Thailand Gov't Will Amend AML Laws to Regulate Cryptocurrency

A Thai regulator announced that the regulator will amend regulation to prevent crypto use for illicit activities, English-language local news outlet BangkokPost reports on Aug. 5.AMLO to focus on cryptocurrencies.

Per the report, Acting secretary-general of the Thai Anti-Money Laundering Office, Pol Maj Gen Preecha Charoensahayanon, stated that cryptocurrencies will be used for money laundering.

For this reason, he reportedly announced that AMLO will also focus on amending existing anti-money laundering regulations to prevent the use of digital currencies for illegal activities in the near future.

Charoensahayanon intends to start with changing the Anti-Money Laundering Act to include requirements for digital currency exchanges to report their activities to the office.

"We may not find any clue, but that doesn't mean the wrongdoing does not occur."

The reporter also cites an alleged scam in which the suspect accepted Bitcoin payments to buy company shares for his victims.

Per the report, this case showed that cryptocurrencies can be used for illicit activities.

As Cointelegraph reported in July, Bank of Thailand governor Veerathai Santiprabhob said that the institution is open to discussing Facebook's Libra stablecoin with the company.