Thailand Introduces New Regulations to Restrict Foreign Crypto P2P Services
Financial regulators in Thailand are enhancing measures against cryptocurrency-related online crimes through amendments to national laws.
Key updates include:
- The Thai Securities and Exchange Commission (SEC) announced cabinet approval of amendments to emergency decrees on digital asset businesses and cybercrime prevention.
- New regulations target crypto mule accounts, impose restrictions on foreign cryptocurrency peer-to-peer (P2P) platforms, and introduce stricter penalties. Fines may reach $8,700, with potential imprisonment up to three years.
- The laws will take effect after publication in the Royal Thai Government Gazette.
Restrictions on Foreign CASPs
- Crypto asset service providers (CASPs) must report transaction data linked to online scams and suspend related activities.
- Thai authorities can block foreign CASPs from servicing local users to enhance anti-money laundering efforts.
- Non-crypto businesses like telecom providers, banks, and social media platforms will share responsibilities for damages caused by cybercrimes if they fail to meet regulatory standards.
Limitations on Foreign P2P Services
- The new laws aim to restrict foreign crypto P2P service providers classified as crypto exchanges under the Digital Asset Business Law.
- Other foreign CASPs will also face limitations on servicing Thai investors, reducing risks associated with these platforms.
- The SEC is working on additional regulatory measures and plans to implement a blockchain-powered tokenized securities trading platform to improve market efficiency and transparency.