Wednesday, May 22, 2024

Thailand to regulate Cryptocurrencies under Anti-Money laundering act – A bold or a foolish move?

Thailand looks forward to join the race with India in regularising cryptocurrrencies. They are planning to amend the national laws and bring it under the Anti-money Laundering (AML) Act. Digital assets are continuously gaining ultimate hype now-a-days. Since the time Bitcoin made it to the market in 2009, several others followed the suit. Though, there remains no doubt that cryptocurrencies may be used for illegal means but they don’t leave a trace either. User engagement has reached ever so high with technological advancement and online transactions are never easy to be traced. But, if there is no trace, does that mean that wrong doing doesn’t occur at all? There is definitely something fishy out there.

  • Are cryptocurrencies really a tool for money laundering?

The answer to this question can be very tricky to answer. With the advancement of technology, world affairs are moving at a fairly fast pace. Cybercrime is making several headlines and to cope with it, several measures have been taken so far. Even after all the measures taken, it has not been completely eliminated. So is the case with cryptocurrencies. Due to the continuous upsurge in their value, they have become a tool of international transactions. A common perception has started to float in everyone’s mind that most of the black money is kept and invested in form of cryptocurrencies. In this way, they would not be countered or leave a trace. It can be true to a certain extent and it is the main reason that many countries are trying to regulate them.

  • Is it inevitable to regulate cryptocurrencies now?

It does, so far. Some analysts have even gone far enough to put a complete ban on it. They believe that such trading is influencing the black market and letting the illegal money to revolve in several businesses. But, that can be a far cry as of yet. On other hand, regulation is not a bad idea to try. It surely would provide the channel to cryptocurrencies to be handled. Like in the case of Facebook’s Libra, everyone wants it to be handled and managed at level best before the release. It will definitely put a full stop to activities like money laundering which are causing a real headache to the system.

  • What can be the best way to regulate cryptocurrencies?  

In case of most democratic countries, the regulation policies will come from the Government side. Legislating would be the first part. As per the Secretary General of Anti-Money Laundering office, digital currencies and businesses are concealing ill-gotten proceeds. This has to be controlled in the most efficient possible. To counter such online transactions, the system of cryptocurrencies must come under complete scrutiny. It may not be cake walk but it has to be done for a good cause.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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