Thailand to target DeFi in latest regulatory clampdown
A new DeFi yield farming platform in Thailand has rattled regulators.
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In their latest effort to regulate the cryptocurrency industry, Thailand’s financial regulators have turned their sights towards decentralized finance, or DeFi.
According to a June 1 report from
Bangkok Post,
Thailand’s Securities and Exchange Commission (SEC) has announced that any activities related to DeFi may require a license from the financial regulator in the near future. The SEC specifically stated it will target DeFi protocols that issue tokens.
The latest regulatory push comes after the launch of the native token for Thai DeFi protocol, Tuktuk Finance, on the smart contract platform operated by popular local crypto exchange Bitkub on Sunday.