In an effort to reduce online crime and prevent money laundering through unauthorized digital asset service providers, the Securities and Exchange Commission of Thailand (SEC) has announced new measures. This comes after the decision of the Committee for the Prevention and Suppression of Technology Crimes. Furthermore, Ms. Purnanong Pusaratrakul, Secretary General of the SEC, highlighted the urgency of the matter during a meeting held on April 19, 2024.
The Securities and Exchange Commission of Thailand is cracking down on unauthorized cryptocurrency entities
The Securities and Exchange Commission of Thailand has collaborated with the Ministry of Digital Economy and Society (DE) and relevant agencies to take the latest step. The Securities and Exchange Commission (SEC) is set to prohibit unauthorized access to the platforms of digital asset service providers. This initiative aims to enhance the efficiency of law enforcement and thwart criminals from exploiting these platforms for illegal activities.
By cracking down on unauthorized platforms, Thailand seeks to follow in the footsteps of countries such as India and the Philippines in combating online crime. The regulatory crackdown follows previous legal actions taken by the Securities and Exchange Commission against digital asset business operators operating without authorization in Thailand.
Notable cases include actions against Binance, Bybit Fintech Limited, and others. Furthermore, these measures confirm the Thai authorities’ commitment to ensuring compliance and protecting the interests of investors and users of digital asset platforms.
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Impact on platform users
Additionally, the SEC emphasizes the importance of considering the impact on platform users when implementing these measures. Users are urged to quickly withdraw their assets from unauthorized platforms to avoid disruptions once the regulatory measures take effect. The Securities and Exchange Commission intends to coordinate with the Ministry of Economy and Digital Society to facilitate the necessary operations and resort to the judiciary if necessary.
The move towards stricter regulations reflects Thailand’s proactive stance in addressing emerging challenges in the digital asset landscape. By proactively regulating the sector, the authorities aim to encourage a safe and secure environment for digital asset transactions.
Furthermore, it seeks to mitigate the risks associated with illicit activities and money laundering. In light of these developments, stakeholders, including digital asset service providers and users, are advised to stay informed of regulatory updates and comply with established guidelines to avoid legal repercussions.
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