Thailand tightens rules for crypto companies
Date: 2025-04-10 Author: Henry Casey Categories: IN WORLD
The Securities and Exchange Commission of Thailand has adopted amendments to the laws on digital assets and cybercrime. The new rules concern increased control over crypto companies, especially foreign ones, and introduce additional measures to combat illegal transactions.
Foreign platforms are now prohibited from offering services to Thai citizens. Violations include actions such as accepting Thai baht, using local bank accounts, and posting information in Thai. The Ministry of Digital Economy has received the right to promptly block the websites and applications of such projects.
Local crypto businesses are required to cooperate, exchange information, and monitor suspicious transactions - similar to commercial banks. A “blacklist” of wallets and individuals with whom interaction is prohibited is also being prepared.
The document specifically specifies the liability of “money mules” — those who hand over their accounts to cybercriminals. They face up to three years in prison or a fine of up to 300,000 baht (~$8,700). The same sanctions apply to those who open accounts on behalf of others.
Companies, including banks, telecom operators, social networks and crypto services, will be collectively liable for damages from cybercrime if they fail to comply with the new requirements.
