Thai Times

Covering the Thai Renaissance

SEC Issues Laundering Alert Amid iCon Group Probe

Concerns Raised Over Stablecoin Transactions and Money Laundering
The Securities and Exchange Commission (SEC) has urged digital asset operators to report suspicious transactions in a bid to combat money laundering, following investigations into alleged fund laundering by iCon Group via USDT, a stablecoin.

The Department of Special Investigation is seizing iCon Group's assets amid claims of untraceable transactions.

Preecha Praipattarakul, executive chairman of Upbit Exchange (Thailand), highlighted challenges in preventing money laundering through cryptocurrency, advocating for multi-agency collaboration when converting digital assets to cash.

The Thai Digital Asset Operators Trade Association (TDO) is aiding transparency in response efforts.

Jirapat Namtubtim of GMO Z.com Cryptonomics (Thailand) emphasized the small percentage of laundering through crypto—1%—compared to traditional means like cash or real estate, but foresees growth as society moves cashless.

TDO president, Att Tongyai Asavanund, aims to work with the SEC on risk mitigation, particularly through improving KYC processes.

The SEC suggested the TDO address trading volatility by warning investors during significant price changes.

As for iCon Group, Finance Ministry's Lavaron Sangsnit noted accountability hinges on the intent in fraudulent activities, suggesting a potential review of existing legislation as direct sales rise with e-commerce popularity.
Newsletter

Related Articles

0:00
0:00
Close
Thailand's Tech Advances: Facial Recognition in Airports, Electric Pickup Launch, and Economic Ambitions Amid Global Shifts
Bangkok to Ban Large Polluting Trucks Amid Air Quality Concerns; Thailand's Major Economic and Tech Initiatives Unfold
From China's Space Triumph to US Election Worries: Global Updates on Innovation, Tradition, and Tourism
Canada's New Ambassador Commits to ASEAN-FTA Support
Thailand Poised for Economic Gains Amid US-China Trade Tensions
Optimistic Outlook for Thai Economy Despite Challenges
Thailand's Cloud-First Policy with Huawei Cloud Stack
RIDDARA Launches Thailand's First All-Electric Pickup Truck
Thai Airports to Implement Biometric Technology
SEC Issues Laundering Alert Amid iCon Group Probe
Thai Premier Proposes Legal Reforms to Boost Trade
Equinix Commits B16 Billion to Thai Data Centres
Central Pattana Unveils 700 Million Baht Campaign to Boost Thai Tourism
Starbucks Thailand Expands Amidst Growing Coffee Market
Deported South Korean Arrested for Illegal Entry in Pattaya
Bangkok to Implement Temporary Ban on Polluting Trucks in Nine Districts
Phuket Tourism to Surpass Pre-Pandemic Revenue in 2024
ASEAN Nations Launch 'CLEAR SKY Strategy' to Combat Haze Pollution
Bangkok Post CEO of the Year 2024: Celebrating Trailblazers in Business
Revival of Traditional Japanese Alcohol Doburoku
Thailand's Exports Poised for Record High Amid Global Recovery, Bitcoin Surpasses $71,000, and Southeast Asia Eyes Unified Visa Zone: Key Highlights
Concerns Over U.S. Democracy's Future Amid Election Anxiety
China's Shenzhou-19 Mission Launches to Tiangong Space Station
India Reports Significant Losses from Cyber Scams Operated from Laos, Myanmar, and Cambodia
Proposed Southeast Asian Shared Visa Zone Could Boost Vietnam's Tourism
Massive Fraud Case, Eye Care Triumphs, and Eco-Friendly Innovations: Key Developments in Thailand
EU Launches EU-ASEAN Green Diplomacy Weeks 2024 with Jakarta Run Event
Thailand's Winter Cooldown: Embracing Technology in Agriculture, Aviation, and Airport Innovation
Apple Launches AI Features on Select iPhones
Thailand's Exports Set to Reach Record $290 Billion in 2024
Trang Tourism Unaffected by Previous Airfare Concerns
Bangchak Partners with CPF to Produce Sustainable Aviation Fuel
Gogolook and VML Launch 'Scammer Pages' Directory
Bangkok Bank Consortium Seeks Virtual Bank Licence
Bitcoin Surpasses $71,000 Amid U.S. Election Speculation
Thai Ophthalmologist Uraiwan Tinnungwattana Awarded Henry Davison Award
Police Forward iCon Group Fraud Case to DSI
Facial Recognition to Streamline Boarding in Six Thai Airports
CEO of the Year 2024 Awards: Celebrating Transformative Leadership
Thailand's Transport Ministry Endorses Six New Airport Projects
Thailand Targets One Million Flights with Suvarnabhumi's Third Runway
Government to Review Drone Regulations in Agriculture
Thailand's Winter Season Begins
Thailand Targets Pyramid Schemes, Proposes New Airports, and Celebrates Halloween with a Charitable Twist
Thale Noi Shines in Sustainable Tourism as Thailand Eyes Economic and Global Engagement Goals
Global Electric Vehicle Count Projected to Reach 85 Million by 2025
Putahracsa Hua Hin Hotel Terminates Manager Over Customer Interaction
Francesco Bagnaia Triumphs at Rain-Soaked Thai MotoGP
Thai Red Cross Celebrates Halloween with Blood Donation Drive
Thailand's Transport Ministry Advocates for Six New Airports
×