Thailand Strengthens Cybercrime Defenses
In a move to bolster its defenses against cybercrime, Thailand is implementing stricter regulations aimed at curbing the influence of foreign peer-to-peer (P2P) cryptocurrency exchanges on its local market. The country’s Securities and Exchange Commission (SEC) made this announcement on April 8, highlighting its commitment to safeguard local investors from international platforms that may exploit them.
New Regulatory Measures
As part of these new measures, Thai authorities will be empowered to block access to foreign crypto exchanges deemed to specifically target Thai users. This initiative is part of a broader strategy in partnership with the Ministry of Digital Economy and Society and other relevant agencies, including the Thai Digital Office (TDO), to mitigate the risks associated with digital assets being used for illicit activities such as money laundering.
“A collaborative approach to enhance monitoring and enforcement of these regulations is essential,” said Pornanong Budsaratragoon, the SEC’s Secretary-General.
Among the significant amendments is a focus on websites and applications offering crypto services to Thai citizens, now subject to potential restrictions.
Tougher Penalties for Cybercrime
In an effort to deter cybercrime, the revised laws signal harsher punishments for those linked to mule accounts. Convictions could result in imprisonment for up to three years and fines reaching 300,000 baht (approximately $8,660) for individuals found guilty of facilitating the misuse of their digital asset accounts.
Alignment with Traditional Financial Institutions
Moreover, the new framework aligns the operations of crypto businesses with those of traditional financial institutions, mandating them to share pertinent information, conduct thorough screenings, and take necessary actions against transactions suspected of facilitating cyber offenses. This initiative underscores Thailand’s ongoing commitment to creating a safer digital finance environment for its citizens.
