Thailand is to sharpen the existing laws for crypto-platforms and exchanges. By using stricter rules to combat the potential for money laundering and implement international Standards, said the Secretary-General to the competent authority AMLO in this week.
By David Barkhausen
On 7. August 2019BTC$12.003,00 2.39%part Facebook Twitter LinkedIn xing mail
For Criminals, the Finance with Bitcoin & co. for their crimes, is the air getting thinner and thinner. After the Financial Action Task Force (FATF) in June, the global Standards for dealing with crypto exchanges intensified, with the country to country, the recommendations of the international Anti-money laundering body. So far, the Netherlands and Canada were the starters and bolt-on to their national legislation. Now Thailand wants to join and his domestic stock exchange operators to have stricter rules prescribe.
such As the Thai daily newspaper Bangkok Post reported, the exchanges are required to their activities together with customer data in the future to the competent authorities. This is the Secretary-General of the national office for the fight against money laundering AMLO Preecha Charoensahayanon told the newspaper on Monday, the 5. August.
Currently pursued in the country, although hardly suspected cases. Nevertheless, the authorities, the head of the criminal potential of crypto is currencies safely. In his view, the Criminal Bitcoin, Ether, and other digital would currencies in the future more frequent use in order to hide its financial flows. This, it is important to prevent on the part of the authority.
[Cryptocurrencies] are the Laundry tool in the coming money […]. Therefore, we now adapt the laws to the new Online missions to prepare
so, the convinced attitude of the AMLO chief.
As a first measure, they wanted to file, therefore, the national requirements to combat money laundering. This will enable the officials in suspected cases in the future, all transactions in the country to trace. In this case, the money laundering office internationally will be able to apply valid Standards.
FATF Standard as a blueprint
According to the rules of the FATF, whose members Thailand must register in the crypto-exchanges, first with the competent authorities. The stock exchange operators and other crypto are required platforms, then, the Sender and receiver of data Transfers to exchange, as well as to report suspicious transactions to the financial Supervisory authority.
the aim of the 39 members of the current Directive, it is, users of crypto-currencies clearly identify. On the one hand, this is money launderers, drug traffickers, fraudsters and other Criminals put. On the other hand, the transparency requirements, crypto-solve-businesses from the seemingly everlasting suspicion of the crime.
according to observers, the new rules could help Thailand in addition to the investigation of crimes also in the process of its Engagement in the Blockchain sector to expand. Worldwide, the Kingdom belongs to one of the first countries that responded with clear legal rules to the Boom of Distributed Ledger technology and crypto-currencies, crypto-enthusiasts want to create an attractive business environment. Currently, Thai Blockchain-companies need numerous regulatory licenses, you will be taxed then, however, according to regulations and have to fear no legal gray areas.
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