The Thai authorities have implemented new changes to the legislation regulating the digital asset business and measures to combat cybercrime. According to the new regulations, foreign cryptocurrency exchanges providing P2P services will no longer be able to serve clients in the country.
This is reported by Finway
The main goal of these changes is to combat fraud, particularly to prevent money laundering and protect against so-called “mules.” The Securities and Exchange Commission (SEC) of Thailand has announced amendments to the legislation that were approved by the Cabinet.
Fines and New Obligations for Crypto Services
Among the key innovations are restrictions on the activities of foreign P2P crypto platforms, as well as the introduction of fines of up to 300,000 baht (approximately $8,700) for the owners of so-called “mule accounts” and possible imprisonment of up to three years for violations of these regulations.
Crypto services will be required to monitor, record, and block suspicious transactions related to online fraud. Furthermore, foreign cryptocurrency service providers that do not obtain a local license will not be able to operate in Thailand.
Cooperation with Local Agencies
The changes are also aimed at improving information exchange processes with relevant authorities and strengthening measures against the use of foreign cryptocurrency exchanges for money laundering. As noted by the SEC, commercial banks, telecommunications companies, and social networks will also bear responsibility if they do not take action to prevent cybercrime.
“The SEC will cooperate with the Ministry of Digital Economy and Society and relevant agencies, including the Association of Digital Asset Operators of Thailand, to implement these laws, enhance effectiveness in preventing the use of digital assets for money laundering, and reduce harm from online crimes,” said the Secretary-General of the Commission, Pornanong Budsaratrakun.
Despite the strict restrictions on foreign platforms, local authorities are showing a commitment to integrating cryptocurrencies into the country’s financial system. In particular, pilot programs for crypto payments are being considered in tourist areas such as Phuket, as well as official permission for the use of the USDT stablecoin for transactions on local exchanges.