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Thailand Cracks Down on Foreign Crypto P2P Platforms in New Anti-Crime Push

by Dan K
Apr 9, 2025 - 6:01 pm
in Blockchain
Thai regulators introduce new laws restricting foreign crypto P2P platforms

Thailand Passes Stricter Crypto Law to Curb Online Crimes

Thailand’s government is strengthening its grip on digital assets in an effort to combat the rise in cybercrime. On April 8, the cabinet approved amendments to laws on digital asset businesses and suppression of cybercrime, the Thai Securities and Exchange Commission (SEC) reported.

The amendments aim to ban foreign cryptocurrency peer-to-peer (P2P) platforms, suppress digital asset mule accounts, and introduce harsher financial penalties and imprisonment. The amended law is pending publication in the Royal Thai Government Gazette before it comes into force.

Key Measures Suppress Mule Accounts and Money Laundering

The amendments require crypto asset service providers (CASPs) to report suspicious transactions that are associated with scams and freeze those accounts.

Authorities will also have the power to bar foreign CASPs from providing services to Thai users, adding new tools in the fight against money laundering and cyber financial crimes.

Telecom providers, social media platforms, and banks are also liable jointly if they fail to comply with the anti-cybercrime regulations as laid out by the regulators.

Foreign Crypto P2P Services Face New Restrictions

The SEC announced that foreign P2P operators, which are classed as digital asset exchanges under Thai law, will be prohibited from offering services to Thai users.

The move is aimed at mitigating risks from abroad operators and channeling crypto P2P activity through local platforms under regulatory oversight.

Thailand Balances Crackdown With Controlled Crypto Growth

Despite stricter enforcement, Thai regulators remain open to crypto innovation. Pilot crypto payment programs in cities like Phuket are underway, and regulators are also mulling approvals for crypto ETFs.

The two-tongued approach is a sign of Thailand’s attempt to allow crypto adoption while blocking its use in financial crime.

Tags: RegulationThailand
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

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