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Thailand Moves to Restrict Access to 'Unauthorized Cryptocurrency Platforms'

Thailand Moves to Restrict Access to 'Unauthorized Cryptocurrency Platforms'

Apr 22, 2024

Thailand Moves to Restrict Access to 'Unauthorized Cryptocurrency Platforms'

Thai authorities have determined to block access to "unauthorized cryptocurrency platforms." This development follows a meeting of the Technology Crime Prevention and Suppression Committee, after which Thailand's Securities and Exchange Commission (SEC) was instructed to convey a list of such unauthorized platforms to the Ministry of Digital Economy and Society.

The decision to block unlicensed exchanges, inspired by similar actions taken by India and the Philippines, aims to clamp down on money laundering and other illicit online activities. The SEC highlighted its intention to reduce the potential impact on current users, stating, "The SEC requests users of the said platform to quickly withdraw their assets from the platform," as reported in an announcement on Friday.

Secretary-General of the Thai SEC, Pornanong Budsaratragoon, made the order public after the Committee meeting on April 19. She emphasized the importance of public caution when dealing with unlicensed digital asset business operators due to the lack of legal protection and the heightened risk of scams and money laundering. The SEC has encouraged investors to utilize their "SEC Check First" application to verify the registration status of any digital asset platform. Notably, prominent exchanges such as Binance, Coinbase, KuCoin, Kraken, and OKX have not registered legally to operate in Thailand, according to government data.

The current state of cryptocurrency regulation in Thailand reflects a rigorous approach to combating online crime while trying to foster a safe investment environment. The implications of these recent measures will potentially influence the operations of Bitcoin businesses in the region and could set a precedent for how other nations approach regulation.

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