Thailand Makes Plans To Seize Cryptocurrency

by Admin on May 11, 2018

Thai government authorities are planning law changes to allow law enforcement to confiscate cryptocurrencies involved in serious crimes.

Currently, police cannot seize cryptocurrencies are not recognized under the law and therefore cannot be seized from criminals. Regular currency, cash and assets can be seized because they are clearly defined in the seizure law.

Narcotics police Commander Sommai Kongvisaisuk satted that if drug suspects keep their wealth in Bitcoin or other cryptocurrencies, police would be unable to seize them.

“We are merely agents of the state. We have no right to decide what the laws say,” Maj. Gen. Sommai said.

The founder of what at the time was the world’s leading dark web marketplace, Alexandre Cazes, was arrested in Bangkok last July.

The use of cryptocurrency has been used increasing by spouses involved in a Thai and international divorce, lawyers from law firm Chaninat and Leeds stated stated that the legal ambiguity and the lack of a central authority make crypto assets easier for unscrupulous people to hide.

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