying them regular interests or other types of benefits from their own source of fund unless those activities are in accordance with the sale promotion rules; 
(3) Advertising, persuading or acting in any other manners to support the deposit taking and lending services under (1) and (2) of other service providers.  

The consultation paper is available at https://www.sec.or.th/EN/Pages/PB_Detail.aspx?SECID=883. Stakeholders and interested parties are welcome to submit comments and suggestions through the website or email: kanjanachat@sec.or.th or thanapatk@sec.or.th. The public hearing ends on 7 April 2023.  

________________________






Related News

SEC issues amendments to the regulations regarding record keeping of digital asset business operators
SEC public hearing on the use of digital assets as a means of payment and a proposed amendment to support BOT Programmable Payment Sandbox
From Challenges to Opportunity: Transforming Thailand’s Capital Market
SEC amends regulations related to requirement of minimum number of auditors in the capital market in an audit firm to enhance the overall strength of audit firms in the capital market
Zipmex’s digital asset exchange and broker licenses revoked