Thailand Emergency Decree Seeks To Counter Cybercrime And Mule Accounts

April 15, 2025
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The Royal Decree on Digital Assets, which came into force on April 13, 2025, lets Thai authorities speedily close unauthorised foreign asset business platforms.

The Royal Decree on Digital Assets, which came into force on April 13, 2025, lets Thai authorities speedily close unauthorised foreign asset business platforms.

Under the decree, which was enacted immediately and not after the customary 30-day pause, digital asset business operators are deemed to provide services in Thailand and require authorisation if they have a digital platform displayed, in whole or in part, in the Thai language.

The decree aims to clamp down on foreign-initiated cybercrime and money muling, both of which have become problems across the ASEAN region.

Prasad Thandapani, senior analyst at Vixio, said Thais have been keen adopters of crypto-assets, with millions holding crypto-assets.

He added that the decree means consumers should be better insulated against unregulated or less regulated exchanges. 

“Although the Securities and Exchange Commission (SEC) has previously mandated the provision of information on the financial health of crypto exchanges, this new requirement to publish information in Thai and to be registered locally seems to be a step in the right direction to ensuring that any Thai who wants to use crypto, regardless of educational background, is well informed of the risks.”

A regional issue

Thailand in common with other ASEAN countries has seen a boom in criminals exploiting its crypto-asset marketplace.

Anek Yooyuen, the SEC’s deputy secretary-general, said the decree would expedite the blocking of illegal platforms.

“The process of blocking access to digital asset trading platforms that are liable to be an operation of unlicensed digital asset business becomes more streamlined, more efficient, and can be done more swiftly,” he said

“Individuals who open or allow other persons to use their digital asset accounts as mule accounts for committing criminal offences shall be subject to penalties including imprisonment for a term not exceeding three years or a fine of up to 300,000 baht, or both.” 

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