Thai authorities have recently announced a crackdown on unauthorized cryptocurrency platforms to enhance law enforcement efforts against internet crime. The decision was made following a meeting of the Technology Crime Prevention and Suppression Committee on April 19.

The Securities and Exchange Commission (SEC) of Thailand has been directed to provide the Ministry of Digital Economy and Society with information about unlicensed digital asset service providers to prevent access to these platforms. Users are advised to withdraw their assets from these platforms as the SEC assesses the impact and grants them time to manage their accounts.

Thailand’s regulators are working towards a balance between promoting the cryptocurrency economy and combating fraud. Institutional investors and high-net-worth individuals are allowed to invest in crypto exchange-traded funds (ETFs), while retail investors can invest in digital tokens backed by real estate or infrastructure without restrictions. Custodians are required to have backup plans in place to address any issues.

In a strategic move to boost the country’s competitive edge in digital finance, Thailand’s cabinet approved a tax exemption measure for crypto earnings on March 13. This measure targets earnings from investment tokens, providing investors with a significant advantage by exempting these profits from personal income tax calculations.

The Thai SEC’s actions follow similar measures taken by governments in countries like India and the Philippines to block unauthorized cryptocurrency platforms. Stay informed about the latest developments in the cryptocurrency world by exploring more news on Global Crypto News.

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