Thailand amends laws to strengthen regulation of foreign cryptocurrency P2P trading platforms

ChainCatcher news, according to Cointelegraph, the Thai Cabinet passed a resolution on April 8 to approve amendments to the laws related to digital asset businesses and cybercrime prevention. The new regulations will restrict the operation of foreign cryptocurrency peer-to-peer (P2P) trading platforms in Thailand, with violators facing fines of up to $8,700 and a maximum of three years in prison.

The new regulations require cryptocurrency asset service providers (CASP) to collect and report transaction information related to online fraud. At the same time, institutions such as commercial banks, telecommunications operators, and social media service providers will share the responsibility for preventing cybercrime. The law will officially take effect after being published in the Royal Gazette of Thailand. It is worth noting that Thai regulators had previously approved pilot programs for cryptocurrency payments in places like Phuket and are considering approving cryptocurrency ETFs.