Thailand Cracks Down on Foreign Crypto P2P Platforms in New Anti-Crime Push
Thailand Passes Stricter Crypto Law to Curb Online Crimes
Thailand’s government is strengthening its grip on digital assets in an effort to combat the rise in cybercrime. On April 8, the cabinet approved amendments to laws on digital asset businesses and suppression of cybercrime, the Thai Securities and Exchange Commission (SEC) reported.
The amendments aim to ban foreign cryptocurrency peer-to-peer (P2P) platforms, suppress digital asset mule accounts, and introduce harsher financial penalties and imprisonment. The amended law is pending publication in the Royal Thai Government Gazette before it comes into force.
Key Measures Suppress Mule Accounts and Money Laundering
The amendments require crypto asset service providers (CASPs) to report suspicious transactions that are associated with scams and freeze those accounts.
Authorities will also have the power to bar foreign CASPs from providing services to Thai users, adding new tools in the fight against money laundering and cyber financial crimes.
Telecom providers, social media platforms, and banks are also liable jointly if they fail to comply with the anti-cybercrime regulations as laid out by the regulators.
Foreign Crypto P2P Services Face New Restrictions
The SEC announced that foreign P2P operators, which are classed as digital asset exchanges under Thai law, will be prohibited from offering services to Thai users.
The move is aimed at mitigating risks from abroad operators and channeling crypto P2P activity through local platforms under regulatory oversight.
Thailand Balances Crackdown With Controlled Crypto Growth
Despite stricter enforcement, Thai regulators remain open to crypto innovation. Pilot crypto payment programs in cities like Phuket are underway, and regulators are also mulling approvals for crypto ETFs.
The two-tongued approach is a sign of Thailand’s attempt to allow crypto adoption while blocking its use in financial crime.
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Thailand Cracks Down on Foreign Crypto P2P Platforms in New Anti-Crime Push
Thailand Passes Stricter Crypto Law to Curb Online Crimes
Thailand’s government is strengthening its grip on digital assets in an effort to combat the rise in cybercrime. On April 8, the cabinet approved amendments to laws on digital asset businesses and suppression of cybercrime, the Thai Securities and Exchange Commission (SEC) reported.
The amendments aim to ban foreign cryptocurrency peer-to-peer (P2P) platforms, suppress digital asset mule accounts, and introduce harsher financial penalties and imprisonment. The amended law is pending publication in the Royal Thai Government Gazette before it comes into force.
Key Measures Suppress Mule Accounts and Money Laundering
The amendments require crypto asset service providers (CASPs) to report suspicious transactions that are associated with scams and freeze those accounts.
Authorities will also have the power to bar foreign CASPs from providing services to Thai users, adding new tools in the fight against money laundering and cyber financial crimes.
Telecom providers, social media platforms, and banks are also liable jointly if they fail to comply with the anti-cybercrime regulations as laid out by the regulators.
Foreign Crypto P2P Services Face New Restrictions
The SEC announced that foreign P2P operators, which are classed as digital asset exchanges under Thai law, will be prohibited from offering services to Thai users.
The move is aimed at mitigating risks from abroad operators and channeling crypto P2P activity through local platforms under regulatory oversight.
Thailand Balances Crackdown With Controlled Crypto Growth
Despite stricter enforcement, Thai regulators remain open to crypto innovation. Pilot crypto payment programs in cities like Phuket are underway, and regulators are also mulling approvals for crypto ETFs.
The two-tongued approach is a sign of Thailand’s attempt to allow crypto adoption while blocking its use in financial crime.
Read More
MoonPay CEO’s Letter to Congress: Stablecoin Bill Risks Creating National Monopoly