Crypto Regulation Overhaul Targets Foreign Platforms

Thailand Enacts Strict Regulations on Foreign Crypto Platforms

• Thailand has introduced new legal amendments to regulate digital asset businesses and combat cybercrime.
• The laws target foreign crypto peer-to-peer (P2P) platforms operating without regulation.
• Penalties include up to three years in prison and fines of $8,700 (300,000 baht).
• The regulations will take effect immediately upon publication in the Royal Thai Government Gazette.
• Commercial banks, telecom companies, and social media platforms are now jointly responsible for preventing cybercrimes.

The Thai government has approved stringent measures to prevent unregulated foreign crypto services, imposing penalties such as three-year prison terms and fines up to $8,700. These laws aim to deter illegal financial activities and hold various sectors accountable for cybercrime prevention.