Thailand is stepping up its fight against online crimes tied to digital assets. On April 8, the country’s cabinet passed a resolution to amend key national laws related to digital asset businesses and cybercrime prevention, according to an announcement by the Thai Securities and Exchange Commission (SEC).
The new regulations aim to tackle the rise of crypto-related fraud and foreign platforms operating outside the country’s oversight. These amendments will officially take effect once they are published in the Royal Thai Government Gazette.
Harsh Penalties for Digital Asset Mule Accounts and Scams
Among the key provisions, Thai regulators will now impose stricter penalties for operating digital asset mule accounts—bank accounts used for laundering crypto-linked funds. Offenders could face fines of up to $8,700 and imprisonment for up to three years.
Crypto Asset Service Providers (CASPs) will be required to collect and report transactions tied to online scams. If they fail to comply, they risk being suspended under the new rules.
Crackdown on Foreign Crypto Platforms and P2P Services
The amendments also empower authorities to block foreign CASPs, including peer-to-peer (P2P) service providers, from offering services to Thai users. The SEC explicitly stated that foreign P2P providers are to be restricted, as they are considered “digital asset exchanges” under Thai law.
This move is designed to reduce risks associated with unregulated offshore platforms and to encourage use of locally compliant services.
Broader Responsibilities for Banks, Telecoms, and Social Media Firms
Thailand’s updated laws go beyond the crypto sector. Commercial banks, telecom operators, and social media platforms are now required to take joint responsibility for damages caused by cybercrimes, if they fail to meet regulatory standards.
“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,” the SEC stated, highlighting the coordinated approach to tackling digital fraud.
While these stricter regulations aim to curb illicit crypto activity, Thai authorities continue to show interest in fostering crypto innovation. The government is reportedly exploring crypto payment trials in tourist hotspots like Phuket and considering the approval of crypto exchange-traded funds (ETFs).
