Thailand Implements Ban On Unauthorized Cryptocurrency Platforms

In a bid to bolster its fight against online crime, Thailand has resolved to block access to unauthorized cryptocurrency platforms.

What Happened: The decision was reached after a meeting of the Technology Crime Prevention and Suppression Committee, CoinDesk reported on Monday. The Securities and Exchange Commission (SEC) of Thailand has been tasked to provide details about unauthorized digital asset service providers to the Ministry of Digital Economy and Society for access restriction.

The SEC is contemplating the effects on users and intends to give them ample time to manage their accounts before the services become unavailable, as stated in the announcement.

See Also: If You Invested $1,000 In Bitcoin During The May 2020 Bitcoin Halving, Here’s How Much You’d Have Now

The SEC has advised users of these platforms to withdraw their assets promptly. This move by the Thai SEC echoes similar actions taken by other countries such as India and the Philippines. Thailand’s regulators are making efforts to find a balance between fostering the crypto ecosystem and preventing fraud.

They have allowed institutional investors and high-net-worth individuals to invest in crypto exchange-traded funds (ETFs) and permitted retail investors to invest without restrictions in digital tokens backed by real estate or infrastructure. However, they have also stressed that custodians should have a contingency plan in case of unforeseen events.

Why It Matters: This decision comes in the wake of a series of crypto-related incidents in the country. In April, Russian citizens Maksim Variukhin and Ibragim Gaitukiev were arrested for operating an unlicensed digital asset business in a cannabis dispensary in Thailand.

In September, Thailand's Cyber Crime Investigation Bureau arrested five foreign nationals for organizing a fraudulent cryptocurrency investment platform that swindled over 3,200 locals out of more than $27 million.

Read Next: ‘Dogecoin Killer’ Shiba Inu Whale Transactions Spike 55%: ‘$100B By 2025,’ Predicts Crypto Investor

Image by Mini Onion via Shutterstock

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