Thai Government Approves Crypto Exchange, Wants Own Wallet

Thai Government Approves Crypto Exchange, Wants Own Wallet

The Thai Securities and Exchange Commission has approved another crypto exchange to legally operate in the country. There are now six exchanges that have been granted approval. Meanwhile, the government is considering maintaining its own wallet in order to confiscate cryptocurrencies from illegal sources.

Another Crypto Exchange Approved

Southeast Asia Digital Exchange Co. Ltd. (Seadex) has become the sixth legal crypto exchange in Thailand. After reviewing Seadex’s information and concluding that the business existed before May 14 when the regulation took effect, the SEC granted approval to the exchange.

Last month, the regulator approved seven crypto firms, five of which were crypto exchanges.

Thai Government Wants Its Own Crypto Wallet

Mr. Witthaya Neetitham, Secretary of Amlo, said at a seminar on cryptocurrency crime and the legal system that officials are discussing how to obtain and safeguard a wallet for Amlo “to hold or confiscate digital currency from illegal sources.”

Citing that earlier this year the Technology Crime Suppression Division of the Royal Thai Police and their Dutch counterparts arrested a Moldovan suspected of operating a child porn website, Police Captain Ekkanit Natethong revealed:

ID Challenges in the Digital Age

Nonetheless, he said “it was still difficult to handle cryptocurrency operators who are outside the system,” the news outlet conveyed and quoted him saying:

Chartpong Chirabandhu, deputy director general of the Office of the Attorney General’s Department of Special Litigation, commented that “a big problem with digital assets and other such evidence is the difficulty in discovering the identity of those transacting.” He described, “When we present the evidence to [the] court, it often fails to convince the judges.”

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