Thailand has closed the door to unregulated foreign cryptography services while it increases efforts to combat online financial crime, supported by swept new legal amendments that target everything, mule accounts to the Rogue P2P platforms.
The Thai Commission for Securities announcement On Tuesday, the firm approved updates of the main emergency decrees, introducing new measures to regulate digital asset companies and prevent cybercrime.
The SEC said that new laws will be used to “dissuade and prevent” foreign crypto-peer platforms in Peer-to-Peer (P2P), which are “qualified as digital asset exchanges under digital asset business law”, of the operation in Thailand.
Changes introduce strict sanctions that can go up to three years in prison, fines reaching $ 8,700 (300,000 baht), or both, as part of an intensive thrust to tighten the surveillance of digital active ingredients.
Once published in the Thai Royal Government Gazette– The country’s official public newspaper for new laws – Laws will enter immediately.
The changes allow the authorities to suspend suspected transactions, to force cryptographic asset service providers (CASPS) to report the activity linked to the scam and to block foreign platforms for the maintenance of local users.
However, the scope extends beyond cryptocurrency companies, because according to the SEC, commercial banks, telecommunications companies and social media platforms will now be faced with “the joint responsibilities of damage caused by cybercrimes” if they did not follow preventive standards.
Budsaratragoon of the Secretary General of the SEC Budsaratragoon said that the law aims to prevent improper use of cryptography for money laundering and “reduce public damage to online crimes” thanks to joint application with digital agencies.
The crypto of Thailand is repression
The legislative efforts of Thailand occur in the midst of an increase in the application of the law targeting the financial crimes linked to cryptography.
Last month, Thai police came down to five cryptocurrency companies without license through Nakhon Pathom, Samut Sakhon and Bangkok, stopping 11 people and entering equipment related to an electronic currency of 29.3 million dollars that would have channel investments abroad via non -grouped portfolies.
Despite the repression, Thailand continues to engage with the cryptography sector in a measured way.
In January, Budsaratragoon said that Thailand should “move with greater adoption of cryptocurrencies worldwide”, because the country considers that Bitcoin ETF made it possible to extend the regulated investment options.
Thailand is also preparing to deploy a blockchain– Negotiation platform based on securities companies in order to issue and exchange digital tokens.
On February 3, deputy secretary general Jomkwan Kongsakul said The agency “takes advantage of technology to improve the efficiency of the capital market”, with new rules in progress to fully digitize the bond markets, from registration to the regulations.
In addition to this, the country is envisaged stablecoin supported by state obligationswhile planning a Bitcoin Sandbox payment to test cryptographic tourist payments in Phuket later this year.
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