CRYPTO WEEKLY MARKET UPDATE Thailand’s SEC Bans Crypto L | MYC Signals

CRYPTO WEEKLY MARKET UPDATE



Thailand’s SEC Bans Crypto Lending, Demands Risk Warning Disclosure
Thailand’s securities watchdog today (Monday) issued new rules that ban cryptocurrency firms from offering crypto lending services that provide returns to investors for their deposits. The rules also demand that digital asset operators from July 31, 2023, to start warning their customers against the risks of cryptocurrency trading.

Singapore Further Solidifies Consumer Protection by Year-End
Singapore's Monetary Authority of Singapore (MAS) has mandated crypto service providers to place customer assets into a statutory trust by the end of the year. This announcement, made on Monday, is part of a broader initiative to enhance customer protection to significantly reduce the risk of loss or misuse of customer assets in the city-state.

Belarus Plans to Ban P2P Crypto Transactions Over Digital Fraud
Belarus is planning to ban cryptocurrency exchange transactions between individuals due to rising cases of crime. The country is also planning to implement procedures such as those applicable to foreign currencies that make it impossible to withdraw money received from illegal activities.

According to an announcement by the Belarusian Ministry of Foreign Affairs, the local authorities have intercepted almost 30 fraudulent activities involving illegal crypto exchange services since the start of the year. The value of the transactions is reportedly about 22 million Belarusian rubles ($8 million).

Crypto Exchange LBank Launches Cryptocurrency Credit Card
According to a press release, world-leading crypto exchange LBank announced the launch of the world’s first unlimited cryptocurrency credit card.

The card will be available in both physical and virtual forms and aims to break the boundaries of crypto payments.

LBank’s crypto credit card allows its users to make any purchase and payments directly with cryptocurrencies granted by the exchange. The card will also support local cash withdrawals.