Thailand Cracks Down on Offshore Cryptocurrency Exchanges

Thailand Targets Foreign P2P Crypto Platforms in New Legal Overhaul

Thailand's government has unveiled a new legal framework aimed at regulating the country's cryptocurrency market, with a particular focus on foreign peer-to-peer (P2P) platforms.

The new measures, outlined in the "Digital Asset Framework" published by the Thai Securities and Exchange Commission (SEC), aim to bring a sense of order to the country's cryptocurrency market, which has grown rapidly in recent years.

At the heart of the new framework is a requirement that all foreign P2P platforms operating in Thailand must register with the SEC and comply with a range of new rules and regulations.

The move is seen as a direct response to the growing popularity of foreign P2P platforms in Thailand, which have been able to operate largely unchecked in the country.

Under the new framework, foreign P2P platforms will be required to register with the SEC and provide a range of information, including details of their management structure, financial statements, and risk management practices.

The SEC will also have the power to revoke the registration of any platform that fails to comply with the new rules, or that is found to be operating in a manner that is deemed to be detrimental to the Thai cryptocurrency market.

In addition to the new requirements for foreign P2P platforms, the Digital Asset Framework also includes a range of other measures aimed at promoting the development of Thailand's cryptocurrency market.

These measures include the creation of a new "Digital Asset Institute" to promote the development of blockchain technology and cryptocurrency in Thailand, and the establishment of a range of new regulations aimed at preventing the use of cryptocurrencies for illegal activities.

The new framework is seen as a major step forward for Thailand's cryptocurrency market, which has long been plagued by a lack of regulation and a lack of transparency.

The move is also seen as a major boost for the country's fintech sector, which has been growing rapidly in recent years.

The Digital Asset Framework is set to come into effect in the coming months, and is expected to have a major impact on the Thai cryptocurrency market.