Thai government issues new license for cryptocurrency trading platform

Thai government issues new license for cryptocurrency trading platform

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Answer Thai government issues new license for cryptocurrency trading platform

The Securities and Exchange Commission of Thailand has approved a cryptocurrency exchange and granted it the right to operate legally in the country. There are now six trading institutions that have been approved. Meanwhile, the government is considering keeping its own wallet in order to confiscate confidential transactions from illegal sources.

Cryptocurrency trading platform

The Securities and Exchange Commission of Thailand (SEC) – Thailand’s main legislative body – approved on Thursday 6 September that another cryptocurrency trading platform has been approved to operate legally in the country.

Southeast Asia Trading Corporation (Seadex) has become the sixth legal institution in Thailand. After reviewing Seadex’s information and concluding that the business existed prior to May 14 when the regulation took effect, the Securities and Exchange Commission approved the legality of the platform.

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Last month, the Thai regulator approved seven blockchain companies, five of which are cryptocurrency exchanges.

Thailand government wants its own cryptocurrency wallet

The Thai government endorses cryptocurrency exchanges and wants their own wallet that operates within the country, with the aim of combating crime related to illicit financial profit, as the Thai Government’s Anti-Money Laundering Office (Amlo) is considering maintaining its own foreign currency wallet, and this is what It was reported by The Nation newspaper this week.

Speaking at a symposium on “Cryptocurrency Crimes and the Contemporary Legal System,” Mr. Wittaya Netitham, Secretary of the Anti-Money Laundering Bureau, said that officials are discussing how to obtain and protect the state from illegal financial exchanges with the aim of enabling the country to “hold or confiscate digital currency from illegal sources.” “.

The Thai government has approved cryptocurrency exchanges, wants its own wallet, and the post explains that there is currently “no law allowing the agency to freeze or seize digital currency, nor anywhere to preserve it.” As a result, Thai authorities can imprison or extradite cybercriminals and confiscate them. their physical assets but they cannot touch their digital assets.”

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Based on this earlier this year, the Royal Thai Police’s Tech Crime Suppression Division and their Dutch counterparts arrested a suspect in Moldova for operating a child porn site. Police Chief Ikanit Nathong revealed: We found Bitcoin in his electronic wallet but had to Leave it there because we don’t have any crypto grab systems.

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Identity challenges in the digital age

The Thai government approves cryptocurrency, and they want to own a wallet. To achieve this, if digital currencies are fully legalized in Thailand. Netham claims that the Anti-Money Laundering Office has measures to combat crimes involving digital currencies licensed by the Securities and Exchange Commission. [التايلاندية]”.

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However, he said, “It was still difficult to deal with cryptocurrency operators who were outside the system,” and the news outlet quoted him as saying that we could not identify the operator or the recipients of cryptocurrency when victims transferred funds to criminals.

“The big problem with digital assets and other evidence is the difficulty of discovering the identity of these dealers,” said Chart Bong Chirapandhu, Deputy Director General of the (Prosecutor General) Office in the Special Litigation Division. And the evidence presented before the court often fails to convince the judges.”

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