Bangkok, 8 April 2025 – At its meeting convened today, the Cabinet passed a resolution approving amendments to the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) (Digital Asset Business Law) and the Emergency Decree on Measures for the Prevention and Suppression of Cybercrime B.E. 2566 (2023) (“Cybercrime Law”). These amendments aim to strengthen measures against cybercrime and mule accounts, enhancing the security of public financial transactions and improving the effectiveness of combating online scams. Both laws will take effect upon their publication in the Government Gazette. 

Mrs. Pornanong Budsaratragoon, Secretary-General of the Securities and Exchange Commission (SEC), stated that since last year, the SEC has been coordinating with the Thai Digital Asset Operators Trade Association (TDO) and digital asset business operators to intensify efforts to block digital asset mule accounts. On 12 March 2025, the group introduced preventive measures and industry standard to prevent and eliminate these mule accounts. This digital asset industry standard is comparable to the banking sector’s measures for cracking down on banking mule accounts. 

The amendments to the Digital Asset Business Law and the Cybercrime Law will enhance the effectiveness of measures for blocking digital asset mule accounts. These amendments clarify the mechanisms for information exchange with relevant agencies and elevate measures for preventing the use of foreign digital asset exchanges as a channel for money laundering. They enable quicker blocking of websites and applications of foreign digital asset businesses that solicit or advertise services to investors in Thailand. This aims to improve law enforcement efficiency and strengthen cooperation in addressing cybercrime issues among the banking sector, digital asset businesses, and relevant agencies. The measures related to digital assets include:

(1) Measures for combating digital asset mule accounts 
     - Requiring digital asset business operators to exchange information, screen and suspend transactions or accounts related to cybercrimes in the same manner as commercial banks. This includes being subject to mechanisms for refunding victims, which will enable them to receive refunds more quickly. Additionally, a blacklist of individuals or digital asset wallet addresses related to cybercrimes will be established, and digital asset business operators will be prohibited from conducting transactions with individuals or digital asset wallets on this list;  
     - Requiring commercial banks, telephone and telecommunications network providers, social media service providers, and digital asset business operators to take joint  responsibilities for damages caused by cybercrimes if they fail to comply with the standards or measures for preventing cybercrimes as specified by regulatory authorities; 
     - Specifying penalties for owners of digital asset mule accounts who open or allow others to use their digital asset accounts to commit cybercrimes. They are subject to imprisonment for up to three years, a fine of up to 300,000 baht, or both. Those who are hired to open bank accounts with commercial banks and open accounts with digital asset business operators will be subject to the same level of punishment.  

(2) Measures for preventing the use of foreign digital asset exchanges as a channel for money laundering
     - Detering and preventing foreign peer-to-peer (P2P) digital asset trading platforms, which are qualified as digital asset exchanges under the Digital Asset Business Law, as well as other types of foreign digital asset business operators, from providing services to local investors; 
     - Authorizing the Ministry of Digital Economy and Society to more swiftly block websites and applications of foreign digital asset business operators that solicit or advertise services to investors in Thailand to enhance the efficiency of law enforcement.

The new legal amendments will enhance the SEC’s effectiveness in enforcing laws against foreign digital asset trading platforms. This is because behaviors that constitute soliciting individuals in Thailand are more clearly defined, such as offering payment options in Thai Baht to investors, accepting payments through bank accounts in Thailand, or using the Thai language on websites or applications. 

“The SEC will collaborate with the Ministry of Digital Economy and Society and relevant agencies, including the TDO and digital asset business operators, to implement the aforementioned laws to enhance the efficiency in preventing the use of digital assets as a means for money laundering, and to reduce public damage from online crimes,” added SEC Secretary-General.