Thai financial regulators, crypto asset transactions and cyber crimes planned to put into force in the fight against new regulations are reported to be prepared. The changes in the Emergency Regulation approved by the Cabinet aim to increase measures to prevent crimes with the revisions to be made in the existing laws. In this context, more strict measures and updated sanctions against criminal activities are raised.
Editing for crypto criminals
New regulations include revisions in the emergency regulations regulating the functioning of crypto assets. In addition to the current regulations, the sanctions for enterprises that provide crypto assets in the fight against online crimes are expected to increase. Among the criminal sanctions included in the regulation are the provisions of fines and imprisonment penalties to be applied in violations.
The sanctions determined aim to increase the criminal responsibilities of those involved in crime.
Restrictions on foreign service providers
In addition, restrictions on foreign crypto asset service providers will be imposed within the scope of regulations. The new rules in question will require that service providers involved in crypto assets and online fraud activities to collect transaction data and stop the transactions in related cases. It is stated that these applications are part of the steps to ensure the order in the local market.
The updated legislation aims to increase the control power of the relevant regulatory institutions and to take effective steps in the fight against cyber crimes. The collection and analysis of the relevant data is planned to prevent crime activities. The fact that the regulations will be carried out through transactions limited with domestic service providers is among the intended measures.
The Thai authorities also plan to implement regulations to increase the sharing of responsibility in areas other than the financial sector. Banks, telecommunications companies and social media platforms will also have a joint responsibility within the scope of new regulations. In this context, the cooperation between sectors is thought to be strengthened. So tight rules are not just for crypto money platforms.
According to the statements, the relevant regulations will enter into force as soon as it is published. Regulatory institutions foresee to increase control over the market after the introduction of new rules.
On the other hand, efforts to modernize crypto assets are underway. The Thai securities and the stock market commission continues to develop a new platform using Blockchain technology. We will see that this platform enables assets to be bought and sold more efficiently and efficiently.
Authorities emphasized the importance of cooperation with business and other relevant sectors in the process of implementation of the regulation. Statement on the subject
“Commercial banks, telecommunication providers, social media firms and crypto asset operators, if the standards determined from the damages caused by cyber crimes are not complied with the standards will carry common responsibility” – Thai Sec.
While these arrangements can play an active role in the fight against online crimes in Thailand, the re -evaluation of the international connections of the sector has come to the agenda. It is thought that new rules that will enter into force may be useful in terms of ensuring the trust of the digital asset transactions and supporting the market order.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
