Thailand Authorities Raise Red Flag Over Cryptocurrency-related Crimes

Authorities in Thailand have raised concerns over the rate at which cryptocurrency-related crimes are increasing by the day. Reports indicate that such crimes continue to increase in part because a lack of professionals with in-depth knowledge and expertise to tackle such crimes.

Cryptocurrency-Related Crimes

Human resource constraints is a big headwind that continues to make it hard for Thai authorities to crack down on cryptocurrencies crime related activities. Newly established National Commission for Cyber Security does not have the human resource on matters Cybersecurity let alone cryptocurrency and blockchain technology.

“Human resource constraints, a lack of effective inter-agency communication due to officials’ lack of proficiency in foreign languages, and bureaucratic red tape,” said Mr. Kittayarak

According to Kittipong Kittayarak, the executive director of the Thailand Institute of Justice cross-border crimes involving virtual currencies should continue to rise. The remarks were made at a recent seminar following joint study with the United Nations Office on Drugs and Crime.

In addition, Kittayarak has raised concerns over the rate at which cryptocurrencies are being used to fuel terrorism as well as money laundering activities. Cryptocurrencies have also been used to pay criminals engaging in kidnappings as well as individuals engaged in child pornography and illegal weapon sales.

Lack of Regulations

The lack of regulation continues to make it hard for authorities to clamp on such vices given that cryptocurrencies are hard to trace. Unlike cash transactions whereby money trails are easy to track, cryptocurrency transaction takes place on a decentralized network that are extremely hard to monitor.

Concerns over the potential use of cryptocurrency to fuel money laundering and terrorist activities is believed to be one of the reasons why some countries have taken a no-nonsense approach towards the emerging spectacle.

China and India have already imposed bans on the use of cryptocurrencies in their borders. Concerned by the rate at which cryptocurrency crime related incidences are escalating, it remains to be seen how Thailand will react going forward.