Thailand is poised to restrict access to unlicensed crypto platforms over concerns about law enforcement effectiveness and the risks of money laundering.
In an announcement made on Friday, the Securities & Exchange Commission (SEC) revealed its intention to refer the matter to the Ministry of Digital Economy and Society (MDES) for further action. The MDES will then initiate the necessary legal proceedings, potentially including a court petition.
Citing examples from India and the Philippines, where access to unauthorized cryptocurrency platforms has been restricted, the regulator emphasized the need for similar measures in Thailand.
Acknowledging potential inconvenience to users, the SEC stated that it would provide a grace period for users to manage their accounts before services are terminated. However, users are urged to promptly withdraw their assets from such platforms.
This move underscores the SEC’s tightening grip on the crypto market in Thailand. Previously, the regulator initiated legal action against unauthorized digital asset businesses like Binance and Bybit. It also cautioned the public against engaging with unlicensed digital asset businesses, which lack legal protections and may expose investors to financial risks.
To promote a secure environment, the SEC advised crypto investors to consult the official list of licensed operators.
Meanwhile, the Thailand Digital Asset Association issued a warning to Thai users, highlighting the potential for increased cyberattacks amid the recent surge in crypto prices.
In a separate development, Thai state authorities emphasized the importance of regulating peer-to-peer (P2P) crypto transactions to address online fraud risks. Minister Prasert Jantararuangthong urged regulators to develop and implement a framework for P2P crypto purchases and sales to mitigate the risks of fraud.
