Some of the crypto platforms that will be blocked in Thailand include Binance and Bybit among others.
As the cryptocurrency market ushers in a new era of the macro bull cycle following the Bitcoin halving 2024 over the weekend, Thailand regulators have stepped up their efforts to regulate the nascent crypto industry. According to the announcement dated Friday, April 19, access to unauthorized cryptocurrency exchanges in the country will be blocked henceforth.
The resolution came from the Technology Crime Prevention and Suppression Committee, according to Pornanong Busaratrakul, the Secretary-General of the Securities and Exchange Commission (SEC).
As a result, the Thailand SEC was mandated to submit all the information on the unauthorized digital asset service providers that have been operating in the country.
The move by the Thailand regulators is ostensibly geared towards ensuring the efficiency of law enforcement in dealing with money laundering through digital assets. Notably, the Thailand SEC intends to involve the Ministry of Digital Economy and Society in addition to a petition to the court.
Meanwhile, users of the affected cryptocurrency exchanges will have a slim window to withdraw their funds before being unable to access the respective services. Some of the named crypto exchanges that are not licensed to operate in Thailand include Binance Holdings Ltd, and Bybit Fintech Limited (Bybit), among many others.
“Therefore, the SEC requests users of the said platform to quickly withdraw their assets from the platform. At the same time, the SEC would like to warn the public and investors to be careful of using services with unauthorized digital asset business operators,” the announcement noted.
Crypto Regulatory in Thailand Widens Market Adoption
The move by the Thailand regulators to block unauthorized cryptocurrency exchanges is not unique as other major jurisdictions led by the Philippines and India have implemented it in the past. The heightened demand for digital assets all over the world has pushed regulators to enact clear law frameworks to protect all investors.
As Coinspeaker severally reported in the past, Thailand regulators have been working closely with law enforcement to combat heightened online fraud.
Earlier last month, the Thailand SEC approved the bid by local fund managers to access the US-based crypto exchange-traded funds (ETFs). Notably, the US SEC approved the listing and trading of nearly a dozen spot Bitcoin ETFs earlier this year but is yet to greenlight a similar move on Ethereum.
Market Picture
By now it is safe to assume that unless all governments around the world coordinate to ban the internet, the cryptocurrency market will continue to thrive in the coming years. Furthermore, the cryptocurrency industry has grown into a global market employing millions of people.
Increased cryptocurrency regulations have helped institutional investors proliferate into the nascent financial sector. The fact that canyons can tokenize real-world assets and reach out to global markets is a good enough reason for investors to adopt the tech.
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