Thailand is tightening its grip on digital asset activity to curb online scams and cybercrime. The country’s cabinet approved a set of legal amendments to strengthen control over crypto trading and boost protection against financial fraud, the Thai Securities and Exchange Commission (SEC) announced.
The updated laws target crypto mule accounts to crack down on foreign peer-to-peer (P2P) platforms operating in the country without local oversight. Under the new rules, crypto service providers must flag and freeze suspicious transactions linked to scams. Failing to comply could result in penalties of up to 300,000 baht (around $8,700) and jail time of up to three years.
Authorities will also be able to block foreign crypto asset service providers (CASPs) from offering services to Thai users. The move is said to curb money laundering risks and tighten control over platforms operating outside local regulatory reach.
The new measures go beyond crypto platforms, placing added responsibility on banks, telecom companies, and social media firms. These players could be held jointly liable for damages caused by cybercrime if they don’t follow regulatory standards for preventing online fraud.
Thailand’s SEC said the laws seek to “deter and prevent” foreign crypto P2P services, which it classifies as digital asset exchanges under national law. The regulations are expected to take effect soon, pending publication in the Royal Thai Government Gazette.
Earlier on March, the country approved Tether’s USDT and Circle’s USDC for cryptocurrency trading, allowing the stablecoins to be listed on regulated exchanges across the country.
USDT and USDC now join a small list of approved cryptocurrencies in Thailand, including Bitcoin, Ether, XRP, Stellar Lumens, and assets being tested by the Bank of Thailand for settlement purposes.
Tether said the approval will allow USDT to be integrated into digital asset businesses and used as a payment method within the country.
The move comes nearly six months after the SEC authorized One Asset Management (ONEAM) to introduce the Bitcoin ETF, which caters exclusively to wealthy and institutional investors.
On the retail front, Thai authorities announced that they will block access to unauthorized cryptocurrency platforms.
Thailand’s SEC has been directed to compile and submit a list of such platforms to the Ministry of Digital Economy and Society, which will facilitate the blocking of these platforms following court approval.
The SEC acknowledges the impact on users and announced a grace period allowing them time to manage and withdraw their assets from these unauthorized services.
The regulator accused in 2024 former Zipmex Thailand director and CEO, Ekkalarp Yimwilai with corruption and deception. The SEC’s investigation also highlighted discrepancies between the reports submitted by Zipmex Thailand and the information the regulator obtained.
Meanwhile, Thailand’s largest cryptocurrency exchange Bitkub plans to list in the Stock Exchange of Thailand (SET). Bitkub’s owner already financial advisers to facilitate its planned initial public offering (IPO) listing. Srupsrisopa said this strategic step would help attract new capital while elevating Bitkub’s market presence.
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