Thailand Will Block Access to Unauthorized Crypto Platforms

Bittime - Thailand plans to block access to unlicensed crypto platforms in a bid to increase the effectiveness of law enforcement against online crime. This decision was announced on Friday after a meeting of the Technology Crime Prevention and Suppression Committee.

Thai Securities and Exchange Commission (SEC) Takes Steps

Based on the announcement, Thailand's Security and Exchange Commission (SEC) was ordered to hand over information about unlicensed digital asset service providers to the Ministry of Digital Economy and Society. This information will later be used to block access to the platform.

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Impact on Users

Thai authorities are aware that this block could impact users of unauthorized crypto platforms. Therefore, the announcement emphasized that the SEC will give users time to withdraw their assets from the platform before it is blocked.

Also Read: What is the SEC and Its Role in Cryptocurrency Regulation

Thailand and Crypto Regulation

This move to block unlicensed crypto platforms shows the Thai government's efforts to balance support for the crypto ecosystem with fraud prevention. Previously, Thailand had taken steps to support crypto development carefully.

On the one hand, Thailand allows institutional investors and high net worth individuals to invest in crypto Exchange-Traded Funds (ETFs). Thailand also allows retail investors to invest unlimitedly in digital tokens backed by real estate or infrastructure. 

But on the other hand, Thailand requires custodians (crypto asset storage providers) to have an emergency plan if a problem occurs.

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Following in the Footsteps of Other Countries

Thailand's decision to block unlicensed crypto platforms was also influenced by similar steps taken by other countries such as India and the Philippines. With this action, Thailand hopes to increase security and trust in crypto in the region.

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How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Cryptocurrency regulations in Singapore and Thailand

Binance Launches Crypto Exchange Service in Thailand

Southeast Asia Blockchain Fair Held First in Bangkok!

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.