Thailand Tightens Oversight on Crypto Firms: Unauthorized Providers Face Ban
Thailand’s Securities and Exchange Commission (SEC) has announced that all crypto firms operating within the country must be officially licensed and approved to conduct business. This move comes amid growing concerns about the potential risks associated with cryptocurrencies and their use in illegal activities.
The government aims to ensure that crypto investments do not cause financial damage to investors and to prevent the misuse of crypto assets for money laundering and other criminal activities. Several governments around the world are taking similar steps to strengthen regulations for crypto companies and exchanges.
The SEC has coordinated with the Thai government to block unauthorized providers of digital asset services. Cryptocurrencies can facilitate large, anonymous transfers of funds, making them vulnerable to exploitation by criminals.
The Thai government has advised citizens to withdraw any funds from unregistered crypto exchanges to avoid potential financial losses. Popular crypto exchange platforms operating in Thailand, such as ByBit, OKX, Gate.io, and Bitkub, must comply with the new regulations or face being banned.
The authorities have also released a list of entities offering crypto-related services without official approval and have asked for public help in identifying unlicensed service providers. Thailand’s move to tighten oversight on crypto-related operations is a response to the growing popularity of cryptocurrencies in the country.
It is estimated that around 9% of the Thai population owns cryptocurrencies. However, crypto crimes have been causing financial damage to Thai citizens, prompting the government to take action to protect investors and prevent the misuse of crypto assets.
