% 0.26
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Market Cap:
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% 0.00
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53 / 100
$ 64.096
BTC Dominance:
% 54.1
Market Cap:
$2.34 T

Thailand Proposes Regulation of Crypto P2P Purchases Amidst Escalating Fraud Concerns

Thailand Crypto, Crypto, Thailand

Thailand’s state authorities met on Tuesday, advocating for the regulation of peer-to-peer (P2P) cryptocurrency purchases as well as the thorough prevention of online fraud.

The conference was chaired by Prasert Jantararuangthong, minister for digital economy and society, and attendees included leaders from the Thai SEC, Bank of Thailand, Royal Thai Police, and Defense Ministry, among other key departments.

During the meeting, Minister Prasert encouraged the regulator to draft and amend existing crypto regulations to include oversight of the acquisition and sale of P2P cryptocurrency.  “The move to regulate the P2P platform would not affect cryptocurrency traders on authorized exchanges,” he told the Bangkok Post.

The attempt to supervise crypto P2P aims to minimize the channel’s use by scammers for bad purposes. Prasert further stated that the focus is part of a “series of measures” for a comprehensive solution to combating online fraud. The minister also directed the SEC to investigate and propose further tightening the P2P channel of cryptocurrency exchange activity. If the regulator does not make headway in developing existing legislation, Prasert will notify the premier about a new crypto P2P regulatory plan.

Thailand Intensifies Battle Against Online Scams: Collaborative Efforts and Crypto Crackdown

Thailand has seen multiple fraud cases in which scammers posing as legitimate businesses request a peer-to-peer payment for a product. In November 2023, the Thai government established the Anti-internet Scam Operation Centre (AOC) to investigate cryptocurrency-related internet scams. Last year, the Binance exchange played an important role in assisting Thailand’s Royal Police in tracking down significant bitcoin scammers.

In one case, the Binance team assisted in tracking perpetrators behind a large-scale pig butchering scam and seizing 10 billion Thai Bhat ($277 million) in crypto assets. As a result, Thai Prime Minister Srettha Thavisin issued an order to state officials on April 1 to show concrete results from the fight on pervasive internet fraud within 30 days.

READ:  Japan to Make a Significant Move for Cryptocurrencies!

The conference ended with recognized parties reporting any pertinent cryptocurrency online fraud information to the AOC. Second, the central bank and the Thai Bankers’ Association are expected to take swift action after the reports are submitted.

Furthermore, the Royal Thai Police and the Defense Ministry are expected to make steps to dismantle unlawful telecom signal towers. The police might request neighbours’ assistance in reporting online crypto scams and suppress any contact center gangs, according to the conference.

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