Thailand is beefing up measures to combat online crimes involving digital assets by passing new amendments to several national laws. Thailand’s cabinet on April 8 passed a resolution approving amendments to emergency decrees on digital asset businesses and on measures for cybercrime prevention, the Thai Securities and Exchange Commission (SEC) announced . As part of the new laws, Thai regulators aim to strengthen measures for combating digital asset mule accounts in banks , restrict foreign cryptocurrency peer-to-peer (P2P) platforms and introduce strict financial penalties of as much as $8,700 and imprisonment of up to three years. The new laws are expected to be enforced in the near future, and will take effect after being published in the Royal Thai Government Gazette, the announcement stated. Key measures to combat mule accounts and money laundering The new regulations include stringent measures for crypto asset service providers (CASPs), requiring them to collect and report information on transactions linked to online scams and suspend them. The amendments also empower Thai authorities to block foreign CASPs from providing services to local users, further tightening controls against money laundering activities. Related: Zhao pledges BNB for Thailand, Myanmar disaster relief The new laws also have significant implications for non-crypto businesses in Thailand, imposing additional joint responsibilities on commercial banks, telecom providers and social media service providers. The SEC stated: “Requiring commercial banks, telephone and telecommunications network providers, social media service providers and digital asset business operators to take joint responsibilities for damages caused by cybercrimes if they fail to comply with the standards or measures for preventing cybercrimes as specified by regulatory authorities.” Restrictions for foreign crypto P2P services The new laws explicitly aim to “deter and prevent” foreign crypto P2P service providers, which are “qualified as digital asset exchanges under the Digital Asset Business Law,” according to the SEC. Additionally, the laws intended to restrict other types of foreign CASPs from providing services to investors in Thailand, the announcement said. Source: ChartNerd Thailand’s latest regulatory developments apparently aim to restrict crypto P2P transactions to only local P2P providers in an effort to avoid additional risks potentially stemming from foreign CASPs. Cointelegraph approached the Thai SEC and crypto exchange Binance for comments regarding the restrictions but did not receive a response by the time of publication. Meanwhile, local regulators have expressed interest in growing cryptocurrency adoption by approving crypto payment trials in certain cities like Phuket and considering approvals of crypto exchange-traded funds . Magazine: New ‘MemeStrategy’ Bitcoin firm by 9GAG, jailed CEO’s $3.5M bonus: Asia Express
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