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Regulators in Thailand Crack Down on Foreign Crypto P2P Payment Services
In a bid to combat online crimes and prevent financial instability, regulators in Thailand have announced the introduction of new amendments to existing national laws regarding digital assets and cybercrime prevention. The move comes as part of efforts to strengthen regulations and ensure accountability for foreign cryptocurrency peer-to-peer (P2P) service providers operating in the country.
As per the revised laws, these foreign P2P platforms will no longer be allowed to offer services to local investors, a move aimed at mitigating risks associated with unregulated transactions. The Thai Securities and Exchange Commission (SEC) emphasized that the new regulations are designed to reinforce efforts against money laundering, thereby maintaining financial stability.
Furthermore, the amendments require digital asset service providers to collect and report transaction data linked to online scams, as well as suspend such activities promptly when detected. This development marks a significant shift in regulatory approach, as authorities seek to bolster their control over foreign P2P services operating within Thailand’s borders.
Beyond crypto-specific sectors, non-crypto businesses will also be expected to take joint responsibilities for damages caused by cybercrimes, should they fail to comply with established standards or measures for preventing such incidents. This development signals a broader approach to tackling financial and cybercrime threats, as authorities seek to address the growing concern.
The Thai SEC has been actively exploring regulatory innovations aimed at modernizing its capital markets. Most notably, plans have been announced to introduce a blockchain-powered tokenized securities trading platform. The proposed innovation aims to streamline trading processes while ensuring greater transparency through the use of distributed ledger technology.
In light of these developments, foreign P2P services may no longer be able to operate freely within Thailand’s borders, as authorities seek to protect investors and maintain financial stability.
Source: https://www.coinspeaker.com/regulators-in-thailand-crack-down-on-foreign-crypto-p2p-payment-services/
