P2P Purchase Ban
Thailand is taking action to combat online fraud by banning peer-to-peer (P2P) cryptocurrency purchases. Scammers have been using P2P channels to launder money from illegal activities.
Regulatory Measures
The Securities and Exchange Commission (SEC) is developing rules to regulate P2P cryptocurrency exchanges. The government aims to close loopholes that allow fraudsters to evade detection.
Collaborative Approach
The government is working with various agencies, including the National Broadcasting and Telecommunications Commission (NBTC) and the Anti-Money Laundering Office (Amlo), to tackle online fraud. They are sharing data and intelligence to disrupt fraudulent syndicates.
Targeting Mule Accounts and SIM Cards
The central bank and Thai Bankers’ Association are cracking down on mule accounts used by scammers. Amlo has closed hundreds of thousands of mule bank accounts. The NBTC is also regulating mule SIM cards by requiring strict identity verification.
Enforcement
The government is taking swift action to enforce the new regulations. The Anti-Online Scam Operation Centre is coordinating efforts to gather information on mule accounts and illicit online platforms.
Conclusion
Thailand is determined to curb online fraud by regulating P2P cryptocurrency purchases and implementing a collaborative approach involving multiple agencies. These measures aim to protect the financial ecosystem and safeguard consumers from fraudulent activities.
