Thailand cracking down on Crypto Platforms without Licenses
Cryptocurrency sites in Thailand without the appropriate licenses are going to be blocked, says government.
Any unauthorized cryptocurrency platforms could be blocked by the Thai government, according to the country’s Technology Crime Prevention and Suppression Committee.
The committee had a meeting about fighting back against online crime, and their decision was passed on to the Securities and Exchange Commission (SEC) for Thailand. The SEC will be required to help in blocking digital platforms that sell cryptocurrency without a license, specifically by sending any relevant information they gather to the Ministry of Digital Economy and Society.
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The SEC will be cracking down on unauthorized sites very soon, and they urged users residing in the country to remove their assets very quickly. They are trying to give crypto currency users in Thailand time to withdraw all of their assets from these illegitimate sites so that when the country blocks the sites, its citizens will not be unduly affected.
The SEC for Thailand is not acting very differently from how other countries have treated unlicensed crypto websites. In India and the Philippines, similar actions were taken to locate and block sites that were selling cryptocurrency without the proper licenses. In these countries, unlicensed cryptocurrency platforms simply cannot function because they have been blocked at the highest levels.
Wary Support from the Thai Government
The regulators in the country of Thailand have been attempting to provide support for cryptocurrency while keeping transactions on the sites completely legal. The relatively new technology is still causing issues for lawmakers there who are struggling to understand how the current laws on the books relate to crypto platforms.
Many cryptocurrency companies have operated successfully in Thailand and found a lucrative market there ready to invest in digital currency. They have received support from the government as well. But the Thai government is taking steps to protect its citizens and keep them from being taken advantage of online.
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