27.08.2021 News

SEC of Thailand is going to change the rules for the storage of digital assets

Recently, Thailand has been active when it comes to cryptocurrencies. In June, the country’s leadership banned meme tokens, NFTs, and applied to the Binance cryptocurrency exchange. Moreover, the country’s leadership has been against the active introduction of decentralized finance. Now, the SEC of Thailand wants to introduce new rules regarding cryptocurrency storage.

Thailand’s Securities and Exchange Commission has been planning to begin developing new rules for digital currencies for a while.

The most recent regulation proposals are focused on the regulation of asset custody, crypto lending, and crypto interests. 

Particularly, the suggested regulations prevent cryptocurrency custodians from earning profits through lending their clients’ crypto assets to other clients. It is forbidden to use the assets of one user for the interests of another. In addition, crypto custodians are not allowed to use digital assets to earn interest on crypto.

Only if users deposit their assets in commercial banks, crypto custodians could have the right to benefit from the held crypto assets. In that case, the banks would directly enter negotiations with the clients about the interest rate. Crypto custodians will have to check their clients’ accounts every day and make sure that the records are up to date. 

The proposals are still being discussed. Until September 22, 2021, the SEC will be receiving commentary before a decision is made.

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