Thailand has decided to block access to “unauthorized” crypto platforms, taking an important step to combat online crime and increase the effectiveness of law enforcement, authorities announced in a statement.
Thailand Blocks Access to 'Unauthorized' Crypto Platforms
The decision was taken following a meeting of the Technology Crimes Prevention and Suppression Committee, which directed Thailand's Securities and Exchange Commission (SEC) to submit details of unauthorized digital asset service providers to the Ministry of Digital Economy and Society to block access to these platforms.
Recognizing the impact on users, the SEC allowed users a period of time to manage their accounts before access was restricted. “Therefore, the SEC requests the users of the platform in question to quickly withdraw their assets from the platform,” the announcement said.
It was noteworthy that the Thai SEC referred to similar steps taken by countries such as India and the Philippines to block unauthorized platforms.
Thailand's regulatory environment for cryptocurrencies has been a balancing act between promoting the crypto ecosystem and reducing fraud risks.
While institutional investors and ultra-high net worth individuals are allowed to invest in crypto exchange-traded funds (ETFs) and retail investors are allowed to invest unlimitedly in digital tokens backed by real estate or infrastructure, regulators require custodians to have contingency plans for any eventuality. emphasizes the need.
This move underscores Thailand's commitment to ensuring the integrity of its financial ecosystem while tackling the complexities created by the rapidly evolving crypto landscape.
*This is not investment advice.