Thai Authorities to Crack Down on Unlicensed Crypto Exchanges
Thai regulators are set to block unlicensed crypto exchanges in the country to combat money laundering and online crimes.
The Securities and Exchange Commission (SEC) will provide a list of unlicensed exchanges to the Ministry of Digital Economy and Society, following the actions of India and the Philippines.
To mitigate the impact, the Thai SEC advises investors to withdraw funds from unregistered platforms before the ban. Investors are urged to verify the license registrations of platforms with the SEC Check First application before making any investments.
Notably, offshore crypto exchanges like Coinbase, KuCoin, Kraken, and OKX do not operate legally in Thailand, according to government data.
READ MORE: Vitalik Buterin: Cryptocurrency is About Liberty, Not Just Trading
In Europe, regulatory pressure could result in a ban on non-decentralized protocols. The Markets in Crypto-Assets (MiCA) framework requires the European Commission to prepare a report assessing the decentralized finance (DeFi) market and the feasibility of specific regulations for the sector by December 30.
MakerDAO co-founder Rune Christensen suggested that the rules could subject some DeFi interfaces, such as decentralized exchanges, to licensing requirements.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
