You are using an outdated browser and your browsing experience will not be optimal. Please update to the latest version of Microsoft Edge, Google Chrome or Mozilla Firefox. Install Microsoft Edge

December 13, 2021

Bank of Thailand to Update Foreign Exchange Business Regulations

Subscribe to Updates

On November 23, 2021, Thailand’s cabinet approved in principle the amended Ministerial Regulation No. 13 issued under the Exchange Control Act, B.E. 2485 (1942), as amended (ECA).

The ECA is an integral instrument of the Bank of Thailand (BOT) for regulating businesses relating to foreign means of payment (i.e., foreign exchange business) and controlling inward and outward remittances as well as exchange and conversion between Thai baht and foreign currencies. Under the current ECA, no party may purchase, sell, lend, exchange, or transfer foreign currencies except for authorized juristic persons (bank and non-bank entities) or authorized individuals who are licensed by the Ministry of Finance.

The major amendments to Ministerial Regulation No. 13 of the ECA introduce a number of changes to the current regulations for foreign exchange business operations:

  • Expansion of the scope of foreign exchange business
    The scope of a foreign exchange business is currently limited to purchasing, selling, lending, and exchanging foreign currency in the form of banknotes, coins, and travelers’ cheques (i.e., banknotes-to-banknotes conversion only). The new amendments will expand the scope of foreign exchange business to include more foreign currency payment types. For instance, foreign travelers will be able to use credit or debit cards issued by a foreign commercial bank to exchange for cash (i.e., card-to-banknotes conversion).
  • Additional modes of authorizing foreign exchange businesses
    Licensing is currently the only mode of authorization for a foreign exchange business in Thailand. Under the amended regulations, there will be two options for authorization: licensing or registration. While the exact requirements and definition of “registration” will become clearer after the actual amended regulation and any subordinate legislation become available, this indication of an additional mode of authorization may imply varying requirements and burdens in the application process.
  • Allowance of a foreign exchange business license to cover all branches and channels
    A license is currently granted for a fixed location or channel (i.e., one-to-one), which means each additional branch of business operations requires a separate license. Under the amendments, licenses will no longer be tied to a specific location or channel but will cover all locations of business operations (i.e., one-to-many). However, the new registration mode is one-to-one, meaning that every business branch or service channel will have to apply for separate registration.
  • Relaxation of foreign-source income rules
    Current regulations require those who earn income in foreign currencies from foreign sources to either sell the currency to a commercial bank in Thailand or deposit it into a foreign-currency account. The amended regulations allow such foreign currencies to also be used for other transactions, such as payment of trade debts. In addition, it will be possible to use foreign-source income in foreign currencies for transactions (other than selling or depositing) with any authorized juristic person or authorized money exchange operator that has successfully applied for a foreign exchange business license or registration in Thailand.
  • Removal of possibility for individuals to apply for a foreign exchange business license
    Currently, both individuals and juristic persons (e.g., companies) can apply for a license to engage in a foreign exchange business—and as of October 19, 2021, BOT statistics indicated that 114 of the 2,326 authorized foreign money exchange operations in Thailand were individuals. Under the new regulations, however, individuals may no longer apply for a license. Only juristic persons will be able to apply for a license to engage in the foreign exchange business. Individuals who are currently holding a license will be allowed to continue their business operation for up to three years from the effective date of the amended ECA; beyond that they will no longer be allowed foreign exchange business operations in Thailand.
  • New possible disqualification for directors, management, and majority shareholders
    Under the current rules, individuals are disqualified from serving as directors, managers, and major shareholders of a license holder by bankruptcy, imprisonment for a foreign exchange violation, or a sentence for a money-laundering or counter-terrorist financing crime. The amended regulations add another offense to the list of possible disqualifications: conducting a foreign exchange business without a valid license or registration.

The expected modernizing effects of this draft amendment on the regulatory regime for foreign exchange businesses come in response to the fast development of the fintech industry and emerging innovative means of payment. The draft also adopts more stringent requirements and international standards in order to achieve good governance.

Following the cabinet approval, the draft amendment to Ministerial Regulation No. 13 under the ECA will undergo consideration by the Council of State, after which it will take effect. This process will likely be completed in the coming months.

For guidance on any aspect of exchange control or foreign investment regulations in Thailand, please contact Kobkit Thienpreecha at [email protected] or +66 2056 5534, Nutavit Sirikan at [email protected] or +66 2056 5510, or Thammapas Chanpanich at [email protected] or +66 2056 5561.

Related Professionals

Practices

Banking and Finance

Capital Markets

Corporate/M&A

Location

RELATED INSIGHTS​ 

April 3, 2026
Thailand’s Securities and Exchange Commission (SEC) has established a comprehensive governance framework for the use of artificial intelligence and machine learning (AI/ML) in the capital markets. The framework provides guidance to capital market business operators on understanding the risks associated with AI/ML implementation and adopting appropriate practices to build public confidence in Thailand’s capital markets. While the guidelines are principle-based rather than prescriptive, they reflect the SEC’s expectations for responsible AI/ML governance and are likely to inform supervisory activities and industry standards going forward. Scope The framework applies to capital market business operators supervised by the SEC. This includes, for example, securities and derivatives firms, asset management companies, mutual fund and private fund managers, investment advisors and investment consultants (including robo-advisory service providers), derivatives intermediaries, and other licensed intermediaries and market operators in the Thai capital markets that deploy AI/ML in their operations. Core Principles of the Guidelines The framework is presented as a best-practice manual rather than prescriptive regulation, providing guidance that regulated entities may apply to their AI/ML governance and risk management as appropriate. While currently nonbinding, the guidelines signal the SEC’s expectations for the sector, particularly in relation to other binding SEC regulations such as those covering IT risk management and market conduct. The guidelines name four core principles for AI/ML deployment: Fairness: Design and develop AI/ML with consideration for fairness, equality, and social diversity to prevent discrimination against individuals or groups. Legal and ethical compliance: Ensure AI/ML use aligns with applicable laws, ethical standards, and organizational values and policies. Accountability: Establish clear responsibility—both internally and externally—for AI/ML activities and outcomes. Transparency: Provide adequate disclosure to users about AI/ML use, including explainability of decisions and traceability of activities. AI/ML Best Practices The guidelines prescribe best practices across four stages of the AI/ML lifecycle, as described below.
Read More
March 31, 2026
Against the backdrop of Vietnam’s rapid economic and technological transformation and its ambition to build a knowledge-driven economy, the National Assembly of Vietnam adopted Law on Higher Education No. 125/2025/QH15 on December 10, 2025, The new law took effect on January 1, 2026, replacing Law on Higher Education No. 08/2012/QH13 of 2012 and its subsequent amendments after more than a decade of implementation. The new law reflects a significant policy shift toward enhancing the institutional autonomy of higher education institutions (“HEIs”)—universities and other university-level institutions. By granting broader autonomy, Vietnam aims to enable HEIs to operate more proactively, better respond to market needs, and improve the quality and efficiency of education and research activities. Comprehensive Institutional Autonomy in HEIs The new law marks a significant shift by granting HEIs comprehensive autonomy as a statutory right, within the bounds of the licensed scope of educational operation and the legal framework, rather than a conditional right as provided under the former law. Under the new law, HEIs are empowered to exercise autonomy over their academic expertise, training, scientific research, international cooperation, organizational structure, personnel, finance, and other higher education activities. The expansion of institutional autonomy is also accompanied by a correspondingly strengthened framework of institutional accountability. However, Vietnam maintains a certain degree of control and imposes restrictions on institutional autonomy in sensitive and strategically important areas. These controls and restrictions include limitations on training autonomy in the majors of teacher training, national defense, and security; and restrictions on financial and personnel management autonomy for HEIs under the administration of the Ministry of National Defense and the Ministry of Public Security. New Model for Curriculum Development The new law removes the concept of “opening a training major” and focuses regulation on how training programs are developed and delivered. Under the previous regime,
Read More
March 31, 2026
Thailand’s Department of Business Development (DBD) has issued a regulation imposing additional requirements for amending a company’s directors and signatory power to designate a foreign national as an authorized signatory of the company. This measure, effective April 1, 2026, has been introduced in response to the widespread use of Thai nationals as nominees to conduct business on behalf of foreigners, a practice considered to have an adverse impact on the country’s economic stability and security. The new measures are particularly concerned with changes to the authorized signatory structure of companies that originally had only Thai directors authorized to sign for and bind the company. Under the new rules, any amendment that results in a foreign national becoming an authorized signatory—whether solely or jointly—for such a company will be subject to additional verification. Directors signing an application to register such an amendment to the company’s authorized signatory structure are now also required to provide a statement confirming that all shareholders of the company have made genuine contributions and no Thai national has assisted with, supported, or participated in business activities in a nominee capacity. Implications Companies intending to appoint foreign directors as authorized signatories should be aware of the increased regulatory requirements and assessments. Additional documentation and confirmations may be required as part of the registration process.
Read More
March 31, 2026
On December 10, 2025, the National Assembly of Vietnam adopted Law on Vocational Education No. 124/2025/QH15, which took effect on January 1, 2026, replacing Law on Vocational Education No. 74/2014/QH13 of 2014. The new law broadens the categories of institutions eligible to deliver vocational training, introduces vocational upper secondary schools, and shifts governance structures for private institutions from ownership-representative boards of management to stakeholder-based school councils. These reforms aim to diversify training providers, align programs with labor market needs, and create a more flexible, open vocational education ecosystem, offering expanded opportunities for foreign and domestic investors, universities, and enterprises. Some highlights of the new Law on Vocational Education are presented below. Expansion of Vocational Training Levels and Programs In addition to elementary, intermediate, and college—the three levels of vocational training program set out under the 2014 Law on Vocational Education—the new law expands the structure by introducing two new levels: Vocational high school training programs are placed between elementary and intermediate levels, and are aimed at combining upper secondary education with vocational training, expanding options for learners after graduating from the lower secondary level. Other vocational training programs are not specified in detail under the new law, but aim to equip learners with the capability to perform and handle one or several simple tasks of an occupation. Expansion of Vocational Education Providers The new law reclassifies and extends vocational education providers by classifying them into two distinct categories: Vocational education institutions, which include colleges, intermediate schools, and vocational high schools. Establishments participating in vocational education activities, which include vocational education centers, vocational-continuing education centers, continuing education centers, other centers with vocational education functions, enterprises, cooperatives, and higher education institutions. Vocational education providers may provide one vocational training level only, or several/all levels, depending on the type of provider. The
Read More