Thai authorities have decided to block unauthorized cryptocurrency platforms to enhance law enforcement efforts against online crime.
In order to block access to the platforms, Thailand’s Securities and Exchange Commission (SEC) was instructed to provide the Ministry of Digital Economy and Society with information regarding unlicensed digital asset service providers after a meeting of the Technology Crime Prevention and Suppression Committee.
As to the press release, the SEC has assessed the effects on users and will give them enough time to handle their accounts before preventing them from accessing the website.
“Therefore, the SEC requests users of the said platform to quickly withdraw their assets from the platform,” the announcement stated. “The Thai SEC also noted previous actions by governments such as India and the Philippines in blocking unauthorized platforms”
Thailand’s authorities have been working to find a middle ground between promoting the Bitcoin economy and thwarting fraud.
It has made it possible for retail investors to invest freely in digital tokens backed by real estate or infrastructure, as well as for institutional and extremely wealthy individuals to invest in cryptocurrency Exchange-traded Funds (ETFs); on the other hand, it has made it necessary for custodians to have a fallback strategy in place in case something goes wrong.
The cabinet of Thailand adopted tax exemption legislation for cryptocurrency revenues on March 13 to strengthen Thailand’s position as a leader in digital finance.
The calculated action targets investment token earnings, providing investors with a significant benefit by excluding these gains from personal income tax computations.
