PANews reported on April 9 that according to Cointelegraph, the Thai cabinet passed a resolution on April 8 to approve the revision of laws related to digital asset business and cybercrime prevention. The new regulations will restrict the operation of foreign cryptocurrency peer-to-peer (P2P) trading platforms in Thailand, and violators may be fined up to US$8,700 and imprisoned for up to three years.

The new regulations require crypto asset service providers (CASPs) to collect and report transaction information related to online fraud. At the same time, commercial banks, telecom operators, social media service providers and other institutions need to share the responsibility for preventing cybercrime. The law will officially take effect after being published in the Royal Gazette of Thailand. It is worth noting that Thai regulators have previously approved cryptocurrency payment pilots in Phuket and other places, and are considering approving cryptocurrency ETFs.