The government is expected to enforce two amended emergency decrees related to the prevention and suppression of cybercrime and digital asset and crypto transactions before the Songkran festival.
Digital Economy and Society Minister Prasert Jantararuangtong said the draft amendments of the two decrees are expected to be tabled before the cabinet on April 8, then head to the Council of State for scrutiny.
The decrees are expected to take effect before Songkran, he said.
Mr Prasert said the highlight of the amended 2023 emergency decree on measures to prevent and suppress cybercrime is the requirement that financial institutions and telecom operators share greater accountability for victims of scam losses.
The amended 2018 emergency decree overseeing digital asset and cryptocurrency transactions complements the cybercrime suppression scheme, he said. Cybercrime suppression is supervised by the Securities and Exchange Commission and the Finance Ministry.
"The government should meet with banks and telecom operators because there are still issues that need to be understood by these firms," said Mr Prasert.
The amended cybercrime suppression law contains a clause regarding refunds to victims. If the damages can be proven, the money can be refunded to victims immediately without going to court, he said.
The Anti-Money Laundering Office would issue guidelines for these refunds, and any objections to the refund process would be sent to court for a ruling, said Mr Prasert.
The amended decrees come into effect immediately after publication in the Royal Gazette.
Krungsri Securities said earlier it expected the amended cybercrime prevention and suppression law to have a limited impact on Thai banks and telecom firms.
The major amendments include greater penalties for offenders and more liability for financial institutions and telecom service providers if they neglect or fail to properly maintain their systems.
The brokerage house said its conversations with several banks and telecom firms suggest they already have robust systems and measures to flag or block possible online fraud or scams.
