As crypto scams grow more sophisticated across Southeast Asia, Thailand is taking firm action to curb digital asset-related crimes by expanding regulatory oversight—especially targeting foreign platforms operating beyond Thai borders.
Cabinet Approves Sweeping Amendments to Crypto Laws
On April 8, Thailand’s Cabinet approved a set of legal amendments aimed at reinforcing the Digital Asset Business Act (2018) and the Cybercrime Law (2023). These changes will come into effect following their publication in the Royal Gazette.
The focus of the revisions is to combat mule accounts, unlicensed foreign platforms, and crypto-based money laundering schemes that have increasingly taken root in the region.
Banks and Social Media Now Share Responsibility
The new regulations expand accountability to Thai banks, telcos, and social media platforms. If these institutions fail to prevent the use of their services for cybercrime, they can be held liable for damages under the law.
Other key provisions include:
- Strict penalties for individuals using or allowing their accounts to be used in crypto crimes — up to three years imprisonment or 300,000 Baht (approx. $8,700) in fines.
- Creation of a national blacklist for wallets linked to criminal activity, preventing future transactions.
- Empowerment of regulators to immediately block websites and mobile apps operated by foreign crypto exchanges.
- Licensed crypto firms are now required to proactively monitor, flag, and suspend suspicious transactions, and assist in victim fund recovery.
According to the Thai SEC, the amendments will close key loopholes, improving coordination between regulators, the Thai Digital Asset Operators Trade Association (TDO), and the private sector.
Balancing Pro-Crypto Growth With Crime Prevention
Thailand remains a crypto-friendly country — having recently approved USDT for trading and payments on licensed platforms, effective March 16, 2025.
But while fostering innovation, Thai authorities are also doubling down on enforcement. Recent high-profile arrests highlight their zero-tolerance stance:
- Four Russian nationals were arrested in Phuket in February for allegedly orchestrating ransomware attacks on 17 Swiss companies, stealing $16 million in Bitcoin.
- The group, linked to 8Base and known for deploying Phobos ransomware, was brought down in a 14-nation Europol operation that dismantled 27 illicit servers.
- In March, two Chinese nationals were apprehended in a $17.7 million crypto scam involving fake investment platforms. One of the suspects was already wanted for kidnapping in Cambodia.
OKX Under Fire for Unlicensed Operations
Thailand’s Securities and Exchange Commission is cracking down on offshore exchanges, with OKX being the latest target.
- The exchange, operated by Aux Cayes Fintech Co. Ltd., is accused of conducting unlicensed transactions and promotional activities since October 2021.
- The SEC alleges that OKX failed to comply with KYC and AML regulations.
- If convicted, the platform faces daily fines, and executives could be imprisoned.
This follows similar enforcement actions taken against Binance and Bybit, as Thailand continues to pressure non-compliant digital asset firms operating outside its regulatory scope.
Conclusion
With these sweeping new regulations, Thailand is sending a clear message: while the country remains open to digital innovation, crypto crime will not be tolerated.
By tightening the net on unauthorized platforms and ensuring cooperation across financial and digital sectors, Thai authorities are setting a regional precedent for balanced, yet assertive crypto regulation.
