30.05.2025 08:14
The Thai Securities and Exchange Commission (SEC) will take decisive action against five unlicensed cryptocurrency exchanges, effectively blocking access for Thai citizens beginning June 28th. This move targets prominent platforms including Bybit, OKX, CoinEx, 1000X, and XT.COM, all accused of operating within Thailand without the necessary licenses.
Driven by a commitment to safeguarding retail investors and combating money laundering, the SEC's decision forms a crucial part of the Thai government's broader strategy to regulate the cryptocurrency market. This aggressive approach, undertaken in conjunction with the Economic Crime Suppression Division, demonstrates a strengthened resolve to curb illicit activities within the digital asset space.
This crackdown follows months of mounting pressure on the SEC to enhance its regulatory oversight of crypto exchanges. The recent enactment of the Royal Decree on the Prevention and Suppression of Technological Crime, effective April 13th, provides the legal framework for these actions. This legislation empowers Thai authorities to more effectively block websites and applications serving Thai users, particularly foreign-based cryptocurrency exchanges targeting the domestic market.
Beyond website blocking, the new regulations also impose significantly stricter penalties for individuals involved in money laundering schemes using cryptocurrency. Those found guilty of facilitating such crimes, including allowing others to utilize their digital asset accounts, now face imprisonment of up to three years or a substantial fine of up to 300,000 baht (approximately $9,163).
This regulatory tightening occurs against the backdrop of the Thai Finance Ministry's recent announcement regarding a planned issuance of approximately $150 million in investment-grade crypto tokens, dubbed G-Tokens, to the public in the coming months. While details regarding the G-Token remain limited, this initiative highlights the Thai government's complex approach to navigating the evolving landscape of digital assets, balancing innovation with stringent regulatory control.
