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.
This article was written by Jared Kirui at www.financemagnates.com.
