Thailand is planning to block unauthorized cryptocurrency service providers to fight online crimes. The Office of the Securities and Exchange Commission (SEC) is partnering with Thai government agencies to prevent criminals from utilizing crypto exchanges for illicit activities, including money laundering.
Thailand Warns about Unregistered Crypto Platforms
According to the press release, Pornanong Busaratrakul, the Secretary General of the SEC, recently disclosed plans to submit information about unauthorized crypto service providers to the Ministry of Digital Economy and Society.
The regulator’s decision to block unauthorized platforms reflects similar actions taken by other countries like India and the Philippines. The SEC is strengthening its commitment to protecting investors and safeguard the financial system by taking action against unregistered crypto service providers in Thailand.
In light of these developments, the SEC urged users of unauthorized platforms to promptly withdraw their assets. Additionally, investors have been cautioned against using services offered by unauthorized digital asset operators, as they may not be protected by law.
Investors are encouraged to verify the legitimacy of digital asset operators by consulting the SEC’s list of licensed businesses or using the “SEC Check First” application. Furthermore, any suspicious activities can be reported to the SEC’s Complaint and Whistleblower Center for further investigation.
Global Crypto Regulation Shifts
While Thailand reinforces its regulatory stance on crypto exchanges, Europe is also undergoing regulatory scrutiny. The Markets in Crypto-Assets (MiCA) framework mandates the European Commission to assess the feasibility of decentralized finance (DeFi) for specific regulations by the end of the year.
Expect ongoing updates as this story evolves.