Regulators have been coming in strong into the crypto-verse. In yet another proactive measure to assert authority over the market, Thailand revealed plans to block unauthorized digital asset platforms. This decision stems from a convening of the Technology Crime Prevention and Suppression Committee.
The Securities and Exchange Commission [SEC] issued the directive and even mandated the disclosure of unauthorized crypto service providers to the Ministry of Digital Economy and Society. After being identified, these firms will likely face access restrictions. The latest move underscores the government’s resolve to further bolster law enforcement while battling online criminal activities.
Transitional Measures for Users
Acknowledging the possible disruption to users, Thailand authorities have put forth a transitional period. During this time, users will be allowed account management and asset withdrawals before the blockade ensues. This measured approach aims to minimize disruptions while upholding regulatory objectives. The announcement further read,
“Therefore, the SEC requests users of the said platform to quickly withdraw their assets from the platform.”
It looks like Thailand is taking notes from India and the Philippines. These countries have been fortifying their regulatory framework while cultivating a secure digital asset environment by aligning with global precedents.
Also Read: Thailand’s Second-Largest Bank Acquires Local Crypto Exchange
Can Thailand Keep Up With Innovation While Upholding Security?
Thailand’s latest approach to fostering crypto innovation while mitigating fraudulent activities. Despite permitting broad investor access to crypto assets, stringent custodian requirements emphasize the nation’s commitment to investor protection and financial stability.
Additionally, prominent crypto Binance revealed back in November 2023 that it might make an entry into the Thai market. Binance Holdings Ltd and Gulf Energy Development Pcl are gearing up to introduce a cryptocurrency exchange in Thailand. The platform would now be required to adhere to the nation’s latest directive.
Also Read: Binance To Roll Out Crypto Exchange in Thailand by 2024