World Crypto Global
- Written by: Jared Kirui
- Mon, 22 Apr 2024
- Israel
Thailand is planning to block unauthorized cryptocurrencyservice providers to fight online crimes. The Office of the Securities andExchange Commission (SEC) is partnering with Thai government agencies toprevent criminals from utilizing crypto exchanges for illicit activities,including money laundering.Thailand Warns about Unregistered Crypto PlatformsAccording to the press release, PornanongBusaratrakul, the Secretary General of the SEC, recently disclosed plans tosubmit information about unauthorized crypto service providers to the Ministryof Digital Economy and Society.The regulator's decision reflects similar actions taken by other countries like India and the Philippines. The SEC is strengthening its commitment to protecting investorsand safeguarding the financial system by taking action against unregistered cryptoservice providers in Thailand. In light of this development, the SEC has urged users ofunauthorized platforms to promptly withdraw their assets. Additionally, the commission has cautioned investors against using services offered by unauthorizeddigital asset operators, as they may not be protected by law. Besides that, the Thai securities watchdog has encouraged crypto traders to verify the legitimacy ofdigital asset operators by consulting its list of licensed businesses orusing the "SEC Check First" application. Any suspiciousactivities can be reported to the SEC's Complaint and Whistleblower Center forfurther investigation.Global Crypto Regulation ShiftsWhile Thailand reinforces its regulations oncrypto exchanges, digital asset platforms in Europe are also facing regulatory scrutiny. For instance, the recently adopted Markets in Crypto-Assets Regulation mandates the European Commission to assess the feasibilityof decentralized finance for specific regulations by the end of theyear.In South Korea, the country's financial regulator is preparing to adopt significant laws for virtual asset service providers (VASP),targeting the employment of executives in the sector. Specifically, these regulations would necessitate thevetting of executives before they assume roles within the VASP firms. This actionis aimed at granting the Financial Services Commission authority over personnelmatters within the crypto industry.Should these proposals be enacted, companies seekingto renew their VASP licenses would face heightened scrutiny regarding their personnel decisions. The FSC will have the mandate to suspend the VASP licenses if there is an ongoing investigation targeting the executives.This article was written by Jared Kirui at www.financemagnates.com.
