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Thailand’s State Authorities Meeting on Crypto Regulation
Thailand’s state authorities recently held a meeting to discuss the regulation of peer-to-peer (P2P) cryptocurrency purchases and to prevent online fraud more effectively.
Key Participants in the Meeting
- Prasert Jantararuangthong, Minister for Digital Economy and Society
- Representatives from the Thai SEC, Bank of Thailand, Royal Thai Police, Defense Ministry, among others
During the meeting, Minister Prasert emphasized the need to update existing crypto regulations to include supervision of P2P crypto transactions. This move is aimed at curbing scammers who exploit P2P platforms for fraudulent activities.
Focus on Crypto P2P Regulation
The focus on regulating crypto P2P transactions is part of a broader strategy to combat online fraud effectively. Minister Prasert urged the SEC to explore tighter regulations on P2P crypto exchanges to enhance oversight and security.
Thailand has experienced various fraud cases involving scammers posing as legitimate businesses to solicit P2P payments for non-existent products. To address this issue, the government launched the Anti-Online Scam Operation Center (AOC) in November 2023.
Collaborative Efforts Against Online Fraud
Last year, Binance collaborated with Thailand’s Royal Police to track down cryptocurrency scam criminals. This partnership led to the seizure of a significant amount of crypto assets linked to fraudulent activities.
Following a directive from Prime Minister Srettha Thavisin, state authorities are working diligently to crack down on online fraud within a specified timeframe. The meeting concluded with various parties pledging to share relevant information on crypto scams with the AOC.
Additionally, the central bank and the Thai Bankers’ Association are set to take immediate action based on the reports submitted. The Royal Thai Police and the Defense Ministry will collaborate to dismantle illegal telecom signal towers and combat call center gangs involved in online crypto scams.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
