Thailand Blocks Unauthorized Crypto Platforms to Enhance Law Enforcement Efficiency

(CTN News) – Thailand’s authorities will restrict “unauthorized” crypto platforms to improve law enforcement’s ability to combat cyber criminality, according to a Friday declaration.

Following a meeting of the Technology Crime Prevention and Suppression Committee, Thailand’s Securities and Exchange Commission, or SEC, was directed to provide the Ministry of Digital Economy and Society with information about unlicensed digital asset service providers to prevent access to the platforms.

According to the release, the SEC has examined the impact on users and will allow them time to adjust their accounts before they can no longer utilize the site.

“Therefore, the SEC requests users of the said platform to quickly withdraw their assets from the platform,” the agency’s press release stated. The Thai SEC noted previous government actions, such as India and the Philippines, to restrict unlicensed services.

Thailand’s regulators have been striving to balance encouraging the cryptocurrency economy and combating fraud.

The law allows institutional and high-net-worth investors to invest in crypto exchange-traded funds (ETFs), while retail investors can freely invest in digital tokens backed by real estate or infrastructure. However, custodians must have a contingency plan in place in case of a problem.

Cryptocurrency Landscape in Thailand

There has been considerable interest in embracing blockchain technology and cryptocurrencies in Thailand. With favorable regulations and a growing tech-savvy population, the country has become a hotspot for cryptocurrency enthusiasts and investors alike.

Top Cryptocurrency Companies and Startups

Bitcoin Co. Ltd.

BX.in.th, or Bitcoin Co. Ltd., is one of Thailand’s oldest and most reputable cryptocurrency exchanges. It was founded in 2013 and provides a platform for trading digital assets like Bitcoin, Ethereum, and Ripple.

OmiseGO

Headquartered in Bangkok, OmiseGO is a blockchain-based payment platform that aims to improve how people transact and manage digital assets.

Satang Corporation

As one of Thailand’s leading cryptocurrency brokerage firms, Satang Corporation provides a user-friendly platform for buying, selling, and storing digital assets.

Coins.co.th

In Thailand, Coins.co.th has gained a loyal customer base by providing users with a mobile wallet and payment gateway that enables them to transact with cryptocurrencies seamlessly. With its emphasis on accessibility and convenience, Coins.co.th has built a loyal community of users.

Bitkub

Founded in 2013, Bitkub is a full-featured cryptocurrency exchange that offers numerous trading pairs and investment options. It boasts advanced security measures and a user-friendly interface, making it a popular option for beginners and experts.

Factors Contributing to Success

Several factors contribute to the success of these cryptocurrency companies and startups in Thailand. These factors include technological innovation, strategic partnerships, user-friendly interfaces, and a supportive regulatory environment.