Thailand’s digital asset sector has intensified efforts to combat money laundering linked to mule accounts.
Crypto exchanges in the country have frozen over 10,000 suspicious accounts under a recently enforced rule called the “Speed Bump,” according to the Thai Digital Asset Operators Trade Association (TDO). In 2025 alone, Thai digital asset operators froze a total of 47,692 mule accounts.
Major Anti-Money Laundering Effort
Att Thongyai Asavanund, chief executive of KuCoin Thailand and chairman of the TDO, told the Bangkok Post that mule accounts remain one of the biggest vulnerabilities in the crypto ecosystem.
Criminal organizations often move illicit funds through multiple bank accounts before consolidating the money into a single account used to transfer funds to crypto platforms. Once the funds reach the platform, they are quickly converted into digital assets and sent overseas.
While blockchain technology allows operators to track wallet addresses and monitor transaction flows, Asavanund acknowledged that identifying the real person controlling a wallet is a major challenge. Operators can see wallet activity but determining the true owner behind an address is often extremely difficult.
To address this issue and slow suspicious transactions, the TDO introduced the Speed Bump rule. Transfers of 50,000 baht or more are now subject to a 24-hour hold during which users must complete additional know-your-customer procedures, including video verification, before funds are released.
The measure aims to disrupt the rapid movement of funds that criminal networks rely on. The TDO reported that the new screening process has already resulted in the suspension of thousands to tens of thousands of accounts suspected of operating as mule accounts.
However, crypto operators face increasing compliance costs and operational pressures as they manage frozen accounts and investigate suspicious activity. Criminal networks have attempted to bypass these controls by recruiting new individuals to open replacement accounts after previous accounts were blacklisted.
In addition to the Speed Bump, the TDO is working with authorities to strengthen broader safeguards in the financial system. This includes linking suspect databases with the Bank of Thailand’s payment system and law enforcement agencies to better screen individuals categorized as high risk.
Other Industry Measures
Last August, Thailand launched the TouristDigiPay program, which allows foreign visitors to convert cryptocurrency into Thai baht for payments during their stay. Tourists must open an account with a regulated digital asset business and e-money provider and complete strict identity verification.
In June, the government approved a five-year tax exemption on cryptocurrency profits for domestic traders to encourage more funds to remain within the country. This followed a decline in foreign inflows after stricter taxation on foreign income was introduced the previous year. Meanwhile, the Thai Revenue Department is preparing to implement the Crypto-Asset Reporting Framework (CARF) to support the global sharing of digital asset account data.#crypto#cryptonewsthailand#cryptonews https://t.me/coinsignalpublic https://coinsignals.net
