The government is set to implement two revised emergency decrees aimed at the prevention and suppression of cybercrime, as well as regulations governing digital asset and cryptocurrency transactions, prior to the Songkran festival.
Digital Economy and Society Minister Prasert Jantararuangtong announced that the draft amendments to the two decrees are scheduled to be presented to the cabinet on April 8, after which they will be reviewed by the Council of State.
Mr. Prasert indicated that the decrees are likely to take effect before Songkran.
A key aspect of the amended 2023 emergency decree focused on cybercrime prevention is the increased accountability required from financial institutions and telecom operators in relation to victims of scams.
Additionally, the amended 2018 emergency decree regulating digital asset and cryptocurrency transactions is intended to complement the efforts to combat cybercrime, which falls under the jurisdiction of the Securities and Exchange Commission and the Finance Ministry.
“The government should collaborate with banks and telecom operators, as there are still issues needing clarification,” Mr. Prasert stated.
The revised cybercrime suppression law includes provisions for reimbursing victims. If damages are substantiated, victims may receive immediate refunds without the necessity of court proceedings.
The Anti-Money Laundering Office will provide guidelines for these refunds, and any disputes regarding the refund process will be referred to the court for resolution, according to Mr. Prasert.
The amended decrees will take effect immediately upon publication in the Royal Gazette.
Krungsri Securities previously noted that the updated cybercrime prevention and suppression law is expected to have a minimal impact on Thai banks and telecom companies.
Key amendments involve increased penalties for offenders and heightened responsibilities for financial institutions and telecom providers if they fail to safeguard their systems adequately.
The brokerage firm mentioned that discussions with several banks and telecom companies revealed they already have strong systems and protocols in place to detect or block potential online fraud or scams.
