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Thai authorities have decided to block “unauthorized” crypto platforms.
The authorities have not named the entities they see as unauthorized, but have asked users to quickly withdraw their assets.
Authorities in Thailand have decided to block “unauthorized” crypto platforms to increase the efficiency of law enforcement in solving the problem of online crime, according to an announcement on Friday.
After a meeting of the Technology Crime Prevention and Suppression Committee, Thailand’s Securities and Exchange Commission or SEC was ordered to submit information on unauthorized digital asset service providers to the Ministry of Digital Economy and Society to block access to the platforms.
The SEC has considered the impact on users, and will give them time to manage their accounts before being unable to use the service, the announcement said.
“Therefore, the SEC requests users of the said platform to quickly withdraw their assets from the platform,” the announcement said. The Thai SEC also cited earlier decisions by nations like India and the Philippines in blocking unauthorized platforms.
Thailand’s regulators have been attempting to find the balance between supporting the crypto ecosystem and preventing fraud. On the one hand, it has allowed institutional investors and very high-net-worth individuals to invest in crypto exchange-traded funds (ETFs) and allowed retail investors to invest without limits in digital tokens backed by real estate or infrastructure, but on the other hand, it has said custodians need to have a contingency plan if something goes wrong.
Read More: Thailand’s SEC Breaks New Ground in 2024 With Crypto-Friendly Rules