- Thailand’s financial regulators have blocked access to five major crypto exchanges in an effort to curb local money laundering.
- The changes will come into play next month, with OKX and Bybit among the axed platforms.
- Despite the hit to local exchanges, Thailand continues to explore ways to innovate within the digital assets sector.
- Earlier this week, Thailand officials announced a potential initiative allowing tourists to spend crypto via a debit card at local merchants.
As much of the world begins pondering progressive crypto regulation, Thailand has dealt a major blow to its local industry, banning five big trading platforms from operating within the nation.
Thailand’s Securities and Exchange Commission slashed 1000X, OKX, Coinex, Bybit and XT earlier today.
The move will become official on June 28th, when the country’s Ministry of Digital Economy will block exchange access.
Related: SEC Commissioner Hester Peirce Tells Crypto Investors to ‘Be an Adult’, Clarifies Securities Transactions
Exchanges Feel the Pinch, But Thailand Continues to Explore Progressive Crypto Policy
Just over a year ago, Thailand’s SEC hinted at such a policy when they began targeting ‘unlicensed crypto exchanges’ in response to rising digital crime.
Now, the regulators have brought the hammer down on five of the nation’s popular exchanges as a preventive measure against money laundering.
This is to protect investors and stop the use of unauthorised digital asset trading platforms as a money laundering channel.
Thailand Securities and Exchange Commission official statement
Despite a potential step backward for the Thailand crypto industry, the government hasn’t been as crypto-averse as the news suggests.
Just a few days ago, the nation announced they are planning to greenlight crypto-loaded debit cards for tourists.
Vendors within the region will still receive Thailand’s fiat currency – the Thai baht – while international travellers will be able to link their own crypto holdings.
Additionally, Thailand’s Finance Minister spoke of potential reforms coming to the current regulatory framework surrounding capital markets.
Part of this shifting regulation includes the issuance of $150 million USD ($233 million AUD) worth of tokenised Government bonds for retail investors.
Credit: Source link
