Regulators in Thailand Crack Down on Foreign Crypto P2P Payment Services

Main notes

• The updated regulations from the Thai authorities enabled the prohibition of foreign encryption service providers (CASPS) to provide services to local users.
• The adjustments to common responsibilities extend to the non -cross sectors, such as communications providers and banks.
• Meanwhile, the Securities and Stock Exchange Authority apply for the Blockchain distinctive securities to enhance market efficiency and transparency. .

Financial organizers in Thailand intensify measures to combat online crime that involve encrypted currencies and take corrective measures by introducing new amendments to existing national laws.

On April 8, the Securities and Thai Stock Exchange Committee (SEC) announced that the cabinet approved amendments to emergency decrees to digital asset asset companies and the prevention of electronic crimes.

Reformed laws also aim to enhance measures against encryption calculations while imposing restrictions on foreign currency counterparts (P2P), and providing tougher penalties. Violations may face fines of up to $ 8,700 and imprisonment for up to three years.

The new regulations will be implemented after being published in the Royal Thai government newspaper, with the expectation of application in the near future.

Thai organizers to prevent the foreign category

The updated financial regulations in Thailand will impose CASPS service providers to collect transactions data and report online fraud and suspend these activities immediately.

Thai authorities will get the ability to prevent foreign supply from providing services to local users to local. This way, it will enhance the efforts to combat money laundering.

Regardless of the encryption sector, the amendments will also impose additional joint responsibilities on non -algebraic companies, which will include communications providers, commercial banks and social media platforms. This indicates a broader approach to treating financial and electronic crimes. Talk about this, Thai said:

“Commercial banks, telecommunications network providers, social media service providers and digital asset operators to assume joint responsibilities for the damage caused by electronic damage if they fail to comply with criteria or standards to prevent electronic crime as determined by the regulatory authorities.”

Foreign P2P coding services will face restrictions

The new financial laws in Thailand seek to deter and prevent foreign peer service providers from analogy to counterpart (P2P), classified as an exchange of encryption, under the Digital Asset Business Law, according to SEC.

SEC’s regulations will also restrict other types of foreign encryption service providers (CASPS) from providing services to Thai investors. This will eventually reduce P2P transactions for local service providers to alleviate the risk associated with foreign platforms.

Thai SEC works on many organizational measures this year with the next encryption space. As reported earlier this year, SEC seeks to update capital markets by entering Blockchain that works Distinguished Securities Trading Phase.

The next platform aims to enhance trading efficiency and transparency by taking advantage of Blockchain technology. This innovation will allow investors to buy and sell digital representations for traditional assets easily

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