Bittime -The Thai government is taking firm steps to increase supervision of cryptocurrency (crypto) trading by blocking unlicensed foreign platforms. This action was driven by the desire to create a safer and more trustworthy investment environment, as well as prevent online crimes such as money laundering.
Thailand's Securities and Exchange Commission (SEC) will work with the Ministry of Digital Economy and Society to create a list of illegal foreign crypto platforms that will be blocked. This decision was announced by SEC Secretary General Pornanong Budsaratragoon after a meeting of the Committee for the Prevention and Eradication of Technology Crime on April 19.
Following in the footsteps of India and the Philippines
Thailand is not alone in implementing strict regulations on crypto. Neighboring countries such as India and the Philippines have previously banned foreign crypto platforms from operating if they do not comply with local regulations. With this policy, Thailand hopes to create a healthier crypto trading ecosystem that is free from illegal practices.
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Investor Protection and Fund Withdrawal Advisory
As a form of protection for investors, the Thai SEC urges crypto investors to immediately withdraw their funds from illegal platforms before the block is implemented. In addition, the SEC also warned of the dangers of using illegal platforms because investors have no legal protection and are at risk of being deceived or involved in money laundering.
Also read: Ripple vs SEC Update: Ripple Has Submitted All Details Requested by SEC
SEC Check First: Easy Way to Check Platform Legality
To ensure investment security, crypto investors in Thailand are now required to check the legality of the platform via the "SEC Check First" application before making an investment. This application was developed by the Thai SEC to help the public identify licensed and credible crypto trading platforms.
Also Read How To Buy Crypto:
Giant Crypto Platform Threatened with Blocking
Based on government data, several well-known foreign crypto platforms such as Binance, Coinbase, KuCoin, Kraken, and OKEx are currently not registered and are at risk of being blocked. Investors currently using the platform are advised to immediately move their funds to a legal platform registered with Thailand's SEC.
Strict Crypto Regulations Hit Europe
Apart from Asia, strict regulations on crypto also occur in Europe. The European Commission is evaluating developments in decentralized finance (DeFi) markets and possible specific regulations for the sector. This move raised concerns among DeFi business players, with MakerDAO co-founder Rune Christensen arguing that regulations that are too strict could hinder DeFi's growth.
The Future of Crypto in Thailand
The policy of blocking illegal foreign crypto platforms in Thailand marks a firm step by the government to create better regulations in the digital financial sector. Although it impacts some investors who currently use foreign platforms, ultimately this policy aims to protect the public and encourage the growth of a healthy and trusted crypto ecosystem in Thailand.
How to Buy Crypto from 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.
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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.
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