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Thailand May Tighten Crypto Regulation To Fight Terrorism

11:03 08/11/2018

Wissanu Krea-ngam, the Thai Deputy Prime Minister, urged for greater control over the digital currency market, that would eliminate cases of funding terrorism and money laundering, The Bangkok Post reports.

 

According to the politician, the authorities have long discussed the negative sides of cryptocurrency and already adopted several laws to prevent fraud involving them. However, the industry has changed over time, and new threats emerged, so now it is necessary to apply new domestic and international measures to regulate it, Krea-ngam said.

Speaking at the Counter-Terrorism Financing Summit, the politician added that experts should pay more attention to security protocols since fraudsters use their vulnerabilities to launder funds and support terrorism with cryptocurrency.

 

Despite the existing laws to control the cryptosphere, scammers still find loopholes. Krea-ngam believes that the anonymity of blockchain transactions becomes a problem as the authorities cannot trace criminals and identify them.

 

In May 2018, Thailand passed a law on the use of digital assets. It obliges cryptocurrency vendors to undergo the mandatory registration initiated by the Thai Securities and Exchange Commission. Those who deviate from the procedure can face a fine of twice the amount of transactions or serve a prison sentence of up to two years. In 2016, the state also approved the law to combat terrorism financing and highly destructive weapons. 

The politician highlighted that this already allows Thailand to govern the industry a little, but the laws should be amended to meet new challenges. Other summit participants noted that the authorities managed to reduce the number of terrorist attacks by cutting them off from funding.

 

Earlier, the suspected of stealing $24 million in bitcoins refused to admit the guilt.

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