Myanmar | Crypto

Myanmar lawmakers approved an anti-online scam bill whose draft proposed prison terms of 10 years to life for crypto scams and operating scam centers. Myanmar’s Parliament passed an anti-online scam bill that would impose prison terms of 10 years to life for crypto scams and operating online scam centers. The Pyidaungsu Hluttaw, Myanmar’s combined Parliament, approved the bill in its entirety on Tuesday after resolving differences between versions previously passed by its two chambers, according to the state-run Global New Light of Myanmar (GNLM). The report did not say whether the bill had received presidential assent or when it would take effect.  The legislation is Myanmar’s latest attempt to curb a growing cyberscam industry that has turned parts of the country into hubs for online fraud. Read more

The text of Myanmar’s Anti-Online Fraud Bill said that anyone who was convicted of committing “digital currency fraud” could face from ten years to life in prison, and possibly the death penalty. The military government of Myanmar released the text of a bill aimed at combating online fraudsters, with several penalties related to cryptocurrencies and scam centers. According to the text of the Anti-Online Fraud Bill, made public on Thursday, Myanmar’s parliament, the Pyidaungsu Hluttaw, proposed the law in response to online fraud in the country, which it said challenged its “sovereignty and stability.” The law stated that anyone who was convicted of committing “digital currency fraud” or online fraud could face from ten years to life in prison, and possibly the death penalty. Read more