At a conference on Tuesday, the state authorities of Thailand demanded that peer-to-peer (P2P) bitcoin purchases be regulated and that online fraud be completely prevented.

Leading the meeting was Minister of Digital Economy and Society Prasert Jantararuangthong, with participation from important departments such as the Thai SEC, Bank of Thailand, Royal Thai Police, and Defense Ministry.

Minister Prasert requested the regulator to create and modify current crypto regulations to include oversight of P2P cryptocurrency purchases and sales during the meeting.

According to Bangkok Post, he affirmed,

"The move to regulate the P2P platform would not affect cryptocurrency traders on authorized exchanges."

The drive to regulate peer-to-peer (P2P) cryptocurrency seeks to close the conduit for con artists who exploit it for illicit purposes.

Prasert continued, "The attention is a component of "series of measures" to address internet fraud comprehensively.

In addition, the minister issued a call to the SEC to investigate and perhaps tighten the P2P channel for cryptocurrency trading operations.

Prasert will notify the premier about a new crypto P2P regulatory scheme if the regulator fails to make any headway in creating the current regulations.

Thailand Regulates Crypto P2P to Fight Online Fraud

Thailand has seen a number of fraud situations in which con artists impersonating respectable companies ask for a peer-to-peer payment for a product.

The Anti-internet Scam Operation Center (AOC) was established by the Thai government in November 2023 to look into internet scams pertaining to cryptocurrencies.

The Binance exchange was instrumental in helping Thailand's Royal Police identify and apprehend prominent bitcoin scammers last year.

The Binance crew once assisted in tracking down crooks behind a massive pig butchering fraud and obtaining cryptocurrency assets valued at 10 billion Thai Bhat ($277 million).

As a result, on April 1, Thai Prime Minister Srettha Thavisin gave state officials a 30-day deadline to present tangible findings from their campaign against widespread internet fraud.

Respected parties reported to the AOC any pertinent information regarding cryptocurrency-related online scams at the end of the meeting.

Second, following the filing of reports, the Thai Bankers' Association and the central bank are anticipated to respond right away.

Additionally, the Defense Ministry and the Royal Thai Police are expected to make measures to demolish unauthorized telecom signal towers.

The panel emphasized that the police might ask their neighbors for assistance in reporting online cryptocurrency scams and disband any contact center gangs.