Thailand strengthens measures to combat online crime that involve digital assets by passing new amendments to many national laws.
On April 8, the Council of Ministers approved a decision that approves the amendments to the emergency decrees of digital asset companies, electronic crime prevention measures, and the Securities and Thai Stock Exchange Committee (SEC) Declare.
As part of the new laws, Thai organizers aim to enhance measures to combat digital asset accounts in banks, restrict peer platforms to foreign currency (P2P) and providing strict financial penalties of up to $ 8,700 and imprisonment for up to three years.
The new laws are expected to be applied in the near future, and it will be in effect after being published in the Thai Royal Newspaper, according to the announcement.
The main measures to combat mule accounts and money laundering
The new regulations include strict metrics for codes service providers, which requires them to collect information about transactions related to transactions related to transactions and comment on them.
The amendments also enable the Thai authorities to prevent the foreign category from providing services to local users, which increases controls against money laundering activities.
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The new laws also have significant implications for companies not heading in Thailand, which imposes additional joint responsibilities on commercial banks, telecommunications providers and social media service providers. SEC stated:
“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 encryption services p2p
The new laws explicitly aim to “deter and prevent” foreign service providers “, which” qualifying to exchange digital assets under the Digital Assets Law, “according to SEC.
In addition, the laws aim to restrict other types of foreign superior to providing services to investors in Thailand, the announcement said.
source: Chartnerd
It is clear that the latest regulatory developments in Thailand aims to restrict Crypto P2P transactions for local P2P providers only in an attempt to avoid additional risks that may stem from the foreign category.
Cointelegraph is close to Thai exchange and coding for comments related to restrictions, but he did not receive a response by publishing time.
Meanwhile, local organizers expressed interest in continuing the adoption of the cryptocurrency by agreeing to encryptive payment experiences in some cities such as Foucape and consider the approval of the money circulating in the exchange of encryption.
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