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Thailand Looking to Access Wallets to Stop Crybercrime

Thailand Looking to Access Wallets to Stop Crybercrime

Thailand’s Anti-Money Laundering Office (AMLO) is thinking about creating its own digital wallet in order to investigate and stop crypto-related crime, also known as cybercrime reports The Nation– a local news outlet.

The matter was talked about at a seminar discussing crypto crime in the current state. Secretary for AMLO, Witthaya Neetitham, they want to adapt to new tech by making it possible for the government to confiscate any crypt involved in crimes. Thai officials can only jail those who were convicted or take their physical assets. But they can’t reach their wallets that were involved in a crime. That’s the only problem so far.

“We have discussed launching our own ‘AMLO Wallet’ to hold or confiscate digital currency from illegal sources,” he said.

“We cannot identify the cryptocurrency operator or receivers when duped victims transfer money to the criminals,” an AMLO secretary says.

It may still be difficult to track operators who work outside the current licensing system. Thai courts are unlikely to accepting evidence on crypto transactions and if there’s no trace of the people involved in the crime. Stats published by the UNationsNations Office on Drugs and Crime reports that globalc ost of cybercrime is near $600B. Thailand’s crypto felonies are usually bogus invesment in BTC.

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