Myanmar Proposes Draconian Penalties for Crypto Scammers

Myanmar's military government has drafted a new bill that proposes severe penalties for individuals convicted of crypto-related fraud. The draft Anti-Online Fraud Bill, unveiled on May 15, includes life imprisonment and death as potential punishments for digital currency-related crimes.

The proposed legislation comes amidst an ongoing crackdown on cryptocurrency activities in the country. Myanmar's military government has maintained a strict prohibition on crypto activities since assuming power in a 2021 coup, with the Central Bank of Myanmar formally banning trading, mining, and use of cryptocurrencies in 2020.