Thailand to block unauthorized crypto platforms to combat online crime

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Thai officials have announced a ban on unlicensed cryptocurrency platforms, aiming to enhance the capacity of law enforcement agencies in dealing with cybercrimes effectively. (April 19th statement)

After a gathering of the Technology Crime Prevention and Suppression Committee, the Thai Securities and Exchange Commission (SEC) was instructed to share details with the Ministry of Digital Economy and Society regarding unauthorized digital asset service providers. This action aims to restrict access to these platforms.

Based on the announcement, the Securities and Exchange Commission (SEC) has considered how users will be affected and plans to give them a chance to handle their accounts prior to the site becoming unavailable for use.

“The SEC advises users of the mentioned platform to promptly remove their assets due to recent developments. Precedently, authorities like India and the Philippines have taken action against unapproved platforms.”

Thailand’s regulatory authorities are working hard to promote the growth of the cryptocurrency market while simultaneously taking steps to prevent fraud.

This rule allows both institutional investors and wealthy individuals to invest in crypto ETFs, as well as retail investors in digital tokens linked to real estate or infrastructure. At the same time, it requires custodians to have contingency plans to ensure security and prevent potential issues.

On March 13, the Thai government made an strategic decision to exempt crypto earnings from personal income tax, as approved by their cabinet. This measure aims to enhance Thailand’s competitiveness in digital finance by focusing on investment token profits. Investors stand to benefit significantly from this move, as they will no longer need to include these profits in their taxable income calculations.

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2024-04-22 13:27