Bangkok Post – Crypto mule account battle heats up
Decree amendments to enhance efforts
PUBLISHED : 15 Apr 2025 at 07:09
The Securities and Exchange Commission (SEC) is stepping up efforts to crack down on digital asset mule accounts by tightening control on the use of foreign platforms for money laundering to protect the public.
Pornanong Budsaratragoon, secretary-general of the SEC, said the regulator has worked closely with the Thai Digital Asset Operators Trade Association and digital asset business operators to strengthen efforts against digital asset mule accounts since 2024.
On March 12, they jointly introduced an industry-wide standard to prevent and manage mule accounts equivalent to the standards already in place in the banking sector.
The cabinet approved amendments of the 2018 Emergency Decree on Digital Asset Business and the 2023 Emergency Decree on Measures for the Prevention and Suppression of Technology Crimes.
The revision is aimed at enhancing the effectiveness of combating cybercrime and mule accounts to ensure safer financial transactions for the public, and strengthen efforts to tackle online fraud. Both laws take effect once published in the Royal Gazette.
Ms Pornanong said the amendment of the two decrees will significantly enhance measures to combat digital asset mule accounts. This includes establishing a more robust data-sharing mechanism with relevant agencies and improving the ability to block the use of foreign digital asset trading platforms for money laundering.
Authorities can more swiftly block websites and applications operated by overseas digital asset businesses that advertise to Thai investors. This will strengthen law enforcement and expand collaboration between digital asset businesses, banks and government agencies, she said.
Digital asset businesses must now exchange information, screen suspicious accounts and suspend transactions or accounts related to cybercrime in the same manner as commercial banks.
They must also participate in victim compensation schemes, ensuring quicker reimbursement for fraud victims.
A blacklist of individuals or digital wallet addresses linked to cybercrime will be created, with businesses prohibited from transactions with these parties, said Ms Pornanong.
Banks, telecom service providers, social media platforms and digital asset businesses may be held jointly liable for damage if they fail to follow regulatory standards to prevent cybercrime.
Individuals who open or allow others to use their digital asset accounts for criminal activity face penalties of up to three years imprisonment, a fine of up to 300,000 baht, or both. This also applies to those paid to open bank or digital asset accounts for others.
The amendments also introduce measures to prevent foreign peer-to-peer platforms, which are considered digital asset exchanges under Thai law, from offering services to Thai investors, along with other types of foreign digital asset businesses.
The Digital Economy and Society (DES) Ministry is empowered to quickly block websites and apps of foreign digital asset businesses advertising their services to Thai investors.
These legislative updates will enhance the SEC’s ability to act against foreign digital asset platforms operating in Thailand and clearly soliciting Thais, such as offering payments in baht, receiving funds via local bank accounts or using Thai language on websites or apps, said Ms Pornanong.
“The SEC will collaborate with the DES Ministry, relevant agencies, the TDO, and digital asset businesses to implement these laws effectively. The goal is to prevent the misuse of digital assets for money laundering and to reduce public losses from cybercrime,” she said.