Damn! This Southeast Asian Country Bans Crypto Exchanges Offering Services!

<p>&nbsp;"Hey, why are you suddenly acting like this, what's wrong with crypto?"</p><p><br /></p><p>After Singapore, the second Southeast Asian country, Thailand, has banned cryptocurrency exchanges offering lending and staking services after its regulators sought to protect investors through their digital asset strategies.</p><p><br /></p><p>According to Thailand's Securities and Exchange Commission (SEC), the ban is for depository services that offer returns to depositors and lenders.</p><p><br /></p><p>Not only that, SEC Thailand also introduced a mandatory trading risks disclaimer*, where they instructed their citizens to carefully study and understand crypto risks as they could lose their entire investment.</p><p><br /></p><p><br /></p><p>*Informs users of the potential financial risks of engaging in foreign exchange trading and derivative products</p><p><br /></p><p>Following the new rules that will come into effect on July 31, 2020, crypto exchange operators must ensure that users acknowledge the risks before agreeing to use the service but it should be noted that only qualified users can invest in digital assets.</p><p><br /></p><p>On the other hand, the Monetary Authority of Singapore (MAS) is now requiring crypto exchanges to transfer all digital assets of customers into the Trust before the end of the year as part of its plans to avoid risks such as the FTX issue.</p><p><br /></p><p>Earlier in November 2022, the FTX crypto exchange suffered a collapse after FTT, the digital asset it was founded on, was found to have bad account balances and it also reportedly sent client funds to Alameda Research.</p><p><br /></p><p>The entire crypto market is also witnessing pain as regulators around the world are increasingly aggressive towards digital assets after the FTX issue erupted, leaving investors increasingly nervous.</p>