New reporting requirement for digital asset trading

New reporting requirement for digital asset trading

Finnish investor Aarni Otava Saarimaa and his Thai business partner Chonnikan Kaeosali arrive at the Crime Suppression Division in Bangkok in August last year over allegations of a bitcoin fraud worth 979 million baht. (Photo by Wassayos Ngamkham)
Finnish investor Aarni Otava Saarimaa and his Thai business partner Chonnikan Kaeosali arrive at the Crime Suppression Division in Bangkok in August last year over allegations of a bitcoin fraud worth 979 million baht. (Photo by Wassayos Ngamkham)

Parties involved with digital asset transactions worth above 5 million baht will have to report their trades to the Anti-Money Laundering Office (Amlo).

Local digital asset exchanges will be required to report digital asset trades with a value exceeding 5 million baht to commercial banks, then the banks must report such transactions to Amlo, said acting secretary-general Preecha Jaroensahayanon.

The Finance Ministry will issue an additional clause in the digital asset royal decree on the compulsory practice, expected to take effect in early August, Pol Maj Gen Preecha said.

Amlo, the Department of Special Investigation and the Securities and Exchange Commission (SEC) on Monday signed a memorandum of understanding on investigation and information collection for wrongdoing falling under the digital asset royal decree, aiming to enhance the speed and efficiency of cases pending investigation.

Tasked with overseeing the digital asset trade, the SEC also aims to incorporate forensic science to prove wrongdoing associated with digital assets amid rising fraud cases in the virtual asset class.

The market regulator in June signed a memorandum of understanding with the Central Institute of Forensic Science to enhance investigation efficiency by using forensic science.

The market regulator received 43 cases pending investigation under the digital asset royal decree as of June 17.

Last year saw the high-profile arrest of Jiratpisit “Boom” Jaravijit over allegations of a bitcoin fraud worth 979 million baht.

According to the complaint, businesswoman Chonnikan Kaeosali and her Finnish business partner Aarni Saarimaa were lured into buying shares in three companies and investing in a casino and in a new cryptocurrency known as Dragon Coins, but they saw no returns from the money they put in.


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