The Thai SEC has restricted and banned 5 exchanges, with the ban taking effect on June 28. This indeed surprised me a bit, but upon further thought, this kind of ban should not be an extreme ban, but rather for Compliance or to regulate the market.

From what I understand, Thailand has a very open attitude towards cryptocurrencies, and many practitioners in the exchange industry consider Thailand as a major hub. Furthermore, Thailand has previously introduced several policies to support cryptocurrencies and payment services.

Now the Thai SEC has suddenly imposed restrictions, likely realizing that local crypto activities are too prosperous, and has started preparing for a Compliance market. In the long run, this is a good thing.

For the cryptocurrency industry, whether it is an exchange or a project party, the premise of conducting business in certain countries is actually the hope that there will be a clear regulatory stance locally, either welcoming or rejecting. The fear is ambiguous policies, which could lead to being cut off by the government after expanding the market locally.

Moreover, the reason for Thailand's ban on several exchanges is the lack of local operating licenses, and a buffer period of about 2 months has been given, which is sufficient for the banned exchanges to obtain the necessary licensing.

At least there are compliance procedures now, which can be considered a good thing for the long-term development of the cryptocurrency industry in Thailand.