Cyber Law & New Tech
Since the world has changed from the Information age to the Cyber age and the AI age, respectively, the current world has become an infinite cyber world. Therefore, many countries must adapt to keep up with the Digital Transformation age including new laws and revise existing laws to reflect such age of change for a country’s security and peace, and to prevent the invasion of people’s privacy from technological advances.
Moreover, nowadays, electronic transactions or online transactions covers both e-Commence and e-Government, which have been increased gradually and played a huge role in daily life. Thailand, therefore, needs to push forward electronic transactions or online transactions as a key mechanism to drive digital economy development policies and to raise people's quality of life.
For this reason, Thailand has enacted a number of laws to promote confidence and to make electronic transactions more secure, safe and reliable. This will help drive the economy and raise people’s quality of life in the digital age.
Important laws on information technology or security of Thailand which are directly related to the private sector are, for example, Personal Data Protection Law. This law helps protect the right of privacy from being violated because it may cause trouble or damage anowner of personal information. Such violation, which could happen easily, conveniently and quickly, causes damage to the overall economy.
Electronic Transaction Law which helps develop, promote and support electronic transactions in Thailand is in accordance with the needs of information technology infrastructure which facilitates electronic transactions and businesses related to electronic transactions as well as helps promote standardization of information and communication technology which are secure and reliable both at the industrial entrepreneurship level, corporate level and public level.
In addition, there is also a law on Computer Crime Act to promote standardization and measures on cybersecurity. This includes surveillance and monitoring security situation of the country's information and communication technology. Nowadays, computer crime offenses are increasingly complicated according to the rapid change of technological development.
Furthermore, as soon digital technology will play a direct role in electronic transactions, in this digital age, there is also Blockchain, a technology which drives the global economic and social development, which has revolutionized the business world and the banking industry.
The reason why is Blockchain has been mentioned a lot in the finance and banking business is that it is the first type of business to use Blockchain, whether for transferring money or making payments in banking, stock trading, derivatives trading, etc.
Blockchain technology which is the foundation of cryptocurrencies and digital token or known as “Digital Assets” is now being used as a means of raising funds through the public offering of digital tokens, as a medium of exchange including trading or exchanging in the trading center of cryptocurrencies and digital tokens in the form of business or economic operations which affect financial stability, national economy and people. As a result, Thailand has enacted a Law on Digital Asset Business Operation, which is part of finance and banking businesses. As it is only a business based on Blockchain technology, it is mentioned in this Cyber Law topic.