Thailand readying to introduce new crypto rules to tackle money laundering
- The country is exploring integrating current anti-money laundering rules into crypto-related laws.
- They establish that criminals are putting their monies into crypto to make funds less traceable for authorities.
Thailand is keen to increase its oversight of cryptocurrencies and digital assets; this would be done via the integration of anti-money-laundering rules into the Thai crypto-related laws.
In terms of the legislation that has been proposed, it does seek to provide strength to the sector’s security and prevent potential fraud. In addition to offering a set of guidelines on the crypto dealings.
The acting secretary-general of the Anti-Money Laundering Office (Amlo), Pol Maj Gen Preecha Charoensahayanon, was speaking on the proposal and said:
“Criminals will increasingly transform their money into digital currencies such as bitcoins as the virtual format will make it harder for authorities to trace their financial transactions."
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
