Thailand has revised regulations to improve oversight of overseas crypto trading platforms. The Cabinet approved amendments to digital asset and cybercrime laws earlier today on 9th April. The changes focus on tightening supervision and reducing money laundering through digital assets.Â
The new measures will take effect upon publication in the Government Gazette. Authorities aim to strengthen the security of public financial transactions with these reforms.
Enhanced Supervision and Cooperation
Officials will now exchange information more quickly between agencies and digital asset operators. The amendments clarify how agencies must share data on suspicious online activity.
The law requires digital asset businesses to operate like commercial banks regarding transaction screening. The revised rules help to detect and block digital asset mule accounts faster.
The Securities and Exchange Commission collaborates with several operators and the Thai Digital Asset Operators Trade Association to enforce these standards.
Combating Digital Asset Mule Accounts
The reforms focus on preventing the use of personal accounts for cybercrime purposes. Digital asset operators must now suspend transactions linked to illegal activity. Victims can receive refunds more quickly under the new measures.
A blacklist will be created to block further transactions linked to cybercrime. The law imposes penalties on account owners and operators who aid in these crimes.
Offenders face up to three years in prison and fines reaching 300,000 baht. These steps aim to stop criminals from exploiting digital transactions.
Also Read: Thailand’s SEC Files Criminal Complaint Against OKX Operator for Unlicensed Crypto Services
Preventing Foreign Money Laundering Channels
The amendments also target foreign digital asset exchanges used for money laundering. The rules now deter foreign peer-to-peer trading platforms from serving local investors.
Websites that seek Thai investors may be blocked by the Ministry of Digital Economy and Society. It is increasingly evident that platforms that employ local bank accounts or accept Thai Baht are being closely examined.
This regulation enhances law enforcement and improves the cooperation among banking, telecom, and digital service providers. The rules also help identify websites using the Thai language to lure local investors.
Other Recent Legal Actions
In addition to regulatory changes, Thailand has taken legal action against unauthorized crypto services.
The government filed a lawsuit against nine individuals and Aux Cayes FinTech. The company runs the OKX cryptocurrency exchange and allegedly provided unapproved trading services.
Authorities remain determined to stop unauthorized crypto activity in the country. These steps highlight Thailand’s focus on reducing risks for local investors.
Thailand’s amended laws will raise protection standards in crypto transactions. The measures are designed to block cybercrime, reduce money laundering, and secure digital asset trading. Authorities plan to work closely with industry partners to implement these reforms effectively.