Thailand amends laws to strengthen regulation of foreign cryptocurrency peer-to-peer trading platforms
7x24h News
Thailand amends laws to strengthen regulation of foreign cryptocurrency peer-to-peer trading platforms
According to Cointelegraph, Thailand's cabinet passed a resolution on April 8 to approve amendments to regulations related to digital asset businesses and cybercrime prevention. The new rules will restrict foreign cryptocurrency peer-to-peer (P2P) trading platforms from operating in Thailand, with violators facing fines of up to $8,700 and imprisonment for up to three years. The regulations require crypto-asset service providers (CASP) to collect and report transaction information related to online fraud. Meanwhile, commercial banks, telecom operators, social media service providers, and other institutions will share responsibility for preventing cybercrime. The law will take effect upon publication in the Royal Thai Government Gazette. Notably, Thai regulators have previously approved pilot programs for cryptocurrency payments in areas such as Phuket and are considering approving cryptocurrency ETFs.
Navigating Web3 tides with focused insightsTechFlow, April 9 — According to Cointelegraph, on April 8, Thailand's cabinet passed a resolution approving amendments to regulations related to digital asset businesses and cybercrime prevention. The new rules will restrict foreign cryptocurrency peer-to-peer (P2P) trading platforms from operating in Thailand, with violators facing fines of up to $8,700 and imprisonment for up to three years.
The new regulations require crypto-asset service providers (CASP) to collect and report transaction data related to online fraud. Meanwhile, commercial banks, telecom operators, social media service providers, and other entities must jointly assume responsibility for preventing cybercrime. The law will take effect upon publication in the Royal Thai Government Gazette. Notably, Thai regulators have previously approved pilot programs for cryptocurrency payments in locations such as Phuket and are considering approval for cryptocurrency ETFs.
