Thailand to Crackdown on Unauthorized Crypto Exchanges to Combat Online Crime

Thailand's authorities made the decision to block "unauthorized" cryptocurrency exchanges to combat online crime on Friday at an undisclosed meeting on April 19, 2024.

This action was cited by the Thai Securities and Exchange Commission (SEC) as being comparable to those taken by India and the Philippines to block unauthorized exchange providers.

According to an announcement that can be found on the website of the Thailand SEC, the SEC works with government agencies to block unauthorized access to the platforms of digital asset service providers.This decision was made to help law enforcement effectively solve the problem of criminals using digital assets to commit online crimes and launder money.

This will be made possible as SEC is willing to collaborate with the Ministry of Digital Economy and Society (DE) and other related agencies.

Mrs. Pornanong Busaratrakul, the Secretary-General of the Securities and Exchange Commission (SEC), added that the Technology Crime Prevention and Suppression Committee has decided to direct the SEC to send information to the Ministry of Digital Economy and Society about unauthorized digital asset service providers and to block access to the service provider's platform.

Furthermore, the SEC is expected to take the next steps, as it will send the matter to the Ministry of Digital Economy and Society and proceed by submitting a petition to the court.

However, the SEC, considering the impact of the decision, has given users of various crypto platforms in Thailand time to quickly remove their assets from the platform before blocking the digital asset service providers.

In addition, the Thai government put out a warning to investors and the general public to use caution when conducting business on unauthorized exchange platforms because the law does not protect them in the event of a problem.

The mobile application "SEC Check First" or the website www.sec.or.th provide access to a list of licensed crypto operators. Under the supervision of the SEC, traders can view the list of unauthorized cryptocurrency platforms at the investor alert link: https://market.sec.or.th/public/idisc/th/InvestorAlert

Finally, these platforms were provided by the Securities and Exchange Commission for people to report suspicious activities for further investigation. They can be reported to the Tel.'s "Complaint and Whistleblower Center." (1207), the "SEC Office" Facebook page, or the SEC Live Chat website.

To boost Thailand's competitiveness in global finance, the cabinet announced in March that cryptocurrency earnings would not be subject to tax. This demonstrates an important way to strike a balance between promoting the cryptocurrency ecosystem and taking proactive measures to protect users from online crime. To ensure a safer crypto environment, regulation is essential.

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