Thailand Intensifies Efforts Against Crypto Fraud – Latest Updates

In a bid to combat rising online fraud, Thai authorities, led by Prasert Jantararuangthong, the Minister of Digital Economy and Society (DES), are tightening regulations on peer-to-peer (P2P) cryptocurrency transactions.

This move comes in response to a surge in scams exploiting unregulated P2P channels, posing a significant challenge to law enforcement agencies.

Acknowledging the alarming prevalence of online scams, particularly those involving cryptocurrency transactions, Thailand regulatory bodies are ramping up efforts to develop robust rules governing P2P exchanges.

With scammers increasingly turning to digital assets to carry out illicit activities, regulatory intervention is deemed necessary to ensure effective supervision and control over P2P transactions.

Under the directive of Prime Minister Srettha Thavisin, Minister Prasert highlights the urgency of implementing stringent measures within a 30-day timeframe. Failure to address the vulnerabilities in P2P crypto channels may lead to the introduction of a new regulatory framework specifically targeting P2P transactions.

In addition to regulatory adjustments, Thailand is adopting a collaborative approach involving various stakeholders from the public and private sectors to combat online fraud. Initiatives such as the Anti-Online Scam Operation Centre (AOC) aim to enhance data sharing and intelligence collaboration among agencies to disrupt fraudulent activities effectively.

Furthermore, decisive actions are being taken against mule accounts and SIM cards used by scammers. The central bank and banking associations are closing down mule accounts, while the National Broadcasting and Telecommunications Commission (NBTC) is implementing stricter identity verification measures for individuals possessing multiple SIM cards. These measures aim to dismantle criminal networks engaged in fraudulent activities and safeguard the integrity of Thailand financial ecosystem.

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