🤩 More on Thailand🇹🇭: Regulator to block access to crypto exchanges Bybit🇦🇪, CoinEx🇦🇸, OKX🇨🇳, 1000X🇭🇰, and XT.COM🇸🇨 for operating without a license

🤩 More on Thailand🇹🇭: Regulator to block access to crypto exchanges Bybit🇦🇪, CoinEx🇦🇸, OKX🇨🇳, 1000X🇭🇰, and XT.COM🇸🇨 for operating without a license

According to the anti-cybercrime law approved in April, Thailand’s Ministry of Digital Economy and Society gained powers to block platforms operating without a license. In this context, access to the crypto exchanges Bybit, CoinEx, OKX, 1000X, and XT.COM has been decided to be blocked for unauthorized operations.

〰️ The five exchanges are under investigation for offering trading services to Thai users via their websites without the required permits. A judicial process has started involving the Economic Crime Unit.

〰️ Currently, Thailand is implementing stricter regulations for crypto platforms, aligned with blockchain technology testing in public finance. Through the official initial coin offering portal, the Ministry of Finance will launch the G-Token.

〰️ However, the Securities and Exchange Commission of Thailand (SEC) stated that the G-Token cannot be used as a means of exchange, clearly distinguishing between regulated digital assets and traditional cryptocurrencies.

〰️ Additionally, unregulated crypto trading has been categorized as cybercrime. The regulator has legal tools to hold banks, telecom companies, and social media platforms accountable if they facilitate or promote unauthorized trading activities.

On the other hand, tourists in Thailand can make payments with cryptocurrencies at certain points of sale.

#news #Asia #crypto

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