# SEC Set to Escalate Enforcement Against Illegal Digital Asset Platforms

- Link: https://www.thailand-business-news.com/crime/208700-sec-set-to-escalate-enforcement-against-illegal-digital-asset-platforms
- Published: 2025-04-16T11:10:00+07:00
- Author: SiamNews PR

**The SEC in Thailand is tightening restrictions on foreign digital asset platforms
engaging in solicitation or advertising services to investors. Websites may be blocked
more quickly, and operators must comply with the Digital Asset Business Law to avoid
penalties. Investors are encouraged to use licensed operators to ensure legal protection
and avoid scams or money laundering risks.**

The Securities and Exchange Commission (SEC) is ready to coordinate with relevant
agencies to elevate restrictions on foreign digital asset platforms engaging in 
solicitation or advertising services to investors in Thailand. The blocking process
can now be done more quickly after the Emergency Decree on Digital Asset Businesses(
No. 2) B.E. 2568 (2025) (Digital Asset Business Law) and the Emergency Decree on
Measures for the Prevention and Suppression of Cybercrimes (No. 2) B.E. 2568 (2025)(
Cybercrime Law) take effect on 13 April 2025. 

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Pursuant the Digital Asset Business Law, as amended, digital asset business operators
having any of the following characteristics are deemed to be providing services 
to persons in Thailand, which requires proper license under the Digital Asset Business
Law:   

(1) having a digital platform displayed, in whole or in part, in the Thai language;

2) having a digital platform registered by using a domain name with the extension“.
th” or “.ไทย” or any other name that signifies Thailand or the Kingdom of Thailand,
or using a domain name in the Thai language; 

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(3) requiring or allowing service users to make payments in the currency of Thai
baht, or accepting payments through deposit accounts or electronic money accounts
in Thailand;  

(4) specifying a condition that Thai law shall be the governing law for digital 
asset trading transactions, or specifying that legal cases be resolved in a Thai
court;

(5) paying remuneration to providers of search engines for specifically facilitating
the access to their services for users in Thailand;  

 (6) establishing an office or entity, or hiring personnel to support or assist 
users in Thailand; 

(7) having any other characteristic as prescribed by the Notification of the Securities
and Exchange Commission. 

Concurrently, by virtue of the Cybercrime Law, the Ministry of Digital Economy and
Society (DE) **is authorized to block websites and applications of foreign digital
asset business operators that possess the aforesaid characteristics** and are subsequently
deemed to be providing services to persons in Thailand without license under the
Digital Asset Business Law.  

Additionally, the Cybercrime Law requires that digital asset business operators 
exchange information, **screen and suspend transactions or accounts involving in
cybercrimes in the same manner as commercial banks. **This includes being subject
to refunding mechanisms that will expedite refunds for victims. Furthermore, persons
or digital asset wallet addresses associated with cybercrime activities must be 
identified on a blacklist, and digital asset business operators are prohibited from
conducting transactions with such persons or digital asset wallets on the list.*

Mr. Anek Yooyuen, SEC Deputy Secretary-General and Spokesperson, said:

_“Now that both amendments have taken effect, the process of blocking access to 
digital asset trading platforms that are liable to be an operation of unlicensed
digital asset business becomes more streamlined, more efficient, and can be done
more swiftly. In addition, individuals who open or allow other persons to use their
digital asset accounts as mule accounts for committing criminal offenses shall be
subject to penalties including imprisonment for a term not exceeding three years
or a fine of up to 300,000 baht, or both.” _

The SEC encourages investors to use services from licensed digital asset business
operators in Thailand to ensure protection under the Digital Asset Business Law.
The SEC closely monitors and inspects compliance with the law. Investors using services
from foreign digital asset trading platforms must be cautious, as there is a risk
of being scammed, as well as the risk of being used as a channel for money laundering.

**Source** : [SEC is ready to elevate restrictions on illegal digital asset platforms after the new laws take effect today](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=11698&rand=113627)