Thai officials have chosen to prohibit unauthorized cryptocurrency trading platforms from functioning within the borders of the country, aiming to curb money laundering and other illicit online activities.
The Thai Securities and Exchange Commission (SEC) intends to provide a report to the Ministry of Digital Economy and Society detailing crypto exchanges operating in Thailand without proper licensing.
After the Technology Crime Prevention and Suppression Committee meeting on April 19, Pornanong Budsaratragoon, the Thai SEC secretary-general, announced the details of the order to the public.
Thailand followed the lead of India and the Philippines by barring unregulated off-shore cryptocurrency exchanges from operating within their borders.
The Thai SEC advised crypto investors to withdraw their funds from unregistered cryptocurrency platforms prior to the ban’s implementation in order to limit the public’s exposure.
“The SEC would like to warn the public and investors to be careful of using services with unlicensed digital asset business operators because they will not be protected by law. There is also the risk of being deceived (scam) and being (associated with) money laundering.”
Investors are advised by the Thai Securities and Exchange Commission to use the “Check First” application to verify a platform’s registration with the SEC before investing. At present, Binance, a popular crypto exchange, is not registered and must cease operations once the ban is enforced.
According to Thai government information, exchanges like Coinbase, KuCoin, Kraken, and OKX, which are widely used for offshore crypto trading, do not have legal authorization to operate within the country.
Europe‘s regulatory bodies might prohibit non-decentralized financial protocols due to increasing pressure. The European Commission, in compliance with the Markets in Crypto-Assets (MiCA) regulation, needs to submit a report by December 30th assessing the decentralized finance market and potential regulations for this sector.
Rune Christensen, co-founder of MakerDAO among several crypto innovators, pointed out that certain regulations might apply to Decentralized Finance (DeFi) platforms like decentralized exchanges.
He expressed disappointment by stating that standard website interfaces for Decentralized Finance (DeFi) would no longer be an option if this situation were to occur. Instead, users would need to employ fully decentralized and downloaded frontends or undergo full Know Your Customer (KYC) procedures online.
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2024-04-22 12:52