Bangkok: The Royal Decree has been revised to split the draft Cyber Security Act into two separate drafts in an effort to prevent the outflow of digital money from the system. Mr. Prasert Jantararuangthong, Deputy Prime Minister and Minister of Digital Economy and Society, announced that the drafts would be presented to the Cabinet today, with the expectation of immediate enactment following publication in the Royal Gazette.
According to Thai News Agency, the Royal Decree on the Prevention of Technology Crime is scheduled for submission to the Cabinet after a thorough review by the Office of the Council of State. The revision resulted in two distinct drafts: the Royal Decree on the Prevention and Suppression of Cyber Crime and Technology, and the Royal Decree on Digital Asset Business. These drafts aim to strengthen measures against technology crimes, particularly targeting digital asset businesses operating in Thailand without prior regulation.
Mr. Prasert emphasized the significance of the regulatory changes, which include specifying qualifications for digital asset business operators and establishing regulatory standards to control digital assets. These measures are designed to prevent uncontrolled financial flows through digital assets, effectively closing a critical loophole exploited by criminals.
The second draft focuses on the responsibilities of banks and platforms concerning technology crimes. Mr. Prasert reiterated the importance of these measures, noting that once approved by the Cabinet, the drafts will bypass further review by the Council of State and proceed directly for royal endorsement before being published in the Royal Gazette.
Mr. Prasert further informed that both normal and digital money will be regulated under the new provisions. The exact number of digital asset companies is pending verification with the Securities and Exchange Commission (SEC). The swift progression of these drafts aims to fortify Thailand's defenses against technology-related crimes.