AML laws to regulate cryptocurrency

[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.

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[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.