Thailand’s National Broadcasting and Telecommunications Commission (NBTC) has publicly indicated that it is preparing a new regulatory framework for data center operators that may introduce foreign-ownership restrictions. In particular, the NBTC is considering reclassifying data center operations from a type 1 telecommunications business license to a type 3 license. If implemented, this change would subject data center operators to a significantly more stringent regulatory regime, especially in relation to foreign ownership and control. The NBTC has indicated that it intends to propose a draft framework to the NBTC board. This would be followed by a public hearing process, with a view to implementing the new rules within 2026. Under the Telecommunications Business Act B.E. 2544 (2001), as amended, telecommunications businesses operating under type 3 licenses are subject to foreign ownership restrictions, including a requirement that less than 50% of the total issued shares be held by foreign shareholders. In addition, type 3 licensees are subject to foreign dominance restrictions, which prohibit arrangements that allow foreigners to dominate the business. These foreign dominance restrictions are broad in scope and may capture various forms of direct and indirect control or influence. This includes circumstances in which a foreign national is able to influence or control the formulation of policy, management, or business operations, or the appointment of directors or senior executives. At this stage, the exact scope of the proposed rules remains unclear. Businesses with existing or planned data center operations in Thailand should therefore monitor upcoming NBTC developments in this regard and prepare for the expected public hearing process.

In March 2026, the Myanmar Investment Commission (MIC) introduced two regulatory updates affecting investors planning new investments or implementing MIC-approved projects. Minimum Investment Conditions for Tax Incentives MIC Notification No. 1/202 clarifies the minimum conditions for investments in promoted sectors to qualify for tax exemptions or relief under the Myanmar Investment Law. The notification establishes the following requirements: Investors must contribute at least 35% of the total investment amount in cash, as reflected in the relevant proposal or endorsement application. Where an investment involves a foreign loan, the investor must obtain approval from the Central Bank of Myanmar, together with a loan repayment schedule, and provide evidence that both the foreign loan proceeds and the capital contribution have been remitted in cash through an authorized dealer bank. Chinese Yuan Accepted for Investment Capital The MIC also issued Investment News Bulletin No. 1/2026, confirming that Chinese yuan (CNY) is now accepted as foreign investment capital for applications for MIC permits and endorsements, in addition to US dollars (USD). Investment funds contributed in CNY may be remitted through banks authorized to deal in foreign currency in CNY, following the same process currently applied to investments made in USD. These developments may affect how foreign investment capital is structured and remitted, as well as the availability of tax incentives for investments under the MIC framework.

Thailand’s Board of Investment (BOI) now requires data center projects to demonstrate measurable benefits for local workforce development, R&D, SME capability, and domestic supply chains to qualify for corporate income tax (CIT) exemptions. BOI Notification No. Por. 3/2569, issued on February 6, 2026, updates the requirements for projects seeking promotion under BOI category 8.2.1 (data centers). All data center projects must now submit and implement plans covering development of Thai human resources and domestic supply chain support before benefiting from any CIT exemption. Human Resources Development Plan The BOI seeks to promote local talent development beyond basic training. Plans must include the following elements: Training for data center design, construction, and operations targeting vocational students, engineering and ICT undergraduates and postgraduates, and energy and building personnel in Thailand. Joint curricula with Thai universities and technical institutes. Collaborative R&D with Thai nationals or institutions in areas including AI, resource allocation, high-performance computing, and data center hardware and systems. Thai SME upskilling in electrical and energy systems and IT services. Domestic Supply Chain Support Plan Plans must demonstrate knowledge transfer in design, construction, cooling, security, and power and water management. Projects must also include usage or installation of domestically manufactured equipment or engage specialist domestic entities. Criteria for BOI Evaluation The BOI will assess data center operators’ eligibility for CIT incentives based on two criteria: Scale requirement: Training and joint-curriculum initiatives must reach a total participants equal to at least 10 times the project headcount and run for the duration of the CIT incentive. If this threshold is not met, the applicant must also implement continuous R&D or SME skills-development plans throughout the incentive period. Substantiality test: Supply-chain plans must be substantive, meet industry standards, and show measurable development of the domestic digital and data center supply base. To ensure compliance,

Thailand’s Securities and Exchange Commission (SEC) has broadened the definition of institutional investors, expanded the types of qualifying investments, and updated financial qualification thresholds for various investor categories through a revised notification on the definitions of institutional investors, ultra-high net worth investors, and high net worth investors. The amended framework, which came into force on March 1, 2026, adds digital asset business operators, investment planners, and investment consultants to the roster of entities recognized as institutional investors, and broadens the definition of investment to account for digital tokens. Expanded Definition of Institutional Investors Under the SEC’s revised notification, the category of institutional investors now expressly includes digital asset business operators licensed under the Royal Decree on Digital Asset Businesses B.E. 2561 (2018). This addition recognizes the growing role of digital asset platforms and service providers in Thailand’s investment ecosystem and aligns the regulatory treatment of digital markets with that of traditional markets. The definition of institutional investors now also encompasses investment planners and investment consultants approved by the SEC. Previously, only SEC-approved investment analysts held this status; the expansion covers a broader scope of professionals who possess comparable expertise and experience in evaluating investment opportunities. Broadened Investment Definition The revised framework now defines investment to mean direct or indirect investment in a wider range of assets beyond deposits. Specifically, the definition covers: Securities under the Securities and Exchange Act Derivatives under the Derivatives Act Investment tokens offered to the public Government-issued digital tokens (G-tokens) as specified in a separate SEC notification This expansion ensures that financial status assessments reflect the full spectrum of an investor’s holdings, including emerging digital assets. Updated Financial Qualification Thresholds The amended SEC notification also provides updated qualification thresholds for angel investors, ultra-high net worth investors, and high net worth investors. While the core criteria