Source: Cointelegraph Original: "{title}"
Thailand is strengthening measures to combat cybercrime involving digital assets by amending several national laws.
The Thai Securities and Exchange Commission (SEC) announced that the Thai Cabinet approved a resolution on April 8 to amend the emergency decree regarding digital asset businesses and cybercrime prevention measures.
As part of the new law, Thai regulators aim to enhance efforts against "mule accounts" for digital assets in banks, restrict foreign cryptocurrency peer-to-peer (P2P) platforms, and introduce strict economic penalties of up to $8,700, with imprisonment for up to three years.
The announcement noted that the new law is expected to be enforced in the near future and will take effect after being published in the Royal Gazette of Thailand.
The new regulations include stringent measures for cryptocurrency asset service providers (CASPs), requiring them to collect and report transaction information related to online fraud and to suspend such transactions.
The revisions also empower Thai authorities to prevent foreign CASPs from providing services to local users, further strengthening controls against money laundering activities.
The new law also significantly impacts non-crypto businesses in Thailand, imposing additional joint liability on commercial banks, telecom providers, and social media service providers. The SEC stated:
"Commercial banks, telephone and telecom network providers, social media service providers, and digital asset business operators are required to bear joint liability for damages caused by cybercrime if they fail to comply with the cybercrime prevention standards or measures designated by the regulatory agency."
According to the SEC, the new law is explicitly aimed at "preventing and deterring" foreign cryptocurrency P2P service providers, which are "considered digital asset exchanges under the Digital Asset Business Act."
Additionally, the announcement indicated that these laws aim to restrict other types of foreign CASPs from providing services to Thai investors.
Source: ChartNerd
Recent regulatory developments in Thailand are clearly aimed at limiting cryptocurrency P2P transactions to local P2P providers to avoid potential risks posed by foreign CASPs.
Cointelegraph sought comments on this restriction from the Thai Securities and Exchange Commission and the cryptocurrency exchange Binance, but no response was received by the time of publication.
Meanwhile, local regulators have expressed interest in promoting cryptocurrency adoption by approving trials for cryptocurrency payments in certain cities like Phuket and considering the approval of cryptocurrency exchange-traded funds.
Related: Thai regulators approved the stablecoins Tether (USDT) and USD Coin (USDC).
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