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Thailand to Combat Crypto Crime with New Regulations on Foreign P2P Services https://cryptonews.com/news/thailand-to-combat-crypto-crime-with-new-regulations-on-foreign-p2p-services/

Thailand to Combat Crypto Crime with New Regulations on Foreign P2P Services

Thailand's Cabinet has approved major amendments to tighten regulations on digital asset crimes, specifically targeting mule accounts and foreign crypto platforms used for money laundering. The changes aim to modify the Digital Asset Business Act (2018) and the Cybercrime Law (2023) to enhance cooperation between regulators, the Thai Digital Asset Operators Trade Association (TDO), and private firms to address online financial fraud.

Under the new laws, Thai regulators are empowered to swiftly block suspicious websites and apps, particularly those operated by foreign cryptocurrency exchanges targeting Thai investors. Anyone using or allowing others to use their crypto accounts for cybercrime now faces harsh penalties, including up to three years in prison or a fine of up to 300,000 Baht (roughly $8,700).

The regulation also introduces a national blacklist of wallets linked to cybercrime, preventing flagged accounts from initiating future transactions. Digital asset firms must take on new responsibilities, including rigorous user screening, swiftly suspending suspicious transactions, and assisting victims in recovering stolen funds.

Banks, telecommunications companies, and social media platforms will also share liability for damages caused by cybercrime if they fail to meet the new standards. The Thai Securities and Exchange Commission (SEC) emphasized that these changes close existing loopholes and enhance cooperation between regulators and private firms to address online financial fraud.