SK, Singapore, Thailand Clarify Crypto Rules
In the second half of this year, Asian jurisdictions have implemented new rules for cryptocurrency exchanges without lawsuits. Some countries, like Singapore and Thailand, follow the U.S. Securities and Exchange Commission’s approach of faking certain exchange products. However, the focus in Asia is on clarity rather than court battles, unlike North America. Countries like Asia are attracting crypto companies by clarifying rules and adapting to innovation.
South Korea’s National Assembly approved a bill in June to protect cryptocurrency investors’ interests. Singapore and Thailand followed suit, forbidding crypto staking services. The South Korea bill focuses on investor protection and includes penalties for rule violations, including fines and jail time. The bill was approved over a year after the collapse of Terra-Luna, a $40 billion cryptocurrency and stablecoin, causing losses for investors.\
(With inputs from Shikha Singh)
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