Thailand Plans To Block Access To ‘Unauthorized’ Crypto Platforms

Thailand Authorities have to decide to block “unauthorized” crypto currencies to improve law enforcement efficiency and decrease online crime.

As Chinese crypto journalist Colin Wu, probably known as Wu Blockchain on X (formerly known as Twitter), said, Thailand authorities will close all “unauthorities” cryptocurrencies that support online crime. Recently, Thailand has closed Exchanges such as Binance, the largest crypto exchange, and Bybit. 

On Friday, Thailand’s Securities and Exchange Commission ordered the Technology Crime Prevention and Suppression Committee to submit information on unauthorized digital asset services to the Ministry of Digital Economy and Society. This information will be used to block access to these platforms.

According to the Friday announcement, the Securities and Exchange Commission (SEC) has considered the impact on users. It will provide them with a grace period to manage their accounts before the service becomes unavailable.

Crypto Withdrawal Urged By SEC

The announcement stated, “The SEC urges users to promptly withdraw their assets from the mentioned platform.” It follows the Thai SEC’s reference to actions taken by countries such as India and the Philippines, which have blocked unauthorized platforms.

Thailand’s regulators are striving to balance crypto ecosystem support with fraud prevention. They have permitted institutional investors and high-net-worth individuals to invest in crypto ETFs.

Simultaneously, retail investors can freely invest in digital tokens backed by tangible assets. However, the regulators have mandated that custodians prepare a contingency plan to address potential issues.

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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