New digital assets and cybercrime prevention decrees to take effect before Songkran

The amendments will make financial institutions and telecom companies share responsibility in preventing and addressing online crime, marking a significant shift in the country's approach to digital security.

The Digital Economy and Society Ministry (DES) will propose drafts of the Royal Decree on Digital Assets and the Royal Decree on Cybercrime Prevention and Suppression for cabinet approval next Tuesday (April 8) and expects the new laws to take effect before Songkran Day (April 13).

Deputy PM and DES Minister Prasert Jantararuangthong said the move was approved during the meeting of ministry executives on Friday, adding that the two drafts have passed inspection by the Council of State, which suggested some adjustments be made to ensure the laws are suitable for the missions of the relevant agencies.

The Royal Decree on Digital Assets will focus on regulating P2P (peer-to-peer) transactions related to cryptocurrency trading. It will grant authority to the Securities and Exchange Commission (SEC) to oversee and regulate such transactions, including managing foreign platforms that interact with users in Thailand, such as those using the Thai language or Thai bank accounts.

In the case of violations, including operating without a permit, the ministry will have the authority to immediately block access to those platforms, Prasert said.

Meanwhile, the Royal Decree on Cybercrime Prevention and Suppression will focus on tackling cybercrimes, especially fraud through internet links and various online systems. Under this law, service providers such as banks, telecommunications providers, and social media platforms must implement measures to prevent cybercrime, and will share liabilities in the case of damage to users.

Additionally, the Anti-Money Laundering Office (AMLO) will have the authority to return funds to victims if the financial trail can be clearly proven, without having to wait for a court order, as was required in the past.

“If the cabinet approves the laws, they will take effect immediately, without the usual 30-day waiting period after publication in the Royal Gazette. This is to ensure timely action against digital threats,” Prasert said.

He also mentioned that the meeting discussed the implementation of disaster warning systems under the ministry’s roles, which includes supporting information, data storage, and cloud system connectivity.

(2025/04/05-00:00)