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Crypto Coins Used For Illegal Activities In Thailand

From a study, it has been found out that there has been a rise in the illegal, transnationally organized crime activities in the Southeast Asian country. According to Phuket News, the study was carried out by Thailand Institute of Justice (TIJ) and the UN Interregional Crime and Justice Research Institute.   

The study mentioned the growing rate of various types of crime in an organized way including ID cards and travel document forgery, call center scams, money laundering and drug smuggling.

The list doesn’t include crimes related to cryptocurrencies. But, they have been alleged for promoting value transfers for the transactions associated with a wide array of increasingly prevalent crimes among in Thailand.  

According to UNODC(United Nations Office on Drugs and Crime) which has been a partner with TIJ, the digital currencies are used for the illegal drug trade, ransoms, buying child pornography, malware and firearms deals on the dark web.

There are over 6 billion cybercrime cases recorded annually in the region according to UNODC’s representative for Southeast Asia and The Pacific Julien Garsany.

These bits of knowledge on the bits of crime in Thailand and around cryptographic money were shared at a seminar held by TIJ and UNODC called  ‘Advancing the Economy and Combating Crime in the Digital Age: Cryptocurrency and Crime.’

The seminar focuses on Thailand’s readiness against cybercrimes which includes crime related to cryptocurrency also.

Thailand’s Justice Minister Prajin Juntong and deputy Prime Minister stated country had built a cybercrime committee, though it lacks required skills which are needed to handle the infrastructure or combat cybercrime.   

TIJ’s executive director who spoke at the seminar highlights how Thailand needs to work on technology to combat crime and also crime related to cryptocurrency.

Before, Thailand had embraced a progressive approach to deal with digital forms of money through an administrative structure that has pulled in some significant enthusiasm from entities engaged with ICOs.  

The approach can work perfectly for the country as it looks into the rising threat of crypto-related crimes.  

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