Thailand is looking to amend two emergency decrees related to cybercrime to provide better protection for crypto traders, expected to be presented to the cabinet by early April, ahead of the Songkran festival.
Proposed Legislative Changes
According to Minister of Digital Economy and Society Prasert Jantararuangtong, the draft amendments will be presented for cabinet discussion on April 8, aiming for enactment before Songkran.
Shared Responsibilities in Fraud Cases
Prasert highlighted a significant feature of the amendments regarding accountability among financial institutions and telecom operators during fraud incidents. This implies that banks and telecom firms will bear more responsibility for losses suffered by victims.
Expected Impact of New Laws
Reports from Krungsri Securities suggest that the amended laws will have limited impact on banks and telecom operators, provided their systems function properly. However, the new law imposes significant penalties on perpetrators.
The amendments to Thailand's cybercrime laws may significantly impact the accountability of financial institutions in cases of fraud, potentially enhancing the protection of crypto traders.
