Thailand Throws Jab At Crypto With P2P Purchase Ban – Details

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To address the growing issue of online fraud, particularly in relation to cryptocurrency transactions between individuals in Thailand, various state authorities have teamed up under the leadership of Prasert Jantararuangthong, Minister of Digital Economy and Society. Their goal is to put regulations in place for these peer-to-peer (P2P) transactions, as they’ve become a popular method for money laundering by criminals involved in illicit activities.

In Thailand, where worries are mounting about the increasing number of online scams, it’s alarming to note that daily losses from fraudulent activities are reportedly reaching an astounding 100 million baht. A large percentage of these deceitful schemes, around 80%, take advantage of the lack of regulation in P2P cryptocurrency transactions to remain undetected and untraceable, making it difficult for law enforcement to keep up.

Thailand: Regulatory Focus Sharpens On P2P Crypto Transactions

In response to the growing threat of fraud in the P2P cryptocurrency market, regulatory bodies like the Securities and Exchange Commission (SEC) are taking the lead in creating tougher rules. Given the heightened risk of scams using digital assets, the SEC underlines the importance of updating current regulations to better oversee and limit P2P transactions.

Thailand Throws Jab At Crypto With P2P Purchase Ban – Details

In response to Prime Minister Srettha Thavisin’s instruction for visible improvements within a month, Minister Prasert emphasized the necessity of regulatory action to tackle the risks present in peer-to-peer (P2P) crypto transactions. If adequate measures aren’t implemented, there is a risk that a new regulatory framework will be established solely for overseeing P2P cryptocurrency purchases.

Collaborative Measures To Thwart Online Fraud 

In Thailand, efforts to curb online fraud go beyond just changing regulations. Instead, there’s a collaborative approach where government agencies and private sector players work together to tackle this issue.

Experts from the National Broadcasting and Telecommunications Commission (NBTC), the Anti-Money Laundering Office (Amlo), banking institutions, and law enforcement groups come together to create effective plans for combating the problem of online fraud.

To stop fraudulent syndicates from continuing their illegal activities, authorities are working harder to share data and information between relevant organizations. The Anti-Online Scam Operation Centre (AOC), in partnership with the DES Ministry, is taking the lead in collecting details about mule accounts, SIM cards, and illicit online sites. This information allows for focused enforcement actions against these criminal enterprises.

Swift Action Against Mule Accounts And SIM Cards

The Thai central bank and the Thai Bankers’ Association are taking strong measures to stop online fraud by quickly identifying and shutting down fake accounts used by scammers. Lately, Amlo’s actions have led to the termination of hundreds of thousands of such fraudster-controlled bank accounts, seriously weakening criminal organizations involved in deceitful online transactions.

Currently, the NBTC is using its power to deal with the increase of mule SIM cards in Thailand. They are requiring strict identity checks for people who have more than one SIM card. The goal is to make it harder for criminals to use telecommunications infrastructure, protecting the security of the financial system.

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2024-04-11 17:11