Authorities in Thailand have intensified their crackdown on financial crime involving digital assets, leading to the freezing of more than 10,000 cryptocurrency accounts suspected of laundering illegal funds. The action comes as regulators and industry players strengthen monitoring systems to identify accounts linked to scams and illegal transfers.
The move is part of a coordinated effort involving the Securities and Exchange Commission Thailand, the Thai Digital Asset Operators Trade Association, the Bank of Thailand, the Anti-Money Laundering Office Thailand, and the Cyber Crime Investigation Bureau Thailand.
Regulators recently worked with licensed digital asset operators to introduce stricter monitoring procedures. These include stronger screening systems and enhanced Know Your Customer (KYC) checks to quickly detect suspicious transactions. Authorities have also expanded data-sharing channels between banks, cryptocurrency exchanges, and law enforcement agencies to prevent funds from being transferred to suspected mule accounts.
Industry representatives said the accounts were frozen after new screening guidelines helped identify thousands of suspicious wallets. According to Att Thongyai Asavanund, who is also chairman of the trade association, the improved monitoring process enabled operators to detect and freeze more than 10,000 accounts suspected of being involved in money laundering schemes.
Thailand has become one of the key digital asset markets in Southeast Asia in recent years. The country has recognised certain stablecoins, including USD Coin and Tether, as legitimate cryptocurrencies for exchange and settlement through regulated digital asset companies. The objective of this move was to encourage innovation while ensuring that operations remain within the country’s legal framework.
The latest enforcement action highlights Thailand’s effort to balance the growth of its digital asset ecosystem with strong safeguards against fraud and money laundering. By working closely with exchanges, financial institutions, and law enforcement bodies, authorities aim to strengthen oversight while maintaining trust in the country’s rapidly expanding cryptocurrency sector.
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