The Thai Securities and Exchange Federation (SEC) is about to hold a new announcement hearing system to discuss the possibility that the host country will ban bargaining chips and loan services.

The SEC has consulted the public on a draft policy that forbids virtual asset service providers (VASP) from providing or participating in all types of data encryption chips and lending transactions, the SEC announced on March 8.

According to the relevant policies of SEC, VASP is not allowed to deploy customer savings and provide loan services, so as to avoid the harm to investment when management is stopped. In addition, the SEC indicated that the draft estimate regulation would further clarify the scope of regulation of the digital money business, as it is not yet fully regulated, adding:

"the proposed regulations aim to provide investors with more maintenance, reduce associated risks and avoid misunderstanding that deposit-taking and loan services are under the same supervision as regulated digital currency business processes."

The China Securities Regulatory Commission held a public hearing system on the proposed regulatory standards in September and October 2022, the CSRC said in a statement. The draft provision will fundamentally prohibit VASP from accepting customer savings for loans, bets and other further deployment of such property, to provide loan interest payments for login password ownership, and to publicize and plan such services.

The agency has invited stakeholders and stakeholders to submit his feedback and proposals on the SEC website or email by April 7, 2023.

The news comes as the Thai Securities and Exchange Federation has raised the country's digital currency standards in response to the ongoing difficulties in the login password loan industry.

Many key areas of lending companies, including Voyager Digital, Celsius Network, Genesis Global, Babel Finance and Hodlnaut--, have encountered serious liquidity problems in the ongoing bear market of login passwords, driving some companies to restructure or liquidate their operations. Gemini, a large and medium-sized login password trading center founded by Taiqin and Cameron Winklevos, is facing lawsuits from the Foreign Securities and Exchange Commission at this stage. The company is accused of violating its commitment to provide investors with an "acquisition" program with an annual return of 8.05%.