Thai Authorities Crack Down on Unauthorized Cryptocurrency Platforms to Combat Internet Crime

Thai authorities have taken a decisive step in cracking down on unauthorized cryptocurrency platforms in a bid to enhance law enforcement’s ability to combat internet crime. The move, announced on April 19, comes as part of efforts to regulate the burgeoning digital asset industry in Thailand.

The Technology Crime Prevention and Suppression Committee directed the Securities and Exchange Commission (SEC) to provide information on unlicensed digital asset service providers to the Ministry of Digital Economy and Society. This measure aims to prevent access to unauthorized platforms and protect users from potential risks.

In a statement, the SEC emphasized the need for users to withdraw their assets from these platforms promptly. The regulator also highlighted similar actions taken by other countries, such as India and the Philippines, in blocking unauthorized cryptocurrency platforms.

Thailand has been walking a fine line between fostering the growth of the cryptocurrency economy and safeguarding against fraudulent activities. While allowing institutional investors and high-net-worth individuals to invest in crypto ETFs, as well as retail investors to trade digital tokens backed by real assets, the country has also implemented strict regulations to ensure the security of investors’ funds.

In a recent development, Thailand’s cabinet approved a tax exemption measure for crypto earnings on March 13. This move aims to boost the country’s competitiveness in the digital finance sector by exempting profits from investment tokens from personal income tax calculations.

Overall, Thailand’s efforts to regulate the cryptocurrency industry reflect a growing trend towards increased oversight and consumer protection in the digital asset space. Stay tuned for more updates on this evolving story.