The Royal Decree on Measures for the Prevention and Suppression of Technology Crimes (No. 2) B.E. 2568 (“Royal Decree”) came into effect on 13 April 2025. The key amendment arises from the trend of converting illicitly obtained funds into digital assets that have caused widespread financial losses.
The key provisions of the Royal Decree include the following:
1. Expanded definitions related to business operators
The scope of the business operators has been broadened to cover the digital asset businesses, telecom networks providers, and social media platform service providers.
2. Measures to prevent use of foreign platforms for money laundering
If violation occurs, the Ministry of Digital Economy and Society (DE Ministry) is empowered to block access to websites and impose preventive measures to handle digital asset mule accounts.
3. Mandatory Information disclosure and data exchange mechanisms
In case the suspicious activities related to technological crime, the financial institutions, telecom networks providers, digital asset businesses are required to disclose or exchange information through the system.
4. Security standards and safeguardsGovernment agencies are to establish security measures and standards for regulated private sector entities to prevent technology crimes such as SMS fraud and other digital threats.
5. Enhanced cooperation and shared responsibility
Financial institutions and the business operators will bear shared liability for damage caused by scam, if they fail to comply with the crime prevention measures and standards set by the regulatory authorities.
6. Increased penalties
– Imprisonment and fines are imposed on financial institutions or business operators who fail to comply with official instructions such as denying account openings, suspending services, executing transactions, or closing digital asset accounts.
– Penalties for misuse of mobile phone numbers.
– Penalties for unauthorized collecting, disclosing, or trading personal data for the criminal purpose.