Thailand has implemented new regulations to shut down unregulated foreign peer-to-peer (P2P) crypto platforms as part of its strategy to combat online financial crime. The Thai Securities and Exchange Commission (SEC) announced that these new rules will penalize violators with up to three years in prison and fines of 300,000 baht ($8,700). These changes, which are set to take effect immediately upon publication in the Royal Thai Government Gazette, empower authorities to suspend suspicious transactions and require crypto asset service providers to report fraudulent activities. In addition, commercial banks, telecoms, and social media platforms will share responsibility for cybercrime damages if they fail to adhere to preventive measures. This regulatory approach follows a crackdown on unlicensed cryptocurrency firms, which included recent raids in various provinces, resulting in the arrest of 11 individuals and the seizure of equipment related to a $29.3 million illicit e-money operation. Despite these strict measures, Thailand seeks to balance regulation with the promotion of cryptocurrency adoption and plans to introduce a payment sandbox model later this year.

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