Thailand to block unauthorized cryptocurrency platforms

Thailand has announced plans to block “unauthorized” cryptocurrency platforms in order to enhance law enforcement efforts to combat online crime. The decision was made following a meeting of the Technology Crime Prevention and Suppression Committee, which instructed the country’s Securities and Exchange Commission (SEC) to submit information about unauthorised digital asset service providers to the Ministry of Digital Economy and Society. The goal is to block access to these platforms.

To facilitate a smooth transition, users will be provide with sufficient time to manage their accounts before losing access to the services. In an announcement, the SEC urged users of affected platforms to promptly withdraw their assets. The Thai SEC also cited previous actions taken by countries such as India and the Philippines, which have blocked unauthorized cryptocurrency platforms.

Thai regulators have been striving to strike a balance between supporting the cryptocurrency ecosystem and preventing fraud. While institutional investors and high-net-worth individuals have been allowed to invest in cryptocurrency exchange-traded funds (ETFs), and retail investors have been able to invest without limitations in digital tokens backed by real estate or infrastructure, custodians are required to have contingency plans in place in case of unforeseen issues.

The move to block unauthorized crypto platforms in Thailand reflects the global trend towards regulation in the cryptocurrency industry. The aim is to enhance the efficiency of law enforcement in addressing online criminal activities associated with cryptocurrencies, while also ensuring a secure and trustworthy environment within the crypto space.