In the wake of Bitcoin‘s halving in 2024 marking the start of a new bull market cycle for cryptocurrencies, Thai regulators have intensified their efforts to control the emerging crypto industry. Effective immediately, access to unauthorized cryptocurrency exchanges in Thailand will be restricted. (Source: Announcement dated April 19, 2024)
According to Pornanong Busaratrakul, the SEC’s Secretary-General, the decision originated from the Technology Crime Prevention and Suppression Committee.
The Thailand Securities and Exchange Commission (SEC) was instructed to provide details about unauthorized digital asset service providers who have been actively operating within the country.
Thai regulatory authorities aim to enhance their ability to tackle money laundering using digital assets by working more closely with the Ministry of Digital Economy and Society, as well as seeking judicial intervention.
In the interim, individuals utilizing the implicated cryptocurrency platforms have a limited opportunity to retrieve their funds prior to being denied access to these services. Several unlicensed crypto exchanges in Thailand, such as Binance Holdings Ltd and Bybit Fintech Limited (Bybit), are among those mentioned in this situation.
The SEC advises users of the mentioned platform to promptly remove their assets as a precaution. Simultaneously, a cautionary note goes out to the public and investors regarding dealings with unauthorized digital asset business operators.
Crypto Regulatory in Thailand Widens Market Adoption
Thailand’s decision to prohibit unlicensed cryptocurrency exchanges is a common response among major regulatory bodies, including those in the Philippines and India. With the surge of interest in digital assets globally, there is a growing need for regulators to establish clear legal frameworks to safeguard investments for all involved parties.
In the past, as previously reported by Coinspeaker, Thai regulators have collaborated closely with law enforcement agencies to crack down on increased online fraud.
Last month, the Thailand Securities and Exchange Commission (SEC) allowed local fund managers to invest in US-based Bitcoin exchange-traded funds (ETFs). It’s worth mentioning that the US SEC has approved the listing and trading of around a dozen Bitcoin ETFs this year, but they have not yet given the go-ahead for Ethereum-based ETFs.
Market Picture
It’s increasingly clear that without international action to restrict access, the cryptocurrency sector is likely to prosper significantly in the upcoming years. This dynamic industry now supports jobs for millions of people worldwide.
Institutional investors have been able to enter the emerging cryptocurrency market more readily due to stricter regulations. One compelling motivation for them to do so is the ability of canyons (a term possibly referring to decentralized finance platforms) to tokenize real-world assets and access global markets.
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2024-04-22 14:48