The Thailand Securities and Exchange Commission (SEC) reported that the Cabinet has approved amendments to the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) and the Emergency Decree on Measures for the Prevention and Suppression of Cybercrime B.E. 2566 (2023) to strengthen measures against cybercrime and digital asset mule accounts, and to improve the effectiveness of action against online scams. The amended laws will take effect upon publication in the Government Gazette. For digital asset mule accounts, the amendments require digital asset business operators to exchange information, screen and suspend transactions or accounts linked to cybercrimes in the same manner as commercial banks, and bring them within mechanisms for refunding victims. A blacklist of individuals and digital asset wallet addresses related to cybercrimes will be established, and operators will be prohibited from transacting with listed parties. The amendments also provide for joint responsibility for damages caused by cybercrimes for commercial banks, telecom network providers, social media service providers and digital asset business operators that fail to comply with regulator-specified standards, and introduce penalties for mule account owners of up to three years’ imprisonment and/or a fine of up to THB 300,000, including for those hired to open bank and digital asset accounts. To prevent the use of foreign digital asset exchanges as a money-laundering channel, the amendments seek to deter foreign peer-to-peer digital asset trading platforms and other foreign digital asset business operators from servicing local investors, and authorize the Ministry of Digital Economy and Society to more swiftly block websites and applications that solicit or advertise services to investors in Thailand. Conduct that constitutes solicitation in Thailand is more clearly defined, including offering Thai Baht payment options, accepting payments through bank accounts in Thailand, or using the Thai language on websites or applications.
Thailand Securities & Exchange Commission 2025-04-08
Thailand Securities and Exchange Commission reports Cabinet-approved legal amendments requiring digital asset firms to block mule accounts and enabling faster blocks on foreign platforms
The Thailand Securities and Exchange Commission announced Cabinet approval of amendments to strengthen measures against cybercrime and digital asset mule accounts. The amendments require digital asset business operators to exchange information, screen transactions linked to cybercrimes, and establish a blacklist of individuals and wallet addresses. Penalties are introduced for mule account owners, and foreign digital asset exchanges are deterred from servicing local investors.