Munzir HakimiTable of Contents
Fresh Regulations Ahead
Thailand is enhancing its fight against online crimes related to digital assets by implementing new laws. These amendments, approved by the cabinet on April 8, aim to tackle issues like money laundering and the misuse of digital asset mule accounts.
The Thai Securities and Exchange Commission (SEC) announced that these regulations will impose strict penalties on offenders,including fines up to $8,700 and potential imprisonment for up to three years. The laws are set to take effect once published in the Royal Thai Government gazette.
Key Measures Explained
- Strengthened reporting Requirements: Crypto asset service providers (CASPs) must now collect detailed transaction facts linked to scams.
- Blocking Foreign Services: Authorities can prevent foreign CASPs from servicing local users, tightening controls against illicit activities.
These measures also extend responsibilities beyond crypto businesses; commercial banks and telecom providers must now ensure compliance with cybercrime prevention standards.
Restrictions on Foreign P2P Services
The new regulations specifically target foreign cryptocurrency peer-to-peer (P2P) platforms. By classifying them as digital asset exchanges under existing laws, Thailand aims to limit their operations within its borders.This move seeks to mitigate risks associated with international services while promoting local P2P options.
Despite these restrictions, Thailand’s regulators remain interested in fostering cryptocurrency adoption through initiatives like crypto payment trials in cities such as Phuket.
Final Thoughts
Thailand’s regulatory updates mark a significant step towards safeguarding its financial ecosystem from cyber threats while balancing the growth of cryptocurrency usage within the country.
