According to Cointelegraph, the Thai cabinet passed a resolution on April 8 approving amendments to the relevant laws on digital asset business and cybercrime prevention. The new regulations will restrict the operation of foreign cryptocurrency peer-to-peer (P2P) trading platforms in Thailand, and violators can be fined up to $8,700 and imprisoned for up to three years. The new regulation requires crypto asset service providers (CASPs) to collect and report transaction information related to online fraud. At the same time, commercial banks, telecom operators, social media service providers and other institutions need to share the responsibility of cybercrime prevention. The law will come into effect after the Royal Thai Gazette is published. It is worth noting that Thai regulators have previously approved cryptocurrency payment pilots in places such as Phuket and are considering approving cryptocurrency ETFs.