Thai Authorities Crack Down on Unauthorized Crypto Operations, Balancing Innovation and Regulatory Compliance
- Thai regulators raided World's iris-scanning site, citing unlicensed WLD token exchanges under the 2018 Digital Asset Emergency Decree. - The SEC arrested suspects and warned of penalties including imprisonment for operating without crypto licensing compliance. - Thailand's 18-month crypto-to-baht pilot aims to boost tourism revenue while enforcing anti-money laundering protocols. - Global scrutiny of World's biometric data practices persists in Germany, Indonesia, and Brazil amid regulatory fragmentatio
Thailand's regulatory bodies have ramped up their investigation into Sam Altman's World digital identity initiative after a coordinated raid on an iris scanning facility in Bangkok. The Securities and Exchange Commission (SEC) and the Cyber Crime Investigation Bureau (CCIB) carried out the operation, focusing on unauthorized activities linked to the platform's
The SEC labeled the incident as a breach of the 2018 Emergency Decree on Digital Asset Businesses, which requires all crypto service providers to be properly licensed. The commission stated that the WLD token exchange was operating without official registration, violating Section 26 of the decree. Authorities detained suspects and confiscated evidence from the location, and those involved now face possible jail time and fines under Section 66,
World, which changed its name from
In response to the crackdown, Thai authorities have introduced an 18-month trial allowing visitors to exchange cryptocurrency for Thai baht. The program, which caps transactions at 550,000 baht ($16,949) each, is designed to encourage tourist spending while upholding anti-money laundering measures. Finance Minister Pichai Chunhavajira pointed out that the initiative could bring substantial funds into the economy, drawing a distinction with the dangers of unregulated crypto platforms, as noted by Cryptopolitan.
This enforcement action is part of a wider international movement toward stricter crypto oversight. Analysts observe that Thailand's regulatory stance is in line with global benchmarks, such as those from the Financial Action Task Force, to counter illegal financial activities. Nonetheless, some critics warn that these policies might hinder progress in the digital asset industry. At present, Thailand's approach of combining strict regulation with controlled adoption reflects a careful effort to protect investors while fostering economic development,
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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