Thailand Approves New Laws to Combat Cybercrime and Regulate Digital Assets

The first decree targets cybercrime head-on, addressing issues like online scams, fraud, and data breaches that have hurt Thai citizens and businesses. Under the new provisions, financial institutions, telecom operators, and digital platforms will share accountability for preventing such crimes. A key feature is the empowerment of the Anti-Money Laundering Office (AMLO) to oversee swift reimbursement for victims, bypassing lengthy court processes if the financial trail is clear.

The law also cracks down on personal data violations, introducing penalties of up to five years in prison or fines reaching 5 million baht for those caught selling sensitive information without consent. To ensure urgency, the decree will take effect immediately upon publication, skipping the standard 30-day delay.

The second decree focuses on regulating digital asset businesses, particularly foreign operators targeting Thai customers. Aimed at closing regulatory loopholes, it mandates that companies offering services in Thai or accepting baht payments must be authorized under Thai law. This move seeks to protect retail investors and curb the use of cryptocurrencies for money laundering, with penalties including up to one year in jail or fines of 100,000 baht for violations.

Minister Prasert says that these revisions maintain core principles while adapting to modern threats. “We’re ensuring victims get justice quickly and holding all players accountable,” he said, noting the laws’ potential to safeguard Thailand’s digital economy ahead of Songkran, a peak season for tourism and online transactions.