A proposed amendment to an executive decree on cybercrime prevention and suppression is expected to be finalised within a week, says Digital Economy and Society (DES) Minister Prasert Jantararuangtong.
Mr Prasert said the draft legislation is under review by the Council of State, the government's legal adviser.
He said there is a minor legal issue concerning the law governing the Securities and Exchange Commission (SEC) and a possible overlap with other laws.
Mr Prasert said that once finalised, the amendment, which aims to enhance measures to curb cybercrime and online fraud, can be published in the Royal Gazette without needing cabinet approval.
The DES Ministry-sponsored amendment was proposed to cabinet on Jan 28 to better combat rising cybercrime and expedite compensation for fraud victims.
The DES Ministry says over 400,000 cybercrime cases were reported between October 2023 and November 2024, resulting in damages exceeding 42 billion baht. The ministry said authorities urgently needed a legal tool to better protect the public and the economy.
Under the amendment, the National Broadcasting and Telecommunications Commission (NBTC) or telecom operators can temporarily suspend phone numbers with suspected links to cybercrime.
Under the law, peer-to-peer (P2P) lending platforms prohibit the illegal trading of digital assets. Service operators are required to suspend services to suspected e-wallets.
A financial transaction committee is authorised to expedite the return of assets to fraud victims without waiting for their cases to be finalised by a court order. Finally, the change imposes harsher penalties and heavy fines on those involved in illegal activities.
These include a one-year jail term and/or a fine of 100,000 baht for using digital trading platforms to launder money, a five-year jail term and/or a fine of 100,000 baht for illegal online gambling, and a five-year jail term and/or a fine of five million baht for illegal trading of personal data.
Financial institutions and telecom operators are also needed to take responsibility for losses suffered by fraud victims.
