Altcoins News
By Bruce Buterin
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Thailand's crypto exchanges froze over 10,000 accounts. The move targets suspected money laundering operations following new anti-money laundering rules from the Thai Digital…
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Att Thongyai Asavanund runs KuCoin Thailand and chairs the TDO. On March 10, he talked about mule accounts being a huge problem in crypto.
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Any transaction over 50,000 baht gets held for 24 hours while users go through extra checks, including video verification.
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Criminal networks aren't sitting still though. They're recruiting new mule account holders to replace the frozen ones. It's kind of like a cat and mouse game that keeps evolving.
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Tourists can convert cryptocurrency to Thai baht through this system. But they need to register with regulated entities and pass identity checks first.
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Money laundering efforts continue with the TDO and Thai authorities refining their strategies.
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The crackdown sparked discussions in Thailand's crypto community about balancing security with user privacy.
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The government stays committed to fostering secure digital transactions. The Ministry of Finance recently backed the crypto industry, provided operators comply with all…
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The Ministry of Digital Economy and Society got involved too. On March 7, they announced plans to work with leading tech firms to develop advanced tools for monitoring crypto…
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Some crypto exchanges aren't thrilled about the new regulations. On March 5, a Bitkub spokesperson talked about the operational burden these rules create.
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On March 6, the Thai Anti-Money Laundering Office reported a 30% jump in suspicious activity reports related to crypto transactions compared to last year.
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The Thai FinTech Association expressed optimism on March 4. President Supachai Parchariyanon said compliance costs might rise, but long-term benefits of a secure and transparent…
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March 3 saw a meeting between the TDO and Thai Bankers' Association to discuss integrating blockchain technology into traditional banking systems.
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International observers are paying attention. On March 2, the International Monetary Fund released a report praising Thailand's proactive measures in addressing digital asset…
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The crackdown continues with no clear end date. Criminals keep adapting their methods while authorities refine their detection systems.
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