Global Travel Rule Summit Thailand: Regulators, Law Enforcement Agencies and Digital Asset Experts Convene
Global Travel Rule Summit Thailand: Regulators, Law Enforcement Agencies and Digital Asset Experts Convene
VerifyVASP partnered with the Thailand Digital Asset Operators Trade Association (TDO) to host the Global Travel Rule Summit — Thailand on February 26, 2025, at the Chatrium Grand Hotel Bangkok. The 5-hour summit dedicated to the Financial Action Task Force (FATF)’s Travel Rule marked the first of its kind, inviting compliance thought leaders to share their views on best practices for developing and enforcing regulations to align with global AML/CFT standards.
Attendees included representatives from the Bank of Thailand, the Securities and Exchange Commission of Thailand and the Anti-Money Laundering Office. The Royal Thai Police (including the Technology Crime Suppression Division, Criminal Investigations Bureau, and Cyber-Crime Investigations Bureau) also attended. They were joined by representatives from the Ministry of Digital Economy and Society, and the Office of the Council of State, showcasing a remarkable display of public sector collaboration.
The Deputy Secretary General of the Securities and Exchange Commission Thailand (SEC) Ms. Jomkwan Kongsakul delivered the opening speech. She emphasized that the SEC is ready to actively collaborate with relevant institutions to establish and advance Travel Rule adoption for the digital asset industry. The SEC confirmed this stance in a press release.
Ms Kongaskul was followed by Police Major General Ekthanat Limsangkat, Deputy Secretary General of the Anti-Money Laundering Board who also presented his views on the urgency of developing powerful AML policies in Thailand.
The Japan Financial Services Agency (JFSA) participated by proxy in their role as co-chair of the FATF Virtual Asset Contact Group. The JFSA highlighted the measures taken by Japan to align with the Travel Rule and improve its effectiveness, and extended an offer of collaboration.
The summit began with a detailed explanation of the Travel Rule: a former EU policy-maker fellow of the Wharton School of Business presented what it is, followed by VerifyVASP and Upbit APAC CEOs delving into how it works. VerifyVASP explained what is needed to meet all of the nuances of FATF’s requirements. Upbit APAC discussed the importance of counterparty verification for VASPs and shared insight into the journey to become a Travel Rule compliant VASP.
Specialist experts then discussed the benefits of Travel Rule implementation for the ecosystem. Topics included name screening by LSEG Risk Intelligence; blockchain analytics with a focus on suspicious behaviour monitoring by TRM Labs; and market surveillance, abuse detection and prevention by Solidus Labs. Finally, Token Recovery explained how the Travel Rule enhances methods for recovering stolen funds through legal processes and technology.
The summit featured a panel discussion with open Q&A on how to accelerate Travel Rule adoption and closed with Preecha Praipattarakul representing the TDO, expressing his gratitude and reiterating the importance of public and private sector collaboration.
“We are immensely grateful to the regulating organizations that have recognized the importance of collaboration to raise our industry standards,” said Preecha Praipattarakul on behalf of TDO. “In doing so, Thailand can strengthen its position in the global digital asset marketplace while ensuring secure and equitable cross-border transactions.”
“We are thrilled that the public and private sectors, including speakers and participants from around the world, came together to discuss how the Travel Rule can be implemented effectively in Thailand,” said Shih Yun Chia, CEO of VerifyVASP. “This is a clear demonstration of the Thai public sector’s commitment to collaborate with the industry in their quest to craft a robust, future-proof compliance framework.”
About the Thailand Digital Asset Operators Trade Association
The Thai Digital Asset Operators Trade Association is an organization whose members work together to drive innovation, enhance transparency and consumer protection, while maintaining a balance among industry stakeholders for sustainable growth in all sectors. The association focuses on using technology related to digital assets to increase opportunities and competitiveness for sustainable economic and social development under relevant laws and regulations. Their work includes cooperation with regulatory agencies related to digital asset businesses and promoting and supporting information to members and the general public.
About VerifyVASP
VerifyVASP is a decentralized messaging protocol for Travel Rule compliance supported by regulated VASPs. VerifyVASP provides comprehensive Travel Rule solutions that include counterparty due diligence, messaging protocol, on-chain risk analysis and consultation on Travel Rule/personal data protection requirements.