Myanmar Passes Bill Targeting Crypto Fraud with Harsh Penalties
Myanmar's parliament has passed the Anti-Online Scam Bill, which aims to combat digital-currency fraud and online scams. The bill was approved on July 28 after reconciling amendments from its lower and upper chambers.
The law criminalizes digital-currency fraud, online scam centers, forced scam labor, and financial infrastructure supporting fraud networks. It also creates new enforcement bodies and cross-border coordination powers to pursue scam operations.
Under the bill, operating a scam center or committing digital currency fraud can result in prison terms of 10 years to life. The death penalty is reserved for cases where violence or torture is used to force someone into scam work, resulting in death.
The law sets up a central committee, regional bodies, and an Anti-Scam Centre, as well as authorizes coordination with foreign governments and information sharing between banks, telecom providers, and state agencies.