Thailand to Block Access to ‘Unauthorized’ Crypto Platforms

Thailand’s authorities have chosen to prevent access to unapproved cryptocurrency websites to enhance their ability to tackle online criminal activities, as mentioned in a statement released on Friday.

Following a session of the Technology Crime Prevention and Suppression Committee, the Thai Securities and Exchange Commission (SEC) was instructed by the Ministry of Digital Economy and Society to share details on unauthorized digital asset providers. These details will be used to restrict access to their respective platforms.

The SEC is taking into account the effects on users and intends to allow them sufficient time to adjust their accounts prior to discontinuing access to the service, according to the statement.

The SEC strongly advises users of the mentioned platform to promptly move their assets out of it, according to the statement. Additionally, the Thai SEC referred to previous actions taken by countries such as India and the Philippines in restricting access to unauthorized platforms.

Thailand’s regulatory body is working to strike a harmony between fostering crypto development and combating fraud. While they permit institutional investors and wealthy individuals to invest in crypto ETFs, and retail investors to unlimitedly buy tokens linked to real estate or infrastructure without restrictions, they also insist that custodians have a backup plan in place for potential mishaps.