Thailand’s governmental bodies, led by Prasert Jantararuangthong, the minister for digital economy and society, convened to address the growing issue of online fraud, particularly in peer-to-peer (P2P) cryptocurrency transactions. Representatives from key government departments, including the Thai SEC, Bank of Thailand, Royal Thai Police, and Defense Ministry, actively participated in the discussions.
Highlighting the urgency of regulating P2P crypto purchases, Minister Jantararuangthong stressed that the proposed regulations aim to deter scammers from exploiting the platform for illicit activities. This initiative, part of a broader strategy to combat online fraud, demonstrates the government’s firm commitment to creating a safer environment for cryptocurrency transactions in Thailand.
Thailand’s Crackdown on Online Fraud: Binance Supports Major Crypto Scam Investigations Thailand has experienced a significant increase in online scams, prompting decisive action from the government. The establishment of the Anti-Online Scam Operation Center (AOC) in November 2023 underscores the seriousness of the situation and highlights the authorities’ proactive approach to addressing crypto-related fraud cases. In a significant partnership, Binance, a leading cryptocurrency exchange, collaborated with Thailand’s Royal Police to apprehend perpetrators behind major cryptocurrency scams.
Moreover, the Finance Ministry’s decision to exempt value-added tax (VAT) on digital asset trading reflects Thailand’s ambition to establish itself as a premier digital asset hub. Prime Minister Srettha Thavisin’s directive to ramp up efforts against online fraud, along with a 30-day deadline for tangible results, underscores the government’s unwavering determination to protect investors and combat fraudulent activities effectively.
Collaborative Efforts to Combat Crypto Scams in Thailand The recent meeting concluded with a strong call for collaboration among stakeholders to comprehensively address crypto-related online scams. Authorities emphasized the importance of promptly reporting relevant information to the AOC for thorough investigation and subsequent action. Additionally, the central bank and the Thai Bankers’ Association have been tasked with swiftly implementing measures based on the submitted reports to effectively counter fraudulent activities. concerted efforts will also be directed towards dismantling illegal telecom signal towers and suppressing call center gangs involved in crypto scams.