Under new regulations, Thailand will enhance its efforts to prevent foreign peer-to-peer crypto exchanges from targeting local users. Thailand is ramping up its efforts to fight cybercrime with some new changes to its laws, focusing on cracking down harder on mule accounts and foreign peer-to-peer crypto platforms. In a press release on April 8, Thailand’s Securities and Exchange Commission said that with the new regulations Thai authorities could block foreign crypto exchanges that target local investors. “The SEC will collaborate with the Ministry of Digital Economy and Society and relevant agencies, including the TDO and digital asset business operators, to implement the aforementioned laws to enhance the efficiency in preventing the use of digital assets as a means for money laundering, and to reduce public damage from online crimes.” Pornanong Budsaratragoon, Secretary-General of the SEC You might also like: Thailand gives green light to Tether’s USDT as approved crypto A key part of the amendments focuses on p2p platforms, with the government now able to block websites and apps offering services to Thai users. The laws also introduce stricter penalties for individuals involved with mule accounts. Those found guilty of opening or allowing others to use their digital asset accounts for cybercrime can face up to three years in prison or a fine of up to 300,000 baht (around $8,660), or both. As part of the latest crackdown, Thai authorities are pushing for crypto businesses to follow the same procedures as banks by exchanging information, screening, and suspending transactions or accounts linked to cybercrimes. Read more: CZ donates nearly $600k worth of BNB for Myanmar and Thailand earthquake relief
