Thailand has introduced new amendments to national laws aimed at strengthening measures to combat online crimes involving digital assets. The Thai Cabinet approved these changes on April 8, which focus on digital asset businesses and cybercrime prevention, according to a statement from the Thai Securities and Exchange Commission (SEC).
The amendments, which are expected to take effect following publication in the Royal Thai Government Gazette, include several key provisions. These measures focus on addressing digital asset mule accounts in banks, regulating foreign cryptocurrency peer-to-peer (P2P) platforms, and introducing financial penalties of up to $8,700 and potential prison sentences of up to three years for violations.
Strengthening Efforts to Combat Cybercrime and Money Laundering
The new regulations require crypto asset service providers (CASPs) to collect and report information on transactions associated with online scams, with the ability to suspend any suspicious activities. Additionally, Thai authorities will have the power to block foreign CASPs from offering services to local users, tightening efforts to prevent money laundering.
The regulations also extend responsibility to non-crypto businesses in Thailand. Commercial banks, telecom providers, and social media platforms will now share responsibility for preventing cybercrimes and must adhere to regulatory standards, with penalties for non-compliance.
Focus on Foreign Crypto P2P Providers
A notable element of the amendments is their focus on restricting foreign crypto P2P services. These platforms will now be subject to tighter controls, particularly those offering services to Thai investors. The law explicitly aims to limit foreign P2P services in a bid to mitigate risks associated with these platforms.
While the Thai SEC has not yet commented on the matter, the changes appear to signal a shift toward ensuring that P2P transactions in the country remain confined to local providers, thereby reducing exposure to external risks.
Thailand’s regulators have also signaled an interest in fostering cryptocurrency adoption in the country. Recent efforts include trials of cryptocurrency payment systems in cities like Phuket and discussions around the approval of crypto exchange-traded funds (ETFs).
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