# Thailand Seeks to Regulate Foreign Cryptocurrency Platforms to Combat Online Financial Crime

- Link: https://www.thailand-business-news.com/crime/208638-thailand-seeks-to-regulate-foreign-cryptocurrency-platforms-to-combat-online-financial-crime
- Published: 2025-04-13T09:55:00+07:00
- Author: Li Zhong

Thailand has enacted new legal amendments to oversee foreign cryptocurrency services
and combat online financial crime.

Thailand has approved new legal amendments to regulate foreign crypto services and
prevent online financial crime. These changes aim to enhance the security of digital
financial transactions and protect consumers from potential fraud.

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 * Thailand has approved new legal amendments to regulate digital asset businesses
   and prevent cybercrime, which include strict penalties for unregulated foreign
   crypto peer-to-peer platforms operating in the country.
 * The new laws allow Thai authorities to suspend suspicious transactions, force
   crypto asset service providers to report scam-related activity, and block foreign
   platforms from servicing local users, with commercial banks, telecom companies,
   and social media platforms also facing joint responsibilities for damages caused
   by cybercrimes if they fail to follow preventive standards.
 * Despite the crackdown on unregulated crypto activities, Thailand continues to
   engage with the crypto sector in measured ways, considering the adoption of spot
   Bitcoin ETFs, preparing to roll out a blockchain-based trading platform for securities
   firms, and planning a Bitcoin payment sandbox for crypto tourism payments.

 The Thai Securities and Exchange Commission (SEC) announced that the cabinet has
approved updates to emergency decrees, introducing measures to regulate digital 
asset businesses and prevent cybercrime. The new laws target foreign crypto peer-
to-peer (P2P) platforms, imposing penalties of up to three years in prison, fines
reaching $8,700 (300,000 baht), or both.

The changes allow authorities to suspend suspicious transactions, force crypto asset
service providers (CASPs) to report scam-related activity, and block foreign platforms
from servicing local users. Commercial banks, telecom companies, and social media
platforms will also face joint responsibilities for damages caused by cybercrimes
if they fail to follow preventive standards. The law aims to prevent crypto misuse
for money laundering and reduce public damage from online crimes through joint enforcement
with digital agencies.

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Last month, Thai police raided five unlicensed crypto firms, arresting 11 people
and seizing equipment tied to a $29.3 million e-money operation. Despite the crackdown,
Thailand is considering allowing spot Bitcoin ETFs and preparing to roll out a blockchain-
based trading platform for securities firms. The country is also considering a stablecoin
backed by government bonds and planning a Bitcoin payment sandbox to test crypto
tourism payments in Phuket later this year.

By implementing stricter regulations, the Thai government seeks to establish a more
transparent and accountable framework for cryptocurrency operations within the country.
This move is expected to attract more legitimate crypto businesses while deterring
illicit activities that exploit the anonymity of digital currencies. Furthermore,
the amendments will facilitate cooperation with international regulatory bodies 
to ensure compliance with global standards, reinforcing Thailand’s commitment to
fostering a safe and innovative financial environment.