SEC has a “minor problem” with it.
PUBLISHED: 27 Mar 2025 at 04: 46
According to Digital Economy and Society ( DES ) Minister Prasert Jantararuangtong, a proposed amendment to an executive decree preventing and stifling cybercrime is expected to be finalized in a week.
The Council of State, the government’s legal assistant, is reviewing the document policy, according to Mr. Prasert.
He claimed there is a minor legal problem with the Securities and Exchange Commission ( SEC ) law and potential overlap with other laws.
The article, which aims to improve measures to combat cybercrime and virtual fraud, may be published in the Royal Gazette once finalized, according to Mr. Prasert without needing cabinet approval.
On January 28, a DES Ministry-sponsored act was proposed to the cabinet to help combat rising cybercrime and quicken compensation for victims of fraud.
Over 400, 000 crime cases were reported between October 2023 and November 2024, according to the DES Ministry, resulting in damage worth more than 42 billion ringgit. According to the government, authorities urgently required a legal instrument to better safeguard the public and the business.
The National Broadcasting and Telecommunications Commission ( NBTC ) or telecom operators may temporarily suspend phone numbers with suspected links to cybercrime as per the proposed amendment.
Peer-to-peer ( P2P ) lending services, which are governed by the law, forbid the trading of digital assets in secret. Service providers are required to halt operations to feared e-wallets.
A financial transaction commission has the power to make sure the returns of resources to victims of fraud are made right away, without having to wait for their circumstances to be settled by a court order. Eventually, the change imposes severe fines and harsher penalties on those engaged in illegal behavior.
These include a one-year prison term and/or a fine of one million baht for using online trading platforms to dirty money, a five-year jail term and/or a fine of one million baht for unlawful online gambling, and a five-year jail term and/or a five million baht for the unlawful trading of private data.
Financial corporations and telecommunication providers are also required to accept responsibility for loss suffered by victims of fraud.