SEC of Thailand cracks down on blocking unlicensed crypto exchanges
Date: 2024-04-22 Author: Gabriel Deangelo Categories: IN WORLD
The Securities and Exchange Commission of Thailand (SEC) has announced its intention to crack down on the activities of unlicensed crypto exchanges in the country. This step is taken to improve measures to combat cybercrime and protect the interests of investors.
Goal: Improve safety and security for investors
The SEC intends to move to blocking access to so-called “unauthorized trading platforms.” The move builds on similar actions taken by regulators in India and the Philippines and aims to strengthen oversight of digital assets in the country.
Transfer of information to the Ministry of Digital Economy of Thailand
The SEC plans to transfer information about unlicensed platforms to the Ministry of Digital Economy of Thailand. This step is being taken with the aim of subsequently blocking access to such platforms to protect the interests of users.
Warning to the public and investors
The regulator urges users to be careful and recommends withdrawing their assets from crypto exchanges that are not licensed by the SEC. It warns of the dangers of becoming a victim of fraud or money laundering when using unlicensed services.
Previous steps of the regulator and prospects
Previously, the SEC has already opened access to spot Bitcoin ETFs in the United States for local accredited investors. The abolition of value added tax for cryptocurrency transfers was also one of the steps in the development of digital assets in the country.
Despite Binance's efforts to resume operations in India following allegations of operating without a license, the future of crypto exchanges in the country remains an open question.
Thailand's SEC continues to tighten its controls on cryptocurrency transactions in the country to ensure the safety and transparency of financial markets.
