Thailand’s state authorities, under the guidance of Prasert Jantararuangthong, the minister for digital economy and society, convened on Tuesday to confront the escalating concern surrounding online fraud, particularly within the domain of peer-to-peer (P2P) cryptocurrency transactions. Representatives from pivotal governmental departments, including the Thai SEC, Bank of Thailand, Royal Thai Police, and Defense Ministry, were actively engaged in the discussions held during the meeting.

Emphasizing the pressing need to regulate P2P crypto purchases, Minister Jantararuangthong underscored that the proposed regulations aim to dissuade scammers from exploiting the channel for nefarious activities. This initiative, forming part of a broader strategy to combat online fraud, signifies the government’s unwavering commitment to ensuring a safer environment for cryptocurrency transactions in Thailand.

Thailand’s Crackdown on Online Fraud: Binance Assists in Major Crypto Scam Investigations

Thailand has recently witnessed a notable surge in online scams, prompting the government to take decisive action. The establishment of the Anti-Online Scam Operation Center (AOC) in November 2023 reflects the gravity of the situation and underscores the authorities’ proactive stance in addressing crypto-related fraud cases. In a significant collaborative effort, Binance, a leading cryptocurrency exchange, joined forces with Thailand’s Royal Police last year to apprehend perpetrators behind major cryptocurrency scams.

Furthermore, the Finance Ministry’s decision to waive value-added tax (VAT) on digital asset trading signals Thailand’s ambition to position itself as a premier digital asset hub. Prime Minister Srettha Thavisin’s directive to intensify efforts against online fraud, accompanied by a 30-day deadline for tangible results, underscores the government’s resolute determination to safeguard investors and combat fraudulent activities effectively.

Also Read: Binance Sparks Frenzy with Bittensor (TAO) Token Listing

Collaborative Efforts to Combat Crypto Scams in Thailand

The recent meeting concluded with a resounding call for collaboration among stakeholders to address crypto-related online scams comprehensively. Authorities stressed the paramount importance of promptly reporting relevant information to the AOC for thorough investigation and subsequent action.

Furthermore, the central bank and the Thai Bankers’ Association have been entrusted with the task of promptly implementing measures based on the reports submitted to counter fraudulent activities effectively. Additionally, concerted efforts will be directed towards dismantling illegal telecom signal towers and suppressing call center gangs involved in crypto scams.

Also Read: Ethena’s Tokenized Hedge Fund Offers Eye-Popping 37% Yield, Can It Sustain?

The post Thailand Targets P2P Crypto Purchases, Vows to Combat Online Fraud appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am