Thailand has introduced a new legal framework targeting foreign, unregulated peer-to-peer (P2P) crypto platforms to combat online financial crime. The Thai SEC announced cabinet approval of updated emergency decrees, imposing strict measures on digital asset businesses in the country.

The amendments impose severe penalties on foreign crypto platforms, including up to three years in prison, fines of 300,000 baht (around$8,700), or both, for violations.

The SEC's updated rules also empower authorities to block suspicious transactions and demand that crypto service providers report any scam-related activity. Other sectors, such as commercial banks, telecom companies, and social media platforms, now have joint responsibilities for preventing cybercrime.

SEC Secretary-General Pornanong Budsaratragoon stated that the aim is to reduce money laundering risks and minimise damage from online crimes. It will be achieved through stronger enforcement in collaboration with digital agencies.

Despite these stringent measures, Thailand remains open to innovation in the crypto sector. The country has made strides toward adopting blockchain technology, such as planning a blockchain-based trading platform for securities firms. It is also considering a stablecoin backed by government bonds.