In an effort to enhance its crackdown on cybercrime, Thailand has made the decision to block unauthorized cryptocurrency platforms.
Summary of the Event: Following a meeting of the Technology Crime Prevention and Suppression Committee, as reported by CoinDesk on Monday, the Securities and Exchange Commission (SEC) of Thailand has been assigned the task of furnishing information regarding unauthorized digital asset service providers to the Ministry of Digital Economy and Society for the purpose of restricting access.
The SEC is currently evaluating the potential impact on users and aims to offer them sufficient time to manage their accounts before the services are no longer accessible, as outlined in the announcement.
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Users of these platforms have been advised by the SEC to promptly withdraw their assets. This action mirrors similar moves made by countries like India and the Philippines. Thai regulators are striving to strike a balance between supporting the crypto ecosystem and combating fraudulent activities.
While institutional investors and high-net-worth individuals are permitted to invest in crypto exchange-traded funds (ETFs) and retail investors can invest in digital tokens backed by real estate or infrastructure without restrictions, custodians are required to have a contingency plan in place for unforeseen circumstances.
Significance of the Development: This resolution follows a series of cryptocurrency-related incidents in Thailand. In April, Russian nationals Maksim Variukhin and Ibragim Gaitukiev were apprehended for running an unlicensed digital asset business within a cannabis dispensary in Thailand.
Furthermore, in September, the Cyber Crime Investigation Bureau of Thailand detained five foreign individuals for orchestrating a deceptive cryptocurrency investment platform that defrauded over 3,200 locals of more than $27 million.
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