Thailand to amend cybercrime laws to protect crypto traders
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Thailand is considering changing its cybercrime laws to protect crypto traders, according to a report by local news outlet Bangkok Post. According to the report, the government is expected to amend two emergency decrees related to the prevention and suppression of cybercrime. The report specifically noted that the timeline to amend the emergency decrees has been moved up, with the law set to be looked into before the Songkran festival. According to the Digital Economy and Society Minister Prasert Jantararuangtong, the draft amendments of the two decrees are expected to be presented before the cabinet on April 8 before being sent to the Council of State for scrutiny. He added that the decrees are expected to be in effect before the Songkran festival. Thailand wants shared responsibilities during scams According to Prasert, the highlight of the amended 2023 emergency decree on measures to prevent and suppress cybercrime is the shared responsibilities during scams. He noted that during periods of cybercrime that result in losses for victims, financial institutions and telecom operators will share greater accountability. This means that in such a case, most of the blame will be accorded to banks and telecom operators. He added that the amended 2018 emergency decree overseeing digital assets and cryptocurrency transactions complements the cybercrime suppression scheme. In addition, cybercrime suppression will be overseen 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,” Prasert said. The amended cybercrime law also contains a clause that addresses issuing refunds to victims of scams. The clause mentions that if the damages can be proven, then the funds will be refunded to the victims without the need to go to court. Prasert added that the…
Filed under: News - @ April 5, 2025 12:14 pm