On April 3, 2022, the Central Bank of Myanmar (CBM) issued far-reaching requirements for nearly all individuals, companies, and other organizations in Myanmar to convert foreign-currency income received from abroad to kyat (MMK) within one working day of its receipt. These requirements are effective immediately for all transfers, and apply retroactively to foreign currency balances already in the country. CBM Notification No. 12/2022 and Directive No. 4/2022, issued in accordance with the Foreign Exchange Management Law, instruct Myanmar banks that hold an authorized dealer (AD) license on converting foreign currency. Together, the notification and the directive stipulate that all foreign-denominated income received by “internal residents” from abroad into a foreign currency account opened at an AD-licensed bank must be exchanged into MMK within one working day, unless subject to regulatory exclusions. “Internal residents” include locally registered companies, organizations, and offices; Myanmar branches of foreign companies; and individuals residing or established in Myanmar for at least 183 days (excluding foreign diplomatic staff and foreign civil servants). As noted above, the notification and the directive have retroactive effect on foreign-currency accounts holding funds that had already entered Myanmar. This means that for the purposes of these regulations, these foreign-currency amounts are treated as if they were transferred into Myanmar after the date of issuance (i.e., April 3, 2022), and are to be converted to MMK in accordance with the new rules. The conversions are to be made at the official exchange rates set by the CBM, which for US dollars is currently USD 1 to MMK 1,850. Additionally, foreign-currency transfers out of Myanmar must be performed through AD-licensed banks with the permission of the CBM’s Foreign Exchange Supervisory Committee. Noncompliance with the notification or directive is punishable under the Foreign Exchange Management Law with imprisonment for up to one year, a

The Securities and Exchange Commission of Thailand (SEC) will refresh its definitions of institutional, high-net-worth (HNW), and ultra-high-net-worth (UHNW) investors according to its recently issued Notification No. Kor Jor 39/2564, effective on October 1, 2022. The key changes to these classifications are described below. Institutional Investors The SEC’s list of types of institutional investors will be expanded by the addition of the following four types: Venture capital. This refers to juristic persons established under Thai or foreign law for the purpose of investing in a startup, whereby the investors must not be retail investors. Private equity. This describes businesses established under Thai or foreign law for the purpose of investment by three or more nonretail investors who have appointed a person to manage the investment funds and accrued assets. The business must also have a policy to invest in other enterprises through arrangements that involve either stock investment agreements or other financial support giving rise to the right to acquire stock in the enterprise in the future. Under such arrangements, the private equity investor must demonstrate involvement in the enterprise’s business management (e.g., through planning, developmental, or other operational control). Sophisticated/professional investors. This type of investor includes (1) fund managers or derivatives fund managers in accordance with the Capital Market Supervisory Board’s rules on capital market business personnel; (2) investment analysts authorized by the SEC; and (3) angel investors, defined as experienced and knowledgeable SEC-approved financial advisors or crowdfunding portal providers, or other individual or juristic investors, with net assets of at least THB 50 million, annual revenue of at least THB 4 million, or gross direct investment in securities and derivatives of at least THB 10 million (or THB 20 million if cash deposits are aggregated). Investments by angel investors are limited to securities offered by SMEs or

On February 14, 2022, Thailand’s Securities and Exchange Commission (SEC) announced a public hearing period on proposed advertising regulations for digital asset businesses. The public hearing period is now open for general comments until March 15, 2022. In the announcement, the SEC expressed their intention to provide clear digital asset advertising principles that conform to regulations in other countries, such as Singapore, the UK, and Japan. The SEC, in a meeting on February 3, agreed that the principles to be developed should apply to all digital asset businesses operating in Thailand. During the public hearing period, any interested parties may comment on the SEC’s proposed principles, which include the following key points: Advertisements that educate, inform, or give facts about digital assets, investments or services, or that provide an overall picture of digital assets, must not exaggerate, distort, or conceal information, or otherwise mislead consumers. In addition, advertisements that refer to customer numbers must only indicate the number of customers who have received approval to open an account and who are ready to use the service. Advertisements must be clear and appropriate, provide a warning on investment risks, and include clear and noticeable SEC-mandated statements in the font size stipulated by the SEC. Advertisements that present positive information or suggest an opportunity to receive returns must provide a balanced view that also discloses negative information or states investment risks. Advertisements relating to cryptocurrencies can only be made via a business operator’s official channels (e.g., the operator’s website, app, or other official online channel), and cryptocurrency cannot be advertised in public areas (e.g., billboards, public transportation, websites, newspapers and periodicals, etc.). However, advertisements for the services of a digital assets business can still be made in public areas and other channels. For example, this can be understood as meaning that

Since 2017, Thailand’s Anti-Money Laundering Office (AMLO) has been developing an amendment to the Anti-Money Laundering Act B.E. 2452 (1999) (AML Act) to improve Thailand’s anti-money laundering framework.