SEC opens hearing on ban on crypto operators from providing or supporting deposit taking & lending services

The Office of the Securities and Exchange Commission (SEC) welcomes its opinions on the principle prohibiting digital asset operators from providing or supporting digital asset depository services that pay returns to depositors. and deposit taking & lending to protect traders and the public from service providers' business risks.

According to the SEC in its meeting No. 12/2022 on September 1, 2022, the resolution approved the principle of prescribing rules prohibiting digital asset business operators to provide or support digital asset depository services. with the payment of returns to depositors and deposit taking & lending to protect traders and the general public from the risks of such transaction providers as well as to help reduce problems that may be misunderstood as a service that is regulated by a regulatory authority. until it may lead to damage to the people Because there is no supervision both at home and abroad. And at present, there are many foreign service providers who face liquidity problems that have to stop their services and suspend the withdrawal of digital assets of customers. supervise the matter The important things are as follows:

(1) Prohibit digital asset business operators Take deposit of digital assets and take deposited digital assets for loan or investment. and pay returns to depositors

(2) Prohibiting digital asset business operators Accepting digital assets by paying returns to depositors Even if such returns do not come from taking advantage of the digital assets deposited (for example, it may come from the promotional budget of the company or group companies, for example), unless it is a promotion in accordance with the rules prescribed by the Board of Directors. SEC announced the determination

(3) Prohibit advertising or soliciting the general public or doing any other act in the manner of supporting the deposit taking & lending services under (1) and (2) of the service provider or other persons, for example as a channel for customers. Foreign deposit taking & lending service providers can be used through the operator's platform or application, for example.