Key Takeaways
- The amendments also introduce criminal penalties for individuals who knowingly open or allow others to use digital asset accounts for illegal purposes
- Thai regulators can now block access to foreign crypto platforms that target users in Thailand.
Thailand has approved amendments to two emergency decrees to address the rising use of digital assets in cybercrime. The Cabinet resolution, passed on April 8, strengthens the country’s legal framework around digital asset businesses and cybercrime prevention. The move comes amid growing concerns about mule accounts, unlicensed peer-to-peer (P2P) cryptocurrency platforms, and the role of digital assets in online scams.
The amendments affect the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) and the Emergency Decree on Measures for the Prevention and Suppression of Cybercrime B.E. 2566 (2023). Once the changes are published in the Royal Thai Government Gazette, they will take legal effect.
A key feature of the new regulations is the expanded authority granted to Thai regulators to block access to foreign crypto platforms that target users in Thailand. Authorities will be able to prevent unlicensed digital asset service providers—including P2P platforms—from operating within the country. This is part of a broader effort to limit exposure to platforms that fall outside the regulatory scope of Thai law.
The Securities and Exchange Commission (SEC), which announced the changes in a press release, will work with the Ministry of Digital Economy and Society, the Technology Crime Suppression Division, and private-sector stakeholders to implement the new provisions.
“The SEC will collaborate with the Ministry of Digital Economy and Society and relevant agencies… to enhance the efficiency in preventing the use of digital assets as a means for money laundering, and to reduce public damage from online crimes,” said Pornanong Budsaratragoon, Secretary-General of the SEC.
The amendments also introduce criminal penalties for individuals who knowingly open or allow others to use digital asset accounts for illegal purposes. Those convicted may face up to three years in prison, a fine of up to 300,000 baht (approximately USD 8,660), or both. The legal revisions are designed to directly address the role of mule accounts in facilitating scams and laundering funds.
Crypto asset service providers (CASPs) will now be required to monitor transactions for links to online scams. They will further be obligated to report such activities and suspend transactions or accounts when necessary. These measures align with standards currently applied to banks and are reportedly intended to improve information-sharing across the financial system.
Interestingly, the amendments extend regulatory obligations beyond the crypto sector. Commercial banks, telecommunications companies, and social media platforms are now expected to comply with cybersecurity standards or face joint liability for damages caused by cybercrime. “Requiring commercial banks, telephone and telecommunications network providers, social media service providers and digital asset business operators to take joint responsibilities for damages caused by cybercrimes if they fail to comply with the standards or measures,” the SEC stated.
Foreign digital asset platforms classified under Thai law as exchanges will be subject to the same restrictions as domestic ones. Regulators have signaled their intention to limit access to foreign P2P services in an effort to contain potential risks from platforms operating outside Thailand’s jurisdiction.
