Thailand has enhanced efforts to combat online crimes related to digital assets by approving amendments to national laws. The cabinet passed resolutions on April 8 to amend emergency decrees on digital asset businesses and cybercrime prevention. The amendments aim to crack down on digital asset mule accounts, restrict foreign cryptocurrency peer-to-peer platforms, and impose penalties of up to $8,700 and three years imprisonment. These laws will soon be enforced upon publication in the Royal Thai Government Gazette. The regulations also target crypto asset service providers, requiring them to report transactions linked to online scams and suspend suspicious activities. Additionally, the laws empower authorities to block foreign providers from serving local users, tightening controls against money laundering. The measures extend to non-crypto businesses, holding banks, telecom providers, and social media services accountable. Thailand’s latest regulations focus on limiting crypto P2P transactions to local providers to mitigate risks associated with foreign exchanges.
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