Under the new regulations, Thailand will step up its efforts to prevent foreign peer-to-peer crypto exchanges from targeting local users.
Thailand is focusing on strengthening efforts to combat cybercrime with several new changes in the law, focusing on cracking down on mule accounts and foreign peer-to-peer crypto platforms more vigorously. In a press release on April 8, Thailand’s Securities and Exchange Commission said the new regulations could prevent Thai authorities from exempt foreign crypto exchanges targeting local investors.
“The SEC will work with the Ministry of Digital Economy and Social Affairs and related institutions including the TDO and Digital Asset Business Operators to implement the aforementioned laws to prevent the use of digital assets as a means of money laundering and increase efficiency in reducing public damage from online crime.”
Pornang Budsaratragoon, Secretary General of Sec
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An important part of the fix focuses on P2P platforms, and the government can now block websites and apps serving THAI users. The law also introduces stricter penalties for individuals involved in Mule accounts. Those who are granted that others have enabled their digital asset accounts to use for cybercrime can face up to three years of prison or up to 300,000 baht (approximately $8,660), or both.
As part of the latest crackdown, Thai authorities are pushing crypto companies to follow the same procedures as banks by trading, screening and suspending transactions or suspensions related to cybercrime.
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