Regulators approve ban on crypto lending; Flash Express partners with SC Asset

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The stock mar­ket reg­u­la­tor has approved a ban on cryp­to lend­ing as it weighs a min­i­mum invest­ment amount tar­get­ing retail investors. Sep­a­rate­ly, couri­er com­pa­ny Flash Express has signed a deal with SET-list­ed home­builder SC Asset to devel­op par­cel dis­tri­b­u­tion centres.

Regulators approve ban crypto lending

Thailand’s Secu­ri­ties and Exchange Com­mis­sion (SEC) has approved an effec­tive ban on cryp­to stak­ing and lend­ing ser­vices after the major­i­ty vote went in favour of the pro­ceed­ing, accord­ing to an announce­ment on Thursday.

A min­i­mum of 5,000 baht ($135) is also being weighed for invest­ment in dig­i­tal assets, con­sid­er­ing its volatile nature and inad­e­quate risk aware­ness among traders, said the mar­ket reg­u­la­tor in a sep­a­rate state­ment. The amount will pro­tect indi­vid­ual traders with low-risk tol­er­ance against poten­tial losses.

Should the reg­u­la­tions announced on Thurs­day be finalised, cryp­to oper­a­tors will be barred from offer­ing deposits and with­drawals of dig­i­tal assets or offer­ing returns to depos­i­tors — even ones that come from rev­enues of the com­pa­ny or its affil­i­ates. Only returns from sales pro­mo­tion will be allowed to be giv­en back to traders.

Cit­ing over­seas cryp­to lenders in the liq­uid­i­ty cri­sis and ser­vice sus­pen­sion, the Thai SEC claimed that the ban on such ser­vices will pre­vent mis­con­cep­tion about reg­u­la­to­ry over­sight, which has not been established.

In addi­tion, the Thai SEC is push­ing for­ward a man­date for cryp­tocur­ren­cy-relat­ed adver­tise­ments to flag a clear­ly-vis­i­ble warn­ing mes­sage: “Cryp­tocur­ren­cies are not reg­u­lat­ed by the laws of Thai­land and have a high volatil­i­ty that may not be sup­port­ed by any fun­da­men­tal fac­tors. You may lose all invest­ment money.”

Flash Express, SC Asset tie up to build warehouses

Flash Express, the country’s sec­ond-largest express par­cel deliv­ery com­pa­ny, has joined hands with local res­i­den­tial devel­op­er SC Asset to build a 300,000-square-metre dis­tri­b­u­tion cen­tre in the north­east­ern province of Thai­land Nakhon Sawan, accord­ing to a com­pa­ny announcement.

Under the first phase of the coop­er­a­tion between Flash Express and SC Asset’s logis­tics arm SCX One, the strate­gi­cal­ly-locat­ed ware­house is expect­ed to kick off oper­a­tions next year.

Flash Express is said to be in talks with Black­stone-backed pri­vate equi­ty giant PAG to raise an undis­closed amount of invest­ment in its next round of fundrais­ing, accord­ing to indus­try sources. Flash and PAG declined to com­ment on a query sent by DealStreetAsia.

Along with fin­tech start­up Ascend Mon­ey, Flash Express is one of just two uni­corns in Thailand.

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