Thailand Exploring Measures to Confiscate Bitcoins From Crimes
Authorities in the country have put in place crypto market but there is more to be done.
Thailand’s Plan to Recover Cryptos Held By Criminals
Thailand has emerged as one of the countries that are embracing blockchain technology. This comes at a time when some countries are making it hard for cryptos to operate. With the adoption, Thailand has come up with regulations to control the sector. The Asian country’s central bank is set to launch its own Central Bank Digital Currency. Also, the Thai government is also working to curb crime in the sector.
The government has launched a widespread campaign to fight crimes related to cryptos. During a recent forum, state agencies revealed that such crimes remain low but there is a need to prevent them. The agencies noted that in future, such crimes might grow. Authorities in Thailand are specifically concerned with money laundering and terrorism funding using cryptos.
However, the body mandated to fight money laundering AMLO highlighted that there is a hurdle along the way. Despite different laws existing, Thailand has no laws on confiscation of cryptos linked to criminals. On top of that, authorities have no storage for such cryptos.
According to Witthaya Neetitham, an official from AMLO, suggestions have been fronted regarding the establishment of an AMLO wallet to hold such cryptos acquired through criminal activities. Concerns were raised when a child porn website was recently closed down in collaboration with Dutch police. Operators of the website were also arrested and bitcoins from their wallets confiscated. The coins were earned from the illegal website. However, the authorities did not touch the cryptos due to lack of laws in confiscation.
Challenges with Cryptos from Criminals
At the moment, the government is working around the clock to ensure that laws on cryptos are rolled out as soon as possible. According to Witthaya, guidelines are already in place for all cryptos listed in the country. However, matters are complicated when it comes to handling cryptos based outside Thailand.
Another challenge emerged from the gathering of evidence and using them in court. The challenge comes in when narrowing down to people who transacted in the said cryptos. Such evidence usually fails to convince the jury.
At the moment, crypto crimes recorded in Thailand are from the investment sector but policymakers are working around the clock to find appropriate laws.