Thailand SEC amplifies crypto crackdown; blocks unauthorized service providers
- The watchdogs have banned unlicensed crypto firms to combat cybercrime.
- Thai authorities have urged users to withdraw their assets from these platforms.
- Thailand seeks to promote cryptocurrency adoption while preventing online fraud.
In a move to prevent cybercrimes, Thailand’s government has decided to block unlicensed cryptocurrency firms.
Thailand enhances crypto regulation
Copy link to sectionThai SEC revealed the new measures following the 19 April Technology Crime Prevention & Suppression Committee meeting.
Meanwhile, the Securities & Exchange Commission received orders to submit data on illegal crypto entities to the Digital Economus & Society ministry to ban access to the service providers.
The regulator has given service users adequate time to prevent the impacts of blocking access to trading platforms to active investors.
Users of the unnamed crypto service providers should withdraw their funds promptly as the Thai SEC adopts measures similar to nations like the Philippines and India.
Preventing fraud while promoting crypto
Copy link to sectionThai’s clamp down on unlicensed crypto platforms reflects its dedication to safeguarding investor interest while cementing its global crypto hub status.
The regulators are looking to curb online fraud and promote crypto adoption. The country has allowed wealthy individuals and institutional players to invest in spot Bitcoin ETFs.
Further, Thailand has allowed retail investors to interact with infrastructure or real estate-backed digital assets.
Last month, Thailand’s cabinet introduced tax exemptions for earnings from crypto to boost the country’s competitiveness in global finance.
Meantime, stakeholders should stay up to date with the regulatory developments and adhere to the prescribed rules to evade legal consequences.
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