Three Thai citizens who are currently being prosecuted for allegedly swindling $24 million worth of Bitcoin (BTC) have pleaded “not guilty” in the Criminal Court of Bangkok, major Thai newspaper Bangkok Post reports Wednesday, Nov. 7.

During the hearings, Thai prosecutors accused the three defendants and six accomplices of defrauding 21-year-old Finnish investor Aamai Otava Saarimaa back in 2017. According to the investigation, he was persuaded to buy shares in Expay Software Co, invest in a gambling-focused crypto token Dragon Coin (DRG), and buy 500 million shares in DNA (2002) Co, which he consequently did by transferring crypto to the siblings’ wallets.

The prosecutors claim that after receiving the money, the Jaravijit family bought several blocks of land in Thailand. Saarimaa, in his turn, received no profit and later complained to the Thai Crime Suppression Division (CSD).

The three Jaravijit siblings, charged with conspiracy to defraud and money laundering, have recently pleaded “not guilty.”

Two of the siblings, Jiratpisit (a Thai actor known as “Boom”) and Supitcha, were arrested in August and then released on bail of $61,000 each. Their elder brother, Prinya Jaravijit, managed to flee to the U.S. in an attempt to avoid the charges.

However, in October, the Thai CSD revoked the Prinya Jaravijit’s passport — making his stay in the U.S. illegal — in order to force his return. After arriving in Bangkok, Jaravajit was then detained without bail and is currently being held in the Bangkok Remand Prison.

This post is credit to cointelegraph

The Deputy Prime Minister of Thailand Wissanu Krea-ngam has called for more regulations on cryptocurrencies, local news daily the Bangkok Post reports Nov. 8.

While Thailand introduced a regulatory framework for cryptocurrencies earlier this year, Krea-ngam urged that new measures must be introduced both domestically and internationally in order to keep up with new tactics and threats to consumer security.

Speaking at the Counter-Terrorism Financing Summit, Krea-ngam said that experts should not be satisfied with current security protocols so as not to lag behind criminals that would use cryptocurrencies for funding terrorism or money laundering. He also noted the security challenges posed by the anonymous nature of some digital assets.

“The laws need to be amended in the future so that we can better keep up with technological changes,” Krea-ngam said.

In addition to forming a clear legal framework for crypto business, Thailand has also allowed its financial institutions enter the industry, albeit with some restrictions. In August, the Bank of Thailand (BoT) permitted local banks to set up subsidiaries for dealing with crypto business.

While Thai banks can issue digital tokens, provide crypto brokerage services, run crypto-related businesses, and invest in cryptocurrencies through subsidiaries, BoT reaffirmed that all banks and other financial institutions are still banned from direct dealing with cryptocurrencies.

Thailand has also embraced the blockchain technology that underlies cryptocurrencies. In October, the Thai MInistry of Commerce began to conduct feasibility studies for blockchain deployment in agriculture, trade finance and copyright. An official from Thailand’s Trade Policy and Strategy Office (TPSO), Pimchanok Vonkorpon said that the studies would also refer to processing digital IDs, IP registration management, and security, along with smart contracts.

Yesterday, the Thai Revenue Department announced that it plans to track tax payments using blockchain technology and machine learning. The Revenue Department’s director-general Ekniti Nitithanprapas said that blockchain will be used to verify the validity of taxes paid and to speed up the tax refund process. He said that machine learning would provide more transparency to the process and allow the department to more effectively detect tax fraud.

This post is credit to cointelegraph