Thailand Takes Measures to Curb Online Crime by Blocking Unauthorized Crypto Platforms
Thai authorities have recently made the decision to ban unauthorized cryptocurrency platforms in order to enhance law enforcement’s effectiveness in combating cybercrime. The announcement was made on April 19 following a meeting of the Technology Crime Prevention and Suppression Committee. The Securities and Exchange Commission (SEC) of Thailand has been instructed to provide the Ministry of Digital Economy and Society with information about unlicensed digital asset service providers to prevent access to these platforms.
In accordance with the announcement, the SEC has evaluated the impact on users and will allow them sufficient time to manage their accounts before they lose access to the platform. The announcement stated, “Therefore, the SEC urges users of the mentioned platform to promptly withdraw their assets from the platform.” The Thai SEC also acknowledged the actions taken by other governments, such as India and the Philippines, in blocking unauthorized platforms.
Thailand’s regulatory authorities have been striving to strike a balance between promoting the cryptocurrency economy and combating fraudulent activities. On one hand, institutional investors and high-net-worth individuals are allowed to invest in cryptocurrency exchange-traded funds (ETFs), while retail investors can invest without any restrictions in digital tokens backed by real estate or infrastructure. On the other hand, custodians are required to have contingency plans in place to address any potential issues.
Furthermore, on March 13, the Thai cabinet approved a tax exemption measure for cryptocurrency earnings, aiming to enhance the country’s competitiveness in digital finance. This strategic move specifically targets earnings derived from investment tokens, providing investors with a significant advantage by exempting these profits from personal income tax calculations.
