Thai AML authority puts forward project of crypto wallet for crime-related coins

Posted 04 September, 2018

Thailand's Anti-Money Laundering Organization is reportedly considering the possible launch of its own wallet to keep seized cryptos.

According to the news reports, the project was unveiled at a Bangkok seminar recently. For reference, the event was attended by Thai regulating authorities and UNO members that met to discuss the crypto fraud schemes in the country.

"We have discussed launching our own ‘AMLO Wallet’ to hold or confiscate digital currency from illegal sources," noted Witthaya Neetitham, secretary of AMLO.

It is worth mentioning that AMLO cannot block and seize digital assets of criminals under the effective rules. As a result, the latter can hold cryptos even from prison.

"We found bitcoin in his e-wallet, but had to leave it there because we don’t have any regulations [governing its seizure]," noted Pol Captain Ekkanit Natethong.

Thai authority expects an increasing numebr of cyber crimes in Asia in the coming years. This means that the regulators have to launch new ways to counter fraud in the digital asset market. AMLO added that illegal crypto operatins mainly represent a trick play on investors which spend money for such projects.

According to the statistics revealed during the event, SE Asia (10 countries) has recorded an economic loss of $120-200 million from the crypto fraud.

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04 September, 2018 15:33

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