Thailand’s financial regulator tightens oversight on crypto exchanges

The Thai financial regulator announced his intention to amend the current system of regulation of the crypto industry. This is necessary in order to prevent the use of crypto funds in criminal activity.

According to local sources, the Secretary-General of the Office for the Prevention of Money Laundering (AMLO) said yesterday that cryptocurrency is a good option for those involved in money laundering activities. Thus, representatives of AMLO will focus on making adjustments to the current regulatory system, which aims to combat money laundering. The situation is expected to improve significantly in the near future.

According to the Secretary General, AMLO will start with the introduction of a new requirement for crypto exchanges – they will be obliged to inform the agency about their activities, in particular, suspicious transactions. The regulator notes that no complaints have been received so far, however, their absence does not mean that everything is in order – AMLO intends to carefully study the industry.

As evidence that the criminals are not asleep, the agency recalled a fraudulent scheme, under which its participants were offered to acquire stakes in a crypto company for Bitcoin. In fact, the best offer turned out to be a scam.

Recall that in July it became known that the Central Bank of Thailand is ready to negotiate with Facebook regarding their crypto project Libra. The Central Bank of Thailand also recently announced that it will not use Ripple.