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The Thai authorities intend to ban anonymous cryptocurrencies: companies that provide crypto services will be required to identify all participants in the transaction chain.
At one of the government meetings, the Prime Minister of Thailand, Anutin Charnvirakul, announced a large-scale campaign against gray financial flows and illegal money circulation. As part of the initiative, it is planned to significantly tighten regulation of the digital financial assets market in the country.
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Thailand will create a national data bureau. With its help, it will be possible to monitor suspicious transactions in real time and create comprehensive “risk profiles” for various financial transactions.
In relation to cryptocurrencies, the Securities and Exchange Commission (SEC) of Thailand is required to apply the so-called Travel Rule, an international standard aimed at combating money laundering. The gist of it is that all digital asset service providers are required to identify both the sender and the recipient when transferring between wallets. This deprives attackers of the opportunity to use anonymity as a cover for illegal enrichment, Anutin pointed out. The goal is to turn Thailand into an unattractive territory for illicit capital.
“Today we are fighting not only modern digital threats, but also “analog” financial crimes. Traditional criminal schemes are constantly evolving, taking on new forms. We must act as a single, integrated force to protect the public interest and the integrity of our financial system,” the Prime Minister said.
In practice, this means that Thailand, following Dubai, prohibits the use of private tokens such as Zcash (ZEC) and Monero (XMR), as well as tools that ensure the confidentiality of transactions. From 2027, a similar rule will come into effect in the European Union. At the same time, anonymous tokens are gaining more and more popularity.
