🛑 Thailand Cracks Down on Crypto Mule Accounts with Emergency Laws

Thailand is getting serious about crypto crime. From stricter platform controls to criminal penalties, the government is launching a full-scale crackdown on “mule accounts” used in scams and money laundering.

📜 What’s Changing?

As of March 12, 2025, Thailand rolled out new laws to combat crypto-related cybercrime. Two emergency decrees were amended:

• The Digital Asset Businesses Decree (2018)
• The Cybercrime Prevention Decree (2023)

These updates aim to block illegal platforms, protect users, and target crypto fraud rings, especially those using mule accounts to launder funds or defraud Thai citizens.

🧾 What Are Crypto Companies Now Required to Do?

All crypto service providers in Thailand must now:

• 🚫 Report and suspend suspicious accounts
• 📉 Blacklist wallets involved in scams
• 🛠️ Join compensation schemes for fraud victims
• 🔒 Refuse service to individuals flagged for cybercrime

Failing to act? You could be held legally responsible — along with banks, telecoms, and even social media platforms that enable the fraud.

🚨 Yes, There Are Criminal Penalties

Under the new rules, anyone who opens or rents out a bank or crypto account for shady use could face:

• 👮‍♂️ Up to 3 years in prison
• 💸 Fines up to 300,000 THB (~$8,300 USD)
• Or both

Even if you "didn’t know" your account would be used for fraud — it won’t save you.

🌐 Foreign Crypto Platforms: You’re on Watch Too

Thailand’s regulators are now empowered to block foreign P2P platforms that:

• Use Thai language
• Accept Thai baht
• Connect to Thai bank accounts

If you're not licensed locally, you're not allowed to market or operate in Thailand — even if you’re fully online and based abroad.

🧠 What’s the Bigger Strategy?

Thailand is going all-in on crypto regulation, with a national coordination plan between:

• SEC
• Ministry of Digital Economy
• Banks and telecoms
• Law enforcement
• Local crypto firms

The message is clear: clean up the crypto space, or we’ll clean it up for you.

📢 Bottom Line: Why This Matters

• 🔒 User protection is priority #1
• ⚖️ Platforms are now jointly liable if they don’t act on fraud
• 🚷 Foreign platforms are being blocked if they serve Thai users without permission
• 🔐 Thailand is positioning itself as one of the strictest crypto markets in Asia

If you’re a crypto builder, exchange, or investor in Thailand — compliance isn’t optional anymore.