Thailand Unveils Stricter Regulations For ‘Unauthorized’ Crypto Platforms

In a bid to curb online crime and prevent money laundering through unauthorized digital asset service providers, Thailand’s Securities and Exchange Commission (SEC) announced new measures. This follows a resolution by the Technology Crime Prevention and Suppression Committee. Moreover, Mrs. Pornanong Busaratrakul, Secretary-General of the SEC, highlighted the urgency of the matter during a meeting on April 19, 2024.

Thailand SEC Cracks Down On Unauthorized Crypto Entities

The Thailand SEC has collaborated with the Ministry of Digital Economy and Society (DE) and relevant agencies for the latest move. The SEC is set to block unauthorized access to digital asset service providers’ platforms. This initiative aims to enhance law enforcement efficiency and thwart criminals from exploiting these platforms for illicit activities.

By cracking down on unauthorized platforms, Thailand seeks to follow the footsteps of countries like India and the Philippines in combating online crime. The regulatory crackdown comes in the wake of previous legal actions taken by the SEC against digital asset business operators operating without permission in Thailand.

Notable cases include the actions against Binance and Bybit Fintech Limited among others. Moreover, these actions underscore the Thai authorities’ commitment to ensuring compliance and safeguarding the interests of investors and users of digital asset platforms.

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Impact On Platform Users

In addition, the SEC emphasizes the importance of considering the impact on platform users in implementing these measures. Users are urged to swiftly withdraw their assets from unauthorized platforms to avoid disruptions once the regulatory actions take effect. The SEC intends to coordinate with the Ministry of Digital Economy and Society to facilitate the necessary processes and seek legal recourse, if required.

The move toward stricter regulations reflects Thailand’s proactive stance in addressing emerging challenges in the digital asset landscape. By proactively regulating the sector, authorities aim to encourage a safe and secure environment for digital asset transactions.

Furthermore, they seek to mitigating the risks associated with illicit activities and money laundering. In light of these developments, stakeholders, including digital asset service providers and users, are advised to stay informed about regulatory updates and comply with the prescribed guidelines to avoid legal repercussions.

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