Thailand is strengthening measures to combat online crimes related to digital assets by passing new amendments to several national laws.
Last Tuesday, April 8, the Cabinet of Ministers of the mentioned country passed a resolution approving amendments to emergency decrees on digital asset businesses and measures for cybercrime prevention. This was reported by the Thai Securities and Exchange Commission (SEC).
As part of the new laws, Thai regulators intend to strengthen measures to combat digital asset mule bank accounts, restrict foreign cryptocurrency peer-to-peer (P2P) platforms, and introduce strict financial penalties of up to $8,700 and imprisonment for up to three years.
It is still unknown. when the new laws come into force. According to media reports, this will happen in the foreseeable future. Appropriate measures will take effect after being published in the Royal Thai Government Gazette.
The new regulations include stringent measures for crypto asset service providers (CASPs), requiring them to collect and report information about transactions linked to online scams and suspend the corresponding activity.
The amendments also empower Thai authorities to block foreign CASPs from providing services to local consumers. In this case, control over money laundering activities is being tightened.
The new laws also have significant implications for non-crypto businesses in Thailand. In this case, additional joint responsibilities are imposed on commercial banks, telecom providers, and social media service providers. The SEC clarified that it provides for joint responsibility for damage caused by cybercrimes if the mentioned organizations do not comply with standards or measures to prevent relevant crimes as specified by regulatory authorities.
The new laws explicitly aim to deter and prevent foreign crypto P2P service providers, which qualify as digital asset exchanges under the Digital Asset Business Law. This was reported by the SEC. Moreover, new laws intended to restrict other types of foreign CASPs from providing services to investors in Thailand.
According to media reports, Thailand’s latest regulatory developments apparently aim to restrict crypto P2P transactions to only local P2P providers in an effort to avoid additional risks potentially related to foreign CASPs.
As we have reported earlier, Thailand to Pilot Crypto Payments for Phuket Tourists.
