Thailand’s state authorities recently held a meeting to regulate peer-to-peer (P2P) cryptocurrency purchases and prevent online fraud. The meeting was led by Prasert Jantararuangthong, the minister for digital economy and society, and involved key departments such as the Thai SEC, Bank of Thailand, Royal Thai Police, and the Defense Ministry. The main focus of the meeting was to supervise the purchase and sale of P2P crypto in order to limit the opportunities for scammers to carry out nefarious activities. Minister Prasert also called on the SEC to study and consider tightening the P2P channel of crypto exchange activities to combat online fraud effectively.
Thailand has experienced numerous fraud cases where scammers pose as legitimate businesses and request P2P payments for products. In response to this, the Thai government launched the Anti-Online Scam Operation Center (AOC) in November 2023 to investigate crypto-related online scams. Last year, Binance exchange played a significant role in assisting Thailand’s Royal Police in tracking down major cryptocurrency scam criminals. In one instance, Binance helped trace criminals behind a large-scale pig butchering scam, leading to the seizure of 10 billion Thai Baht worth of crypto assets. As a result, the Thai Prime Minister has ordered state authorities to show concrete results in cracking down on online fraud within 30 days.
The meeting concluded with a call for relevant parties to report any crypto online scam information to the AOC. The central bank and the Thai Bankers’ Association are expected to take immediate action based on the reports submitted. Additionally, the Royal Thai Police and the Defense Ministry are tasked with removing illegal telecom signal towers and seeking support from neighbors for reporting online crypto scams and suppressing call center gangs. Overall, the meeting aimed to create a comprehensive strategy to combat online fraud effectively in Thailand by regulating P2P cryptocurrency purchases and activities.
The move to regulate the P2P platform in Thailand is not expected to impact cryptocurrency traders on authorized exchanges. The focus on supervising crypto P2P activities is part of a series of measures aimed at providing a complete solution to address online fraud effectively. Minister Prasert emphasized the need for the SEC to develop and adjust existing crypto regulations to include supervision of P2P transactions. If necessary, the regulator will be asked to consider tightening regulations further or implementing a new scheme for regulating crypto P2P transactions to enhance consumer protection and prevent fraudulent activities in the online space.
Overall, Thailand’s efforts to regulate P2P cryptocurrency purchases and combat online fraud reflect the government’s commitment to creating a safe and secure digital environment for its citizens. By collaborating with key departments, implementing stricter regulations, and taking decisive actions against scammers, Thailand aims to protect consumers and maintain the integrity of its financial systems. The recent meeting highlighted the importance of cooperation among various stakeholders in addressing online fraud and emphasized the need for proactive measures to tackle emerging threats in the digital economy. The government’s focus on regulating P2P crypto transactions and tightening oversight on exchange activities demonstrates a proactive approach to safeguarding against online fraud and fostering trust in the cryptocurrency ecosystem.
