Federal regulatory body targets 30,000 sham accounts laundering cryptocurrencies through illicit transactions
The Securities and Exchange Commission (SEC) in Thailand has launched a joint operation with key agencies to combat the use of mule accounts for laundering money through cryptocurrencies. The participating agencies include the Bank of Thailand (BOT), the Anti-Money Laundering Office (AMLO), and the Cyber Crime Investigation Bureau (CCIB).
In an effort to disrupt such activities, rapid information-sharing among these agencies is considered crucial to prevent funds from being moved abroad before they can be traced. Fraudsters often open mule accounts with local banks, convert baht into cryptocurrencies, and make overseas transfers. From January 1 to September 15, 2025, the SEC's hotline received 6,354 fraud reports, leading to the closure of 3,036 accounts by platforms in coordination with state agencies. In the same year, authorities froze transactions of 31,216 mule accounts, categorized as "grey" and "black," with a total value of 229 million baht.
The SEC has also asked cryptocurrency exchanges to monitor suspicious accounts flagged by cyber police and related agencies. The SEC's secretary-general, Anek, confirmed that customer assets of Bitkub were not affected in any recent hack. However, the authority is currently verifying the accuracy of Bitkub's reporting and has reminded operators to ensure strict compliance.
Meanwhile, the Tourist Digi Pay project, a sandbox initiative by the SEC, AMLO, and the Ministry of Tourism and Sports, is expected to launch in November 2025. This project will allow foreign visitors to convert digital assets into baht via an e-money app for convenient spending in Thailand. The Tourist Digi Pay project is jointly supervised by the SEC (digital assets) and BOT (e-money). Smaller shops may process up to 50,000 baht in crypto-to-baht transactions, while large retailers will be capped at 500,000 baht per month.
It's important to note that the Tourist Digi Pay project does not seem to involve the participation of the Bank of Thailand, the Anti-Money Laundering Office, or the Cyber Crime Investigation Bureau in its current form in the ongoing crackdown on mule accounts for money laundering. However, the authority that jointly supervises the Tourist Digi Pay initiative along with the SEC is not specified in the provided search results.
The Tourist Digi Pay project is aimed at supporting tourism and stimulating Thailand's digital economy. With its launch just around the corner, it's a promising step towards a more digital and convenient future for Thailand's tourism industry.
