Thai PM Calls for Stricter Crypto Regulations
Thailand’s Prime Minister Wissanu highlights the need to combat terrorist financing and money laundering through tighter crypto regulations.
Thai Prime Minister Wissanu Krea-ngam has called for more regulations on digital assets and cryptocurrencies, local newspaper Bangkok Post reports.
Speaking at the Counter-Terrorism Financing Summit, Wissanu highlighted the necessity to address possible threats in crypto security. Although the Kingdom of Thailand introduced a regulatory framework earlier this year, the Prime Minister urged new measures, on both the domestic and international level.
“The laws need to be amended in the future so that we can better keep up with technological changes,” said Wissanu in his speech. “The problem is that those involved in these online activities often prefer to remain anonymous, making it difficult for authorities to verify their identities.”
According to the prime minister, experts should ‘not be satisfied’ with the current security protocols, due to cryptocurrencies facilitating activities such as terrorism funding or money laundering.
Wissanu’s speech comes amidst growing concerns in the country over illicit activities enabled by cryptocurrencies. In September, the Kingdom announced plans to create its own digital wallet which would store digital assets seized during investigations.
Participants in the Counter-Terrorism Financing Summit agreed with the prime minister’s intentions to expand the regulatory framework. Wiranto, Indonesia’s Coordinating Minister for Political, Legal and Security Affairs, stressed that intergovernmental cooperation in tackling illicit online financing has directly reduced the number of terrorist attacks by cutting off their financial support.
Although crypto activities in the Asian Kingdom are regulated, Thailand has still embraced digital assets and blockchain technology. Earlier this week, the country’s revenue department announced plans to implement machine learning and blockchain technology in its tax-avoidance investigation operations.
The country has also allowed its financial institutions to participate in the crypto industry. In August, the Bank of Thailand authorized the formation of subsidiary companies for dealing with crypto business such as crypto brokerage services, crypto investment and issuing digital tokens. However, all Thai banks are still banned from directly dealing with cryptocurrencies.