Catenaa, Tuesday, April 15, 2025-Thailand’s Cabinet has approved sweeping changes to its digital asset regulations aimed at cracking down on cybercrime, including illicit use of foreign peer-to-peer (P2P) crypto services. The amendments were announced April 8 and will come into force once published in the Government Gazette.
The revised Digital Asset Business Act and Cybercrime Law grant regulators broad authority to block suspicious websites and applications, particularly those operated by overseas exchanges targeting Thai investors. Offenders using crypto accounts for illegal activities may face up to three years in prison or fines of 300,000 baht (about $8,700).
Authorities will also implement a national blacklist to freeze wallets linked to cybercrime, preventing further transactions from flagged accounts.
Digital asset firms must now meet banking-grade security standards, swiftly halt suspicious activity, and assist fraud victims. Social media, telecom, and banking entities could also be held liable if they fail to prevent criminal activity under the new legal framework.
The move comes as Thailand balances its pro-crypto stance — including the recent approval of USDT trading — with tougher enforcement. Recent arrests highlight the urgency. In February, four Russian nationals linked to $16 million in ransomware attacks were detained in Phuket. Last month, two Chinese suspects were arrested in Pattaya for a $17.7 million crypto scam.
The Thai SEC has also intensified legal action against unlicensed platforms. It recently filed suit against OKX for allegedly operating without proper authorization since 2021.
