Thailand Moves to Block Foreign Crypto Platforms in New Cybercrime Crackdown

Highlights:

• Thailand passes new laws to stop online crimes using crypto and targets foreign peer-to-peer platforms.
• New rules hold banks and tech firms responsible if they fail to stop crypto-related online scams.
• Crypto firms must report scam-linked activity and suspend suspicious transactions under new laws.

Thailand has approved new legal changes aimed at stopping the use of digital assets in online crimes. On April 8, the Thai cabinet passed amendments to two national emergency decrees covering digital asset businesses and cybercrime prevention. The Thai Securities and Exchange Commission (SEC) announced the move, saying the changes would help strengthen efforts to control the misuse of digital platforms for criminal activities.

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Thailand approves tougher laws targeting crypto scams and foreign P2P platforms

Thailand’s cabinet has approved amendments to emergency decrees on digital asset businesses and cybercrime prevention. According to Cointelegraph, the new laws target mule accounts and restrict…

— CoinNess Global (@CoinnessGL) April 9, 2025

Under the new laws, officials will take action against individuals using mule accounts linked to digital asset wallets. These accounts are often used to move stolen or illegally obtained funds. The amendments introduce penalties of up to three years in prison or fines of up to 300,000 baht, which is about $8,700, or both.

Thai authorities can also block foreign peer-to-peer platforms that target local users. Authorities will no longer allow unregistered platforms in Thailand to serve investors or process crypto-related transactions within the country.

The laws will come into effect after they are published in the Royal Thai Government Gazette. Once active, they will also require crypto businesses to screen and suspend transactions linked to suspicious activities. Service providers will need to collect detailed information and share it with the concerned authorities to help track scams and fraud.

Banks and Tech Firms Face New Duties in Combating Online Scams

The latest changes also place new duties on banks, telecom providers, and social media platforms. These entities must now work together with digital asset platforms to prevent the spread of online crimes. If they fail to follow the set standards, they may be held responsible for damages caused by cyber-related crimes.

The SEC stated that banks, telephone service providers, telecom networks, and online platforms must all share the responsibility for protecting users from digital threats. They must abide by certain procedures and cooperate with investigations by disclosing transaction information and freezing suspicious accounts.

Crypto businesses in Thailand must also adopt procedures that traditional banking already uses, like transaction monitoring and account screening. These steps aim to limit the use of digital assets in online fraud and prevent damage to the public. Thai officials believe that stronger coordination between different industries is key to limiting the rise of online scams.

The SEC confirmed that it will work with the Ministry of Digital Economy and Society and other agencies to enforce the new measures. These efforts will do well to decrease digital asset use for illegal purposes and provide a higher level of protection for Thai citizens.

Foreign Crypto Platforms to Be Blocked From Serving Thai Users

The new laws also contain another very important part, which is directed to foreign crypto platforms. Typically, these platforms operate outside of the rules in Thailand and make their services available to local users.

The new rules allow Thai authorities to shut down websites and mobile apps that provide such services in the country. The move comes days after South Korea initiated a sanction process against overseas cryptocurrency exchanges operating illegally in Korea without proper registration.

The aim is for only regional platforms to facilitate peer-to-peer transactions for Thai users. They believe this will minimize the dangers posed by overseas platforms that do not adhere to Thailand’s regulations. Thailand is still looking into digital finance in a clear legal framework as ongoing trials for digital payments in select cities and discussions about crypto exchange-traded funds remain.

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