Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
In a move to prevent cybercrimes, Thailand’s government has decided to block unlicensed cryptocurrency firms.
Thailand SEC moves to block unauthorized crypto platforms, asks users to quickly withdraw their assets from these “unauthorized entities” yet to be named.🇹🇭
— Moby Media (@mobymedia) April 22, 2024
Thailand enhances crypto regulation
Thai SEC revealed the new measures following the 19 April Technology Crime Prevention & Suppression Committee meeting.
Meanwhile, the Securities & Exchange Commission received orders to submit data on illegal crypto entities to the Digital Economus & Society ministry to ban access to the service providers.
The regulator has given service users adequate time to prevent the impacts of blocking access to trading platforms to active investors.
Users of the unnamed crypto service providers should withdraw their funds promptly as the Thai SEC adopts measures similar to nations like the Philippines and India.
Preventing fraud while promoting crypto
Thai’s clamp down on unlicensed crypto platforms reflects its dedication to safeguarding investor interest while cementing its global crypto hub status.
The regulators are looking to curb online fraud and promote crypto adoption. The country has allowed wealthy individuals and institutional players to invest in spot Bitcoin ETFs.
Further, Thailand has allowed retail investors to interact with infrastructure or real estate-backed digital assets.
Last month, Thailand’s cabinet introduced tax exemptions for earnings from crypto to boost the country’s competitiveness in global finance.
Thailand’s cabinet on Tuesday approved a tax exemption for crypto earnings to encourage fundraising via investment tokens, we“ recognizes the importance of digital tokens for investment, which will be another tool for raising funds for business operators in the country”.…
— Wu Blockchain (@WuBlockchain) March 13, 2024
Meantime, stakeholders should stay up to date with the regulatory developments and adhere to the prescribed rules to evade legal consequences.
The post Thailand SEC amplifies crypto crackdown; blocks unauthorized service providers appeared first on Invezz
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.