The government of Thailand will step up monitoring of cryptocurrencies by requiring сryptocurrency exchanges to report their transactions to the country's anti-money laundering agency (AMLO). This is reported by The Nation.
Pol Maj-General Romsit Viriyasan, the acting chief of the AMLO, said the agency would amend its law to impose the requirement in order to suppress money-laundering activities using bitcoin and other cryptocurrencies as media of exchange.
Romsit said the current AMLO law empowered the agency to investigate cases in which illegally obtained money, such as the proceeds of cheating and investment scams, was converted into other assets, while the planned amendment would relate to bitcoin and all other digital currencies.
If there is solid evidence, the agency will also be empowered to freeze all assets arising from illegal activity, pending further investment and prosecution. The AMLO will require people providing digital exchange services to file reports about transactions, with a special focus on people involved in suspicious activities that could be covering up money laundering.
Bitcoin and Ripple, are currently the two most popular units used by criminals to launder money in Thailand. Romsit added that investing in digital currencies carries a high risk because Thailand's law does not recognise them as legal tender, so the public should exercise caution to avoid misleading and cheating tactics.