Although criminal activity related to cryptocurrency remains low, a new report urges caution. The report expects crypto crime in Thailand to escalate in the coming months. There is a serious lack of professionals with requisite knowledge on the blockchain technology, Bangkok Post reports. The dearth of the professionals implies a poor readiness to fight cybercrime.
The report came to light on Thursday during a seminar that brought together authorities in Justice and Crime sectors. Thailand Institute of Justice (TIJ) and the United Nations Office on Drugs and Crime (UNODC) made the seminar possible. Although these organizations cite other crimes as pervasive, cryptocurrency crime will likely follow suit. At the moment, they report rampant “money laundering, ID cards and travel document forgery, credit card information theft, call center scams, and drug smuggling.”
The reports expects crypto crime in Thailand to escalate
The UNODC and TIJ suspect the rise due to the fact that cryptocurrencies facilitate “value transfer” for major crime activities. The bodies note that crypto is enabling transactions including child pornography, ransoms, firearms deals and malware. The report also cites cryptocurrencies as enabling the funding of terrorists.
Although the report expects crypto crime in Thailand to escalate, it offers mitigating measures. Dubbed ‘Advancing the Economy and Combating Crime in the Digital Age: Cryptocurrency and Crime’ the report intends to strategize the governments war against cybercrime. The insights in the report will help the government conduct a needs assessment and determining the way forward.
Innovations and training
Speaking at the event, Thailand’s deputy Prime Minister and Justice Minister Prajin Juntong revealed the formation of a cybercrime committee. The committee will spearhead the government’s readiness against cyber terror. Although he notes that there is a clear skill gap, the government will make do with its current skill set. Going forward, the government will prioritize innovations and training in the sector. As per TIJ’s executive director, Kittipong Kittayarak, it is incumbent on the government to develop cybercrime fighting innovations. He further details that innovation is the only way to keep transnational cryptocurrency crimes out of their borders.