Thailand's government, led by Minister Prasert Jantararuangthong, is rolling out fresh rules to combat online fraud in cryptocurrency dealings, with a specific focus on peer-to-peer (P2P) exchanges. Minister Jantararuangthong stressed the urgency of regulating P2P crypto purchases to deter scammers from misusing this platform for illicit purposes. This move is part of a broader strategy to enhance security in cryptocurrency transactions within Thailand.

Thailand's Vigilance Against Online Fraud: Collaborative Efforts with Binance in Uncovering Crypto Scams

Thailand has experienced a surge in online scams, prompting swift action from the government. The establishment of the Anti-Online Scam Operation Center (AOC) in November 2023 highlights the seriousness of the situation and showcases the authorities' proactive approach in tackling crypto-related fraud. Binance, a prominent cryptocurrency exchange, partnered with Thailand's Royal Police to apprehend individuals involved in significant cryptocurrency scams, demonstrating a united front against fraudulent activities.

Thailand's Drive to Become a Leading Digital Asset Hub: Measures to Safeguard Investors and Combat Fraud

Thailand's Finance Ministry's decision to exempt value-added tax (VAT) on digital asset trading underscores the country's ambition to establish itself as a key digital asset hub. Prime Minister Srettha Thavisin's directive to intensify the fight against online fraud, coupled with a 30-day deadline for concrete outcomes, showcases the government's strong resolve to protect investors and effectively combat fraudulent schemes.

Collaborative Measures to Tackle Crypto Scams in Thailand

The recent government meeting concluded with a call for cooperation among stakeholders to address crypto-related online scams comprehensively. Authorities emphasized the importance of promptly reporting relevant information to the AOC for thorough investigation and subsequent action.

The central bank and the Thai Bankers' Association have been tasked with swiftly implementing measures based on submitted reports to combat fraudulent activities. Additionally, efforts will be concentrated on dismantling illegal telecom signal towers and cracking down on call center gangs involved in crypto scams.