Thailand has finally had it with the wild west of unregulated foreign crypto services. 🏴☠️ The country is flexing its legislative muscles, introducing new laws to put a stop to these digital cowboys. The cabinet has approved amendments to existing laws, because apparently, they’ve decided that enough is enough. 🙄
It’s like Thailand looked at the crypto scene and said, “Not in my backyard!” 🌴 The new laws are designed to deter and prevent foreign P2P platforms from operating in the country. Because, let’s face it, no one wants their financial system to resemble a chaotic online marketplace. 🛒
Thai SEC Drops the Mic with New Legal Updates 🎤
The Thai Securities and Exchange Commission (SEC) has announced that the cabinet has approved amendments to the Digital Asset Business Law and the Cybercrime Law. These updates are aimed at combating online financial crime, because apparently, cybercriminals have been having a field day. 🕵️♂️
In a statement that could have been written by a particularly stern school principal, the SEC said:
“These amendments aim to strengthen measures against cybercrime and mule accounts, enhancing the security of public financial transactions and improving the effectiveness of combating online scams.”
Translation: “We’re cracking down on the bad guys, and we’re not messing around.” 💪 The amendments will also make it easier to block foreign platforms that try to solicit or advertise services to Thai investors. Because nothing says “go away” like a swift legal smackdown. 🚫
SEC Secretary-General Pornanong Budsaratragoon added:
“The SEC will collaborate with the Ministry of Digital Economy and Society and relevant agencies, including the TDO and digital asset business operators, to implement the aforementioned laws to enhance the efficiency in preventing the use of digital assets as a means for money laundering, and to reduce public damage from online crimes.”
In other words, they’re assembling the Avengers of financial regulation. 🦸♂️🦸♀️
USDC and USDT Get the Thai Stamp of Approval 🇹🇭
Thailand has long been a fan of cryptocurrencies, and they’re not about to let a few bad apples spoil the bunch. 🍎 The country has revised its list of approved cryptocurrencies, adding Tether (USDT) and USD Coin (USDC) to the mix. Because who doesn’t love a stablecoin? 💰
Previously, the SEC only approved Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Stellar (XLM), and certain tokens used in the Bank of Thailand’s settlement system. But now, USDT and USDC have joined the party. 🎉 It’s like the SEC is saying, “Welcome to the club, but don’t get too comfortable.” 😏
So, there you have it. Thailand is taking a stand against the chaos of unregulated crypto services, and they’re not afraid to use the law to do it. Because when it comes to financial security, there’s no room for nonsense. 🚨
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2025-04-12 17:27