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.