The Thai Securities and Exchange Commission has been instructed to share information on unauthorized digital asset service providers with the Ministry of Digital Economy and Society. The regulator warned investors using such platforms of the risks they face which include the possibility of being scammed or involved in money laundering.
Thai SEC Instructed to Share Information on Unauthorized Digital Asset Platforms With Government
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Enhancing Efficiency in Law Enforcement Operations
The Thailand Securities and Exchange Commission (SEC) has recently been requested to provide information on unauthorized digital asset service providers to the Ministry of Digital Economy and Society. Pornanong Busaratrakul, the Secretary-General of the SEC, stated that the ministry is expected to use this information to block access to the platforms of these digital asset service providers.
As detailed in a report, Thailand’s Technology Crime Prevention and Suppression Committee, which convened on April 19, reportedly passed a resolution requiring the SEC to cooperate with the government. The report suggests that the blockade on the targeted platforms is expected to enhance law enforcement efficiency and prevent criminals from using these platforms to commit crimes.
The report explains that after submitting the necessary information to the ministry, the SEC must file a petition with the court. During this process, the Commission must also consider the potential impact on the users of the targeted platforms.
Public Advised to Beware of Unauthorized Digital Asset Service Providers
By having the Thai Digital Economy Ministry block access to targeted digital asset service providers, the SEC has deviated from its previous practice of suing unlicensed operators, the report said. Some of the unlicensed operators previously targeted by the Commission under this practice include Binance and Bybit.
Meanwhile, the Thai SEC is also quoted in the report urging the public and investors to exercise caution when dealing with unauthorized digital asset business operators. The regulator warned investors using such platforms of the risks they face, including the possibility of being scammed or involved in money laundering.
The Commission also advised investors who are uncertain about the license status of a digital asset service provider to check its database of authorized operators.
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