AML laws to regulate cryptocurrency

[Antier Solutions]

Thailand Government to amend AML laws to regulate cryptocurrency. Regulations like these are more likely to help people transact with confidence.

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[avikz]

It's great to know that another Asian country besides Jaoan is looking to regulate cryptos instead of planning for a blanket ban. Where major economies of Asia like India and China still maintaining a negative outlook towards cryptocurrencies. Regularization will definitely boost confidence in the local crypto market as a framework will be available to the mass. Also it will attract international tourists to use their bitcoins and travel in Thailand. Overall it's a win-win situation for common mass and administration.

[joelsamuya]

I admire the government of Thailand for catching the great vision with cryptocurrency which they are sure can be of big help to their growing economy. Soon the country can be attracting many good fintech companies to locate in the country due to favorable business environment. I hope that this can be a warning sign for other neighboring countries to also open up their economies for the coming of cryptocurrency and the blockchain since this is now unstoppable...otherwise these countries can find later that they are already so late.

[YuginKadoya]

Thailand sure want to progress using the technology of blockchain that is why I guess this kind of stuff is pretty positive for the community, I guess after what Japan had done to the technology of Bitcoin Thailand is sure to come next in regulating it, I think after accepting 4 new cryptocurrency service providers in their country this turn out to be very positive for them so they are thinking of ways to sure secure transaction more properly.

Here is the link on the article about it for others to see.

https://cointelegraph.com/news/thailand-govt-will-amend-aml-laws-to-regulate-cryptocurrency

[Bossian]

Thailand Government to amend AML laws to regulate cryptocurrency. Regulations like these are more likely to help people transact with confidence.

LOL you must be kidding. These laws are likely to make Thai move to another country so they can move their funds without anyone looking into it.


Remember that Bitcoin was originally supposed to be anonymous and impossible to trace. If it becomes like a fiat currency then it's useless.

[Bossian]

I have no love for Thailand after what they attempted to do to our fellow user Elwar, remember Thailand still isn't a just fair country, if they decide they want your coins, then they'll say you've done something illegal and take them.

Yep, a thug country.

Once I was at Bangkok airport, I asked if it possible to take a shower and a guy sent me to a massage place where I could sleep with whores in exchange of money, obviously not what I was asking for.

[AjithBtc]

Thailand is one among the country that has got cryptocurrency being used by all levels of people. From the positive view over the regulation it could get more common people into cryptocurrency usage. On the other side, it might also restrict with limitations which will the long term users of cryptocurrency. Anyhow there is no ban as India or China which shows the futuristic view on cryptocurrency by the Thailand government.

[serjent05]

Thailand Government to amend AML laws to regulate cryptocurrency. Regulations like these are more likely to help people transact with confidence.

LOL you must be kidding. These laws are likely to make Thai move to another country so they can move their funds without anyone looking into it.

The thing is merchants that accept Bitcoin is limited.  We cannot use Bitcoin anywhere we wanted.  Sad, but it is the fact.  We have to accept the government regulations and it won't push thru to mass adoption if the government will not regulate it.   This regulation resolve an issue about public confidence.

Remember that Bitcoin was originally supposed to be anonymous and impossible to trace. If it becomes like a fiat currency then it's useless.

Bitcoin were never been fully anonymous and it is very transparent that your idea of impossible to trace is somehow off.  And bitcoin is supposedly to function as currency just like fiat (mode of payment).  It seems you are confused.  And we have to accept the fact that without government approval/regulation, Bitcoin won't move forward because majority of the people always look for the authorities approval.

[Bossian]

Thailand Government to amend AML laws to regulate cryptocurrency. Regulations like these are more likely to help people transact with confidence.

LOL you must be kidding. These laws are likely to make Thai move to another country so they can move their funds without anyone looking into it.

The thing is merchants that accept Bitcoin is limited.  We cannot use Bitcoin anywhere we wanted.  Sad, but it is the fact.  We have to accept the government regulations and it won't push thru to mass adoption if the government will not regulate it.   This regulation resolve an issue about public confidence.

Remember that Bitcoin was originally supposed to be anonymous and impossible to trace. If it becomes like a fiat currency then it's useless.

Bitcoin were never been fully anonymous and it is very transparent that your idea of impossible to trace is somehow off.  And bitcoin is supposedly to function as currency just like fiat (mode of payment).  It seems you are confused.  And we have to accept the fact that without government approval/regulation, Bitcoin won't move forward because majority of the people always look for the authorities approval.

Fair enough, I guess I need to read the white paper again. I am here to learn after all. LMAO    

I have no love for Thailand after what they attempted to do to our fellow user Elwar, remember Thailand still isn't a just fair country, if they decide they want your coins, then they'll say you've done something illegal and take them.

Yep, a thug country.

Once I was at Bangkok airport, I asked if it possible to take a shower and a guy sent me to a massage place where I could sleep with whores in exchange of money, obviously not what I was asking for.

Well it is a huge place for sex tourism, he may have been confused but I'm sure he was more likely making some commission off of the hookers.

I know Elwar liked that country a lot but it became pretty obvious that they are an oligarchy and only those with power are somewhat safe.

Yep. Disgusting place! 

[Turk Ace]

AML laws are for scared and paranoid government officials. Why in the hell would we pay taxes? I can't think of one good reason. Crypto is not even currency or backed by the government so it is not theirs they can't tax it.
They just scared people will be able to take their own power back and be self-sustainable without the "help" of the government.

In a true crypto run world, there would be no taxes since everyone would own coins in different things so you would instead of having tax money wasted you would actually own a part of the road if your coins help in a company that makes roads. This spreads the wealth and doesn't concentrate it in one place like the "goverment"

Honestly, ALM KYC and all this other bs can fuck and kiss my arse. The government and officials can kiss my ass too. I won't pat those thugs another cent of my hard-earned money. I never will pay tax again since I do not use fiat much. Only use fiat for some bills. My fiat withdraws as so low way below the tax line so I have nothing to worry about.

[dothebeats]

Thailand is also gearing up for the inevitable changes in the economic landscape. That seems nice and all since it's progression in some form but I do hope that their regulations won't suck and be that strict like what other countries have. I know there are a lot of things to dislike in Thailand due to recent events involving one user in here but then again, if it's a move to at least put them in the map of countries officially doing something for crypto then so be it. Good luck to the Thai people and I hope they don't end up like India banning things they don't fully understand.

[wattcrypto]

I hope more Asian countries look to implementing proper technology to help with AML like those provided by ciphertrace. Might be more respected and received better than governments' direct involvement.

[adaseb]

Its better crypto being regulated than being outlawed. Its no different than alcohol or smoking. The government would rather regulate it and tax it and get some benefit out of it rather than outlawing it and people would have to get it illegally somehow like Bootlegging.

Crypto is no different. Most people don't have an issue with it being regulated since there are so many people who signup with Gemini or Coinbase and they don't have issues KYC their info.

For the future of crypto, I think regulation is a must.

[maxreish]

Thailand Government to amend AML laws to regulate cryptocurrency. Regulations like these are more likely to help people transact with confidence.

It is better if you indicate some source or links for us to further follow and read all the contents or news. Anyhow, i have searched it and found an interesting article. Thailand's just planning to create AML law. Here's what they said,

“We may not find any clue, but that doesn’t mean the wrongdoing does not occur.”

He also added that it may be used as a crime tool that is why he wanted to regulate law such as AML. In line with this, this may lessen the crimes in the country. Hope this AML about cryptocurrency may be implemented soon.

Here's the link for you to read.

[Reid]

Yeah!!!

Now the girls and ladyboys will just need to bring a QR code and we could just scan them to pay them instantly.
We wont be needing to bring our wallet while looking for fun.
It will a lot more safer and  we could bring our smartphones and get drunk.

Not much are stealing smartphones by now. They will be lock instantly and those kinds cannot be sold. So Yeah! Push it.

[antisocial77]

Thats very cool.thailand is a bit silent than the other countries around there so its a surprise to me.i hope they can adopt crypto in tourism.bitcoin atm is enough for first step.

[Kakmakr]

Regulations can be a 2 edged sword, because you can have a country having very Bitcoin friendly regulations and then Bitcoin will flourish or you can have something like the BitLicense that they formulated in NY, where it was so complex and expensive that it actually caused a barrier to entry for Bitcoin use. 

So, I hope the regulations are just enough to protect their citizens, but still open for creativity and innovation to flourish. Some of these countries use regulation for their own hidden agendas and then it becomes a minefield. 

[freedomgo]

Thailand Government to amend AML laws to regulate cryptocurrency. Regulations like these are more likely to help people transact with confidence.

Please add the link or source every time you create a thread like this, this must be the source :

https://cointelegraph.com/news/thailand-govt-will-amend-aml-laws-to-regulate-cryptocurrency

[mohdk52]

Thats very cool.thailand is a bit silent than the other countries around there so its a surprise to me.i hope they can adopt crypto in tourism.bitcoin atm is enough for first step.

Thailand is a tourist country so I think adding crypto to the tourism industry is the first thing they will do

[Darker45]

Thailand Government to amend AML laws to regulate cryptocurrency. Regulations like these are more likely to help people transact with confidence.

This is the best compromise. Thailand looks more mature than other countries in this matter. There is no need to completely ban the use of cryptocurrency as other countries are doing. Thailand must have studied the vast benefits their citizens as well as visitors could take out of it. I know Thailand is one of the economic tigers in Southeast Asia. This will certainly benefit the country's business environment. You cannot be too unfriendly to rising fintech revolutions if you want to promote your country as a financial hub.

[Kemarit]

Thailand Government to amend AML laws to regulate cryptocurrency. Regulations like these are more likely to help people transact with confidence.

We have seen countries around the Asia region that had at least implemented AML/KYC for local exchanges. So it make sense for Thailand and their Anti-Money Laundering Office (AMLO) to implement it to crypto as well. But to transact with confidence? I'm not really sure about that.

Crypto is supposedly freedom, but if government will put a blanket and wanted to follow everyone transaction crypto then it will defeat the purpose on why we are in crypto in the first place, just saying.

[Slow death]

Thailand Government to amend AML laws to regulate cryptocurrency. Regulations like these are more likely to help people transact with confidence.

According to what I read on cointelegraph.com, Pol Maj Gen Preecha Charoensahayanon wants the exchanges to report their activities to AMLO's office, but there is something here that I don't understand:

- Why should people hand over their documents to anonymous exchanges?

- Why don't governments then allow banks to agree to partner with exchanges and legalize cryptos?

That would solve many problems.

[ololajulo]

After USA's conclusion in the inability to ban cryptocurrency, I believe other countries that took the technology with levity will have to reconsider there position with the space. For any aspiring government, it will be dangerous to be careless about what the developed countries are putting on their important list. many countries will still find themselves too late when they reconsider. A country like Thailand with large population of tourism should consider every economic strategy to improve their services

[pawanjain]

Thailand Government to amend AML laws to regulate cryptocurrency. Regulations like these are more likely to help people transact with confidence.

Well I am happy with this because unlike other countries it hasn't at least banned cryptocurrencies as a whole.
Regulating it isn't ideal too but then this is the only option the governments have as of now to tax crypto earnings and regulate it's use.
People are using crypto not caring if it is banned in their countries. This has made the governments unable to implement an effective ban on cryptocurrencies.

[serjent05]

AML regulations are nothing new in crypto world. Exchanges are already obliged to operate under such provisions in order to run legitimate business.
I don't see anything wrong in that. In fact that can protect users with good intentions from illegal activities. Decentralization and independency of cryptocurrencies doesn't mean we live in Wild West and that everyone can necessary do what he wants without any consequences.

I couldn't agree more.  Regulation is one means of government to keep their citizen away from possible fraud and scams.  Have we not see several scams made by bad people because they took advantage of unregulated cyrptocurrency system? Many people fall victim from this and government as much as they wanted to accept the new technology, they just couldn't accept it without proper sets of rules and regulations.

[fullhdpixel]

Wow, that is another good way to go, this will make it like the second new country I will be coming across  today that has been recorded to pick so much interest in cryptocurrency, and this one of Thailand is a really good way to go, I am sure there are some countries that will be waiting to see the effect of the regulation, so that they can also copy it as quick as possible too since it has become impossible for them to declare cryptocurrency illegal because of its benefit and the rate of adoption worldwide already.

We need more of these development to really start creating awareness, and for those who has been asking what could be leading to the increase value of bitcoin, these are some of the fundamentals too that could contribute to it that we may not easily see.

[timerland]

I read the recently linked article - https://cointelegraph.com/news/thailand-govt-will-amend-aml-laws-to-regulate-cryptocurrency

I don't like Thailand's approach with cryptocurrencies, they seem to be way too restrictive with the new technology, and are also very short-sighted in assuming that cryptocurrencies are only used for money laundering, sure privacy coins might not be the most regulated type of crypto, but that doesn't mean you should be so strict with other coins.

It's pretty vague though, the article - might not actually mean a ban on cryptocurrencies and money laundering, we can't assume anything right now with nothing being official.