Thailand Targets Foreign P2P Crypto Platforms in New Legal Overhaul

Thailand has shut the door on unregulated foreign crypto services as it ramps up efforts to tackle online financial crime, backed by sweeping new legal amendments that target everything from mule accounts to rogue P2P platforms.

The Thai Securities and Exchange Commission announced Tuesday that the cabinet has approved updates to key emergency decrees, introducing new measures to regulate digital asset businesses and prevent cybercrime.

The SEC said the new laws will be used for “deterring and preventing” foreign crypto peer-to-peer (P2P) platforms, which are “qualified as digital asset exchanges under the Digital Asset Business Law,” from operating in Thailand.

The changes introduce strict penalties of up to three years in prison, fines reaching $8,700 (300,000 baht), or both, as part of an intensive push to tighten oversight of digital asset flows.