Thailand put its foot down on unregulated foreign crypto services as it strengthens efforts to combat online financial crime. The country’s efforts are backed by new legal amendments approved by its cabinet.
Thailand has had enough unregulated foreign crypto services, introducing laws to deter and prevent such services from operating there.
Thai SEC Announces Updates to Key Emergency Decrees
Thailand is ramping up its efforts to combat online financial crime. The Thai Securities and Exchange Commission (SEC) announced that the cabinet approved amendments to its Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) (Digital Asset Business Law) and the Emergency Decree on Measures for the Prevention and Suppression of Cybercrime B.E. 2566 (2023) (“Cybercrime Law”) which introduce new measures to regulate digital asset businesses and prevent cybercrime.
The SEC detailed:
“These amendments aim to strengthen measures against cybercrime and mule accounts, enhancing the security of public financial transactions and improving the effectiveness of combating online scams.”
In its statement, the SEC said, “…amendments to the Digital Asset Business Law and the Cybercrime Law will enhance the effectiveness of measures blocking digital asset mule accounts.”
The amendments clarify the mechanisms for information exchange with agencies and improve the measures for preventing the use of foreign exchanges as a channel for money laundering. The SEC said the measures allow websites and applications of foreign platforms that solicit or advertise services to investors in Thailand to be blocked more quickly and easily. Measures aim to improve law enforcement efficiency and cooperation in addressing cybercrime between the banking sector, digital asset businesses, and other relevant agencies.
According to the SEC’s statement, the newly introduced laws will be used for “deterring and preventing” foreign peer-to-peer (P2P) platforms, which are “qualified as digital asset exchanges under the Digital Asset Business Law,” from operating in the country.
SEC Secretary-General Pornanong Budsaratragoon added:
“The SEC will collaborate with the Ministry of Digital Economy and Society and relevant agencies, including the TDO and digital asset business operators, to implement the aforementioned laws to enhance the efficiency in preventing the use of digital assets as a means for money laundering, and to reduce public damage from online crimes.”
USDC and USDT Join the List of Approved Cryptocurrencies in Thailand
The Southeast Asian nation has long embraced cryptocurrencies and continually introduces new measures to improve the operation of digital assets in the country.
Its most recent move included revising the criteria for its list of approved cryptocurrencies “to be used for investment in digital tokens through ICOs process, for ICO portals to receive from investors or issuers for transactions, and for digital asset exchanges to use[d] as base trading pairs,” adding Tether (USDT) and USD Coin (USDC).
The SEC previously only approved Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Stellar (XLM), and certain tokens used in the Bank of Thailand’s settlement system.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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