Two cabinet-approved draft laws to combat cybercrime and regulate digital asset businesses are expected to take effect before Songkran, according to Prasert Jantararuangtong, the minister of Digital Economy and Society.
They will take immediate effect after their publication in the Royal Gazette, Mr Prasert said on Wednesday.
The cabinet on Tuesday approved the two draft laws proposed by the DES ninistry to address rising concerns about technology-related crimes and the management of digital assets.
The first draft is an executive decree on measures to prevent and suppress technology-related crimes, focusing on enhancing the enforcement of penalties for online criminal activity.
Key updates in the draft include a shift in the enforcement timeline, now set to take effect the day after its publication in the Royal Gazette, as opposed to the previous 30-day delay.
The scope of definitions has been expanded to include digital asset businesses and e-wallets, with new provisions to enhance the transparency and exchange of information about digital wallet addresses.
The decree also empowers the Securities and Exchange Commission (SEC) to monitor and supervise the operations of digital asset businesses more effectively, Mr Prasert said.
The second draft is an executive decree on digital asset business operations, which will set clear rules for foreign digital asset businesses providing services in Thailand.
It mandates that these companies must be authorised under Thai law if they engage in activities targeting Thai people. The draft also outlines the characteristics of such services, such as offering content in Thai or allowing payments in Thai baht.