The Cabinet of Ministers of Thailand approved the amendments to the laws on business in the field of digital assets and cybercrime. The amendments are designed to strengthen control over the activities of foreign crypto platforms P2P trade, as well as the accounts of “monetary mules” used to launder illegal income.

Amendments oblige all national cryptocurrency operators to check transactions, suspect suspicious accounts and exchange information with regulatory authorities – by analogy, as commercial banks do. In addition, Thailand securities and exchanges (SECs) were instructed to form a black list of cryptocurns and persons related to cybercriminals and crypto -mesh. The list participants can face up to three years in prison or a fine of up to 300 thousand baht ($ 8700).

Banks, telecom operators and social networks registered in the territory of Thailand will be collegial liability for financial damage if they ignore the established standards for the prevention of cybercriminals.

To combat money laundering through foreign platforms, the Ministry of Digital Economy and Society of Thailand will receive powers to block sites and applications offering services to Thai investors. For example, the activities of foreign P2P platforms can be blocked, and the use of Thai language or local bank accounts is clearly classified as a violation.

SEC Secretary General Pornanong Budsaratraagoon said that the agency cooperates with the Thai Association of Digital Asset Trade Operators (TDO) for blocking the accounts of “Cash Mules”. Since March 12, a standard similar to banking has already been valid.

Previously, the Thailand securities and exchanges commission announced the possibility of launching local exchange funds (ETFs) to Bitcoin, which will be available not only to investors, but also to private individuals.