30-5-2025 – Thailand’s financial watchdog has delivered a decisive blow to the cryptocurrency sector, moving to sever local access to five major digital asset trading platforms. The Securities and Exchange Commission announced that crypto exchanges Bybit, 1000X, CoinEx, OKX and XT will be banned locally starting June 28, marking a significant escalation in the country’s regulatory crackdown.
The sweeping prohibition stems from concerns over investor protection and the potential misuse of unlicensed platforms as conduits for financial crime. Thai authorities have expressed particular alarm about the role these unauthorised exchanges might play in facilitating money laundering activities, prompting the coordinated response from regulatory bodies.
Finance Minister Pichai Chunhavajira announced plans to issue about 5 billion baht ($150 million) worth of digital tokens as part of public debt, representing a dramatic shift in the nation’s approach to blockchain technology. The so-called G-Token initiative reflects Thailand’s evolving stance on digital assets, even as it tightens controls over unlicensed platforms.
This regulatory offensive traces its origins to deliberations held in April of the previous year, when Thai securities regulators outlined their intention to restrict domestic access to unlicensed cryptocurrency exchanges. The decision emerged from consultations with a government committee dedicated to combating technology-enabled criminal activity, highlighting the intersection between financial regulation and cybersecurity concerns.
The Ministry of Digital Economy and Society will assume responsibility for implementing the access restrictions, effectively creating a digital firewall around these platforms. This technical enforcement mechanism underscores the government’s determination to maintain control over the country’s digital asset ecosystem whilst pursuing its own blockchain initiatives.
The token is meant to provide investors with the chance to earn a higher return than they would on bank deposits, according to the Finance Minister’s statements. This dual approach – restricting unauthorised platforms whilst launching government-backed digital tokens – illustrates Thailand’s nuanced strategy for managing cryptocurrency adoption within its borders.
