Thai

The Securities and Thai Stock Exchange Committee (SEC) will prevent five cryptocurrency exchanges, including bybit and OKX, from working in the country.

According to May 29 advertisementBybit, 1000X, Coinex, OKX and XT.com in the country will be banned on June 28. The Supreme Education Council said that the procedure aims to “protect investors and cut on illegal platforms used to launder money.”

The agency said: “The Securities and Stock Exchange Committee advises all investors who use these platforms to take the necessary measures regarding their assets before the closing date.”

The decision follows the royal decree on technology prevention and suppression measures, which entered into force in Thailand on April 13. Under the new rules, the Ministry of Digital Economy and Society (MDES) carries the authority to prevent unauthorized digital assets trading platforms.

In early April, the Cabinet in Thailand approved emergency decrees on digital asset asset companies and electronic crime prevention measures. The new rules aim to “deter and prevent” foreign services providers “, given that they consider the exchange of digital assets under the Digital Asset Business Law in Thailand.

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The aforementioned stock exchanges without licenses

After collecting information about the five encryption exchange, SEC submitted official complaints to MDES, noting violations under the royal decree on digital asset companies. The relevant violations include work without a valid local license, and the complaint is expected to prohibit services in the country on June 28.

The organizer urged the public to be careful when using unlicensed cryptocurrencies, noting that users will not be protected under Thai law and can be exposed to risk, including fraud and money laundering.

BYBIT and OKX did not respond to Cointelegraph by publishing.

Related to: Tether Gold enters Thailand with inserts on Maxbit Excination

Thailand follows a measurable approach to encryption

Thailand has followed a measured approach to regulating digital assets in recent months. Earlier in May, the government was said to allow tourists to spend the cryptocurrency through the platforms linked to credit cards as part of a broader strategy to update its financial system and embrace digital assets.

In addition, it is said that the Ministry of Finance in Thailand plans to issue digital investment codes of $ 150 million, allowing retail investors to purchase government bonds. In March, local organizers agreed to USDT (USDT) and Circle USDC (USDC) for use in cryptocurrencies, allowing Stablecoins to be included in organized stock exchanges throughout the country.

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