The Thai SEC referenced previous actions taken by countries such as the Philippines and India to prohibit unauthorized platforms.
The authorities have urged people to swiftly remove their funds, although they have not disclosed which firms they consider to be unauthorized.
In a declaration made public on Friday, Thai authorities stated their intention to ban “unauthorized” crypto sites in an effort to make law enforcement more effective in combating the issue of online crime.
The Technology Crime Prevention and Suppression Committee gave the Thailand Securities and Exchange Commission (SEC) instructions to provide the Ministry of Digital Economy and Society with information regarding unauthorized digital asset service providers in order to prevent access to the aforementioned platforms.
In light of the potential consequences, the SEC has decided to provide consumers with more time to settle their accounts before the service becomes unavailable, as stated in the notice.
“Accordingly, the SEC urges anyone using that site to promptly remove their assets from the platform,” the statement said. In its decision to restrict unauthorized sites, the Thai SEC also referenced previous rulings by countries such as the Philippines and India.
Thai authorities have been trying to figure out how to protect the crypto environment without letting it suffer from fraud. It has made it possible for large institutions and individuals with high net worth to invest in crypto exchange-traded funds (ETFs) and for regular people to buy digital tokens backed by real estate without restrictions, but it has also mandated that custodians have a backup plan in case things don’t work out as planned.
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