Thailand Tightens Crypto Regulations: Unauthorized Platforms Face Block
In a move to combat online crime, Thailand's Securities and Exchange Commission (SEC) has ordered a crackdown on unauthorized cryptocurrency platforms operating in the country, according to a statement by the agency.
The move is aimed at striking a balance between fostering innovation and protecting its citizens. The Thai SEC's directive mandates blocking access to unauthorized crypto platforms, and it said it will be cooperating with the Ministry of Digital Economy and Society (DE) and related agencies on this effort.
However, the Thai authorities will provide a grace period to allow users on these platforms to withdraw their assets before the block is implemented.
Burgeoning segment
Thailand has emerged as a significant player in the Southeast Asian crypto landscape. The country boasts a tech-savvy population with a growing interest in digital assets. This enthusiasm is fueled by factors like increasing internet penetration, a young and tech-adopting demographic, and the potential for faster and cheaper cross-border transactions.
The burgeoning Thai crypto industry is attracting both domestic and international players. Local companies are developing innovative blockchain solutions, while established crypto exchanges are eyeing the Thai market's potential. This growth, however, necessitates a robust regulatory framework to ensure consumer protection and prevent financial risks.
“The SEC warns people and investors to be cautious about using unauthorized digital asset operators because they do not receive legal protection, and there is also a risk of fraud and money laundering,” a statement by the agency said.
Thailand's measured approach to crypto regulation is a step in the right direction. By balancing innovation with security, the country can position itself as a leader in the Southeast Asian crypto space, attracting legitimate businesses and fostering a thriving digital asset ecosystem. The coming months will be crucial as the SEC unveils its comprehensive regulatory framework.
Industry buzzing on crypto week
This week is a big one for the local crypto industry as big players gather and international firms arrive in Bangkok for several large conference, including Money 20/20 Asia, Southeast Asia Blockchain Week, and Onchain 2024.
Onchain 2024 is Asia's first tokenized real-world assets conference and supported by Blockhead – now at capacity for the event that is expected to see over 600 delegates on Friday, 26 April.
“The trend of tokenizing RWAs has gained momentum in 2023 despite depressed markets across traditional finance and crypto," said Qin En Looi, Partner at Saison Capital. "The launch of ONCHAIN 2024 aims to bring more partners into the conversation to shape the financial ecosystem of the future."
Money 20/20 Asia starts today, and is ongoing till Thursday - Blockhead is an official media partner to the event. Use the code BHD300 to save USD300 on tickets at https://bit.ly/3SVikL8.
Southeast Asia Blockchain Week (SEABW) is also happening concurrently Bangkok from 22–28 April 2024.
The conference promises to showcase the future of Web3 in Southeast Asia, bringing together the latest developments in blockchain and the region's Web3 scene. SEABW will include over 150 speakers comprising industry leaders, builders and brands. Various side events and activations will be held throughout.
Guest speakers include Arak Sutivong, Deputy CEO at SCBX, Yoann Turpin, Co-Founder at Wintermute, and Kelvin Koh, Co-Founder and Managing Partner at The Spartan Group.
Get your ticket here, and use the Blockhead discount BHD20 for 20% off!