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Thailand crypto industry under watch as government crackdown on drug lords, money launders, others

Thailand crypto industry

Determined to end the reign of meth syndicate, who are responsible for laundering several millions of dollars, the Thailand crypto industry would be closely monitored by Authorities, AFP report claims.

Outside cryptocurrencies, these criminals make use of every other thing like gold, Oil, construction to launder money as Thailand police are ready to give whatever it takes to track the perpetrators down.

Thailand Justice Minister Somsak Thepsuthin said that they discovered an irregular flow in banks worth about $5.4 billion, which may all not be drugs but are sure that close to $400 million of that amount is drug-related converted to gold, Zinc, steel, and Oil.

Hence, with a close watch of the Thailand crypto industry by authorities, they are prepared to change the game keeping close tab with drug money converted to crypto and laundered through traditional sectors like gold and construction.

Reportedly, in Thailand, millions of people are now addicted to drugs with these drug lords playing in the background behind a number of middlemen and complex money laundering schemes.

Closing in on meth syndicate group without close watch of Thailand crypto industry

With Authorities only set to keep a close watch on the Thailand crypto industry, some arrest relevant to drug kingpins have been made after a recent meth burst. A group linked to one Daoreung Somseang was busted. Somseang, however, is currently in a Bangkok prison, having been found guilty of drug trafficking offenses.

Despite the meth burst and Somseang lock up however, authorities are afraid that there are still many kingpins yet to be uncovered and other relevant questions to be answered. Assistant to the police chief in Thailand, Lieutenant-General Wissanu Prasarttong-Osoth conceded that the amount these organizations make might remain forever hidden as they use these proceeds to bankroll activities in other industries like Gold, Oil, and construction as earlier mentioned.

Thailand and digital assets

How the country proposes to crack down on kingpins and money launders remains a mystery, especially if they are recommending stringent measures against digital assets. This is because the country has begun processing a Central Bank Digital Currency. The country is believed to be working towards a CBDC payment system for all businesses according to official sources.

Despite processing a CBDC, a crypto ban remains in perspective. Just like China, Thailand could be on track to creating a CBDC and cracking down on crypto businesses.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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