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Home»ADOPTION NEWS»Thailand plans to block unauthorized cryptocurrency platforms for local users
ADOPTION NEWS

Thailand plans to block unauthorized cryptocurrency platforms for local users

By Crypto FlexsApril 22, 20243 Mins Read
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Thailand plans to block unauthorized cryptocurrency platforms for local users
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Asia • April 22, 2024, 6:02 AM EDT

Posted 1 minute ago In ~

Thailand’s Securities and Exchange Commission announced plans to block local access to unauthorized cryptocurrency platforms and asked local investors to withdraw their funds from such platforms.

After a meeting of the government’s Technology Crime Prevention Committee on April 19, the SEC was ordered to submit information on domestic unauthorized digital asset service providers to the Ministry of Digital Economy and Society. The Department of Defense is expected to ban access to the platform after court approval. said.

The SEC did not provide details that could delegitimize the platform, but it did provide a website that could help investors verify operators.

Thai regulators said blocking access could help law enforcement prevent criminals from using these platforms for illicit activities such as money laundering. It added that this measure is similar to measures taken by authorities in India and the Philippines.

According to the SEC, the government agency has previously taken legal action against cryptocurrency exchanges Binance and Bybit for operating without a license in Thailand.

“The SEC warns individuals and investors against using unlicensed digital asset operators. This is because they have no legal protection and are at risk of fraud and money laundering,” the statement said.

This latest development follows a number of positive cryptocurrency measures taken by Thai authorities this year. 7% VAT exemption Cryptocurrency trading profits Allow local institutions to invest U.S. spot Bitcoin exchange-traded fund.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.

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