Thai AMLO to Tackle Crypto-Related Crime

Thai Anti-Money Laundering Office Tackle Crypto-Related Crime with New Wallet

Law and Regulation, News

Thai AMLO to Tackle Crypto-Related CrimeThailand is one of the nations that is currently on top of crypto-related crime as its new regulations on digital currency have been creating a very safe crypto space in Thailand.

The latest news on the Thai crypto scene is that the Kingdom’s Anti-Money Laundering Office (AMLO) is thinking about creating a new digital wallet that would help the nation fight crypto-related crime.

Tackling crypto-related crime

The news that the AMLO is considering new ways of tackling crypto-related crime using a new digital wallet to investigate cybercriminals was reported by one of Thailand’s leading newspapers, The Nation, on Monday.

Thailand has regularly been making the crypto news over the past couple of months as it attempts to clean up the local scene with the new laws on crypto exchanges and ICO projects that were implemented in July. The next step is to tackle crypto scams and criminals in a bid to protect potential investors from getting duped.

The secretary for the AMLO, Witthaya Neetitham, recently talked to reporters at a local seminar and discussed the plans of the AMLO to confiscate crypto that is involved in fraud cases. “We have discussed launching our own ‘AMLO Wallet’ to hold or confiscate digital currency from illegal sources,” said Neetitham.

Although in theory a great idea, it might be difficult to track down those committing crypto-related crime outside of the current licensing system and to bring them to justice. Neetitham finished off by saying that they “Cannot identify the cryptocurrency operator or receivers when duped victims transfer money to the criminals.”

It was also mentioned in The Nation article that it might be difficult to prosecute those involved in crypto-related crime by using crypto transactions as evidence for fraud because the Thai courts do not usually accept digital currencies as evidence.

Thailand’s tough stance on crypto

Thailand’s tough stance on cryptocurrency has been an ongoing issue throughout 2017. Whether it is this new idea to tackle crypto-related crime or the stringent vetting process to launch a new ICO or crypto exchange in Thailand, the Kingdom appears to be winning the fight against crypto fraud and crime.

It was reported in statistics published by the United Nations Office on Drugs and Crime that the total cost of cybercrime is getting close to USD 600 billion per year, which is why a stauncher philosophy to crypto-related crime like we are seeing in Thailand is essential. The vast majority of crypto fraud in Thailand is related to fake bitcoin investment fronts that trick people into parting with their funds by promising high daily and weekly returns of BTC on their investment that never come to fruition.

Over the past month, only a handful of new ICO projects and crypto exchanges have passed the stricter crypto regulations and legislation that now safeguards the Thai crypto industry. Although many experts thought the new laws would curtail the interest of companies looking to set-up shop in Thailand, it couldn’t be further from the truth.

As the AMOL look to create a new digital wallet to trace crypto-related crime in Thailand, in conjunction with other regulations, Thailand might well be one of the safest places in Asia to buy and trade in cryptocurrencies.

I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.

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