The Government of Thailand is taking a bold step to clean up crypto platforms without approval to operate in the country. The government has passed new laws to block unregulated foreign crypto platforms and stop online financial crime . This move is part of a bigger push to protect users and strengthen the country’s digital economy. Earlier today, the Thai Securities and Exchange Commission (SEC) announced that new emergency laws have been approved. These changes focus on stopping illegal peer-to-peer (P2P) crypto platforms and ensuring that all digital asset businesses follow the rules. Heavy Punishments for Rule Breakers Under the new law, foreign crypto platforms that try to operate in Thailand without a license could face serious consequences. These include up to three years in jail and a fine of up to 300,000 baht, equivalent to $8,700. Offenders could also face both penalties. Once these rules are officially published in Thailand’s Royal Government Gazette, they will take effect immediately. The SEC will also have more power to stop suspicious transactions, freeze assets, and require crypto service providers to report scam activity. The SEC said commercial banks, telecom companies, and even social media platforms must also participate in fighting online fraud. If they fail to stop scams on their networks, they could be held responsible. SEC Secretary-General Pornanong Budsaratragoon said the goal is to stop crypto from being used for money laundering and protect the public from cybercrime. These changes are part of a joint effort with other digital agencies to tighten security. Thailand Busts $29M Crypto Scam in Major Police Raid Thailand’s tough stance is not just on paper. Last month, police raided five illegal crypto operations across Nakhon Pathom, Samut Sakhon, and Bangkok. The authorities arrested 11 people and took down a $29.3 million scheme that used fake wallets to send money overseas. These operations show how serious the problem is and why Thailand is acting now. Thailand Still Supports Crypto Growth Even with all the crackdowns, Thailand is not turning away from crypto. The country is exploring safer, more regulated ways to grow its digital economy. Earlier this year, the SEC said Thailand is open to allowing spot Bitcoin ETFs to give people more ways to invest safely. Thailand is also developing a blockchain-based trading platform for securities firms to issue and trade digital tokens. The SEC is developing new rules to digitize the bond market from start to finish, including how bonds are registered and settled. Thailand is thinking about launching a stablecoin backed by government bonds. The country also plans to test Bitcoin payments in Phuket later this year, allowing tourists to use crypto for travel-related expenses. The post Thailand Cracks Down on Unlicensed Crypto Platforms With New Law appeared first on TheCoinrise.com .
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