The Thai authorities have approved new amendments to the legislation regulating the digital asset business and combating cybercrime. From now on, foreign cryptocurrency exchanges providing P2P services will not be able to serve users within the country.
This is reported by Business • Media
Purpose of the New Regulations
The changes are aimed at combating fraud, particularly money laundering, and protecting against so-called mules. The Securities and Exchange Commission (SEC) has reported that the Cabinet has made a decision to restrict the activities of foreign P2P crypto platforms in Thailand.
According to the new rules, owners of mule accounts may face fines of up to 300,000 baht (approximately $8700) or may be imprisoned for up to three years. Additionally, crypto services must monitor and record suspicious transactions related to online fraud.
Responsibilities of Crypto Companies
Foreign crypto service providers without a local license will not be able to conduct business in Thailand. These changes also clarify the procedures for exchanging information with relevant authorities and strengthen measures against money laundering through foreign cryptocurrency exchanges. The SEC notes that commercial banks, telecommunications companies, and social networks will share responsibility with crypto companies if they fail to take action to prevent cybercrime.
The new regulations will come into effect after publication in the Royal Thai Government Gazette, which, according to the regulator, will happen soon.
“The SEC will collaborate with the Ministry of Digital Economy and Society and relevant agencies, including the Association of Digital Asset Operators of Thailand and other providers, to implement these laws, enhance effectiveness in preventing the use of digital assets for money laundering, and reduce harm from online crimes,” said the SEC Secretary-General Pornanong Budsaratragoon.
Despite the strict restrictions on foreign platforms, local authorities continue to demonstrate a commitment to integrating cryptocurrencies into the country’s financial system. In particular, pilot programs for crypto payments are planned in regions such as Phuket, and the use of the stablecoin USDT for transactions and listings on exchanges has been officially permitted.