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Thailand Cracks Down on Unregistered Crypto Services to Tackle Cyber Crime

Finance Magnates

Cryptocoins News / Finance Magnates 56 Views

Thailand is planning to block unauthorized cryptocurrency service providers to fight online crime. The Office of the Securities and Exchange Commission (SEC) is partnering with Thai government agencies to prevent criminals from utilizing crypto exchanges for illicit activities, including money laundering.

Thailand Warns about Unregistered Crypto Platforms

According to the press release, Pornanong Busaratrakul, the Secretary General of the SEC, recently disclosed plans to submit information about unauthorized crypto service providers to the Ministry of Digital Economy and Society.

The regulator's decision reflects similar actions taken by other countries like India and the Philippines. The SEC is strengthening its commitment to protecting investors and safeguarding the financial system by taking action against unregistered crypto service providers in Thailand.

In light of this development, the SEC has urged users of unauthorized platforms to promptly withdraw their assets. Additionally, the commission has cautioned investors against using services offered by unauthorized digital asset operators, as they may not be protected by law.

Besides that, the Thai securities watchdog has encouraged crypto traders to verify the legitimacy of digital asset operators by consulting its list of licensed businesses or using the "SEC Check First" application. Any suspicious activities can be reported to the SEC's Complaint and Whistleblower Center for further investigation.

Global Crypto Regulation Shifts

While Thailand reinforces its regulations on crypto exchanges, digital asset platforms in Europe are also facing regulatory scrutiny. For instance, the recently adopted Markets in Crypto-Assets Regulation mandates the European Commission to assess the feasibility of decentralized finance for specific regulations by the end of the year.

In South Korea, the country's financial regulator is preparing to adopt significant laws for virtual asset service providers (VASP), targeting the employment of executives in the sector.

Specifically, these regulations would necessitate the vetting of executives before they assume roles within the VASP firms. This action is aimed at granting the Financial Services Commission (FSC) authority over personnel matters within the crypto industry.

Should these proposals be enacted, companies seeking to renew their VASP licenses would face heightened scrutiny regarding their personnel decisions. The FSC will have the mandate to suspend the VASP licenses if there is an ongoing investigation targeting the executives.

This article was written by Jared Kirui at www.financemagnates.com.
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