Thailand to Change AML Laws to Regulate Cryptos

Suzat

August 5, 2019 7:18 pm

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A recent report from BangkokPost revealed that Thailand regulator has announced that they will revise regulation laws to prevent cryptocurrency usages in illegal activities. Pol Maj Gen Preecha Charoensahayanon, the acting Secretary-General of the Thai Anti-Money Laundering Office (AMLO), said that cryptos will be used for money laundering.

Because of the illicit activities, the regulator stated that AMLO will also focus on changing existing anti-money laundering regulations. The action will be taken place to prevent the use of digital currencies in the upcoming days.

The regulator wants to start changing the Anti-Money Laundering Act to add requirements for cryptocurrency exchanges to report their activities to the office. The report mentions that if the regulator doesn’t receive complaints, it should closely have a look at the space. 

The regulator said:

“We may not find any clue, but that doesn’t mean the wrongdoing does not occur.”

He also stated that in one of the crypto scams, the suspect accepts Bitcoin (BTC) to purchase company shares for his victims. The case has proved that cryptocurrencies can be used for illegal activities.

In December 2018, the Thailand Revenue Department announced that it will use the Blockchain Technology to track tax fraud. The officials stated that that blockchain would help verify invoices and remove those which are fake. The project was planned to create a digital invoice on a blockchain platform as a proof of purchase for goods and services, again to combat fake invoices. 

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