Thailand’s Securities and Exchange Commission (SEC) has amended its digital asset regulations to permit the offering, trading, and provision of services related to tokenized environmental commodities by licensed digital asset exchanges, brokers, and dealers. This regulatory development is aimed at facilitating Thailand’s green economy and net-zero goals while diversifying the products available in the regulated digital assets market. The environmental commodities currently being traded on certain market platforms and via over-the-counter channels include: Carbon credits: Tradable certificates representing a reduction of CO₂ emitted into the atmosphere. Renewable energy certificates (RECs): Tradable proof of electricity generated from renewable energy sources. Carbon allowances: Tradable permits to emit a capped amount of greenhouse gases. The tokenization of these instruments is essentially the process of converting them into digital tokens, making it possible to list them on blockchain exchanges for trading purposes. Background Tokenized carbon credits, RECs, and carbon allowances fall under the category of utility tokens for consumption purposes or tokens representing entitlement certificates—that is, group 1 utility tokens, which are not considered financial products. The offering, trading, and provision of secondary-market services of this type of token are exempted from licensing requirements for regulated digital asset businesses under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). Under the previous regulatory framework, licensed digital asset business operators were not allowed to provide services involving such unregulated tokens, as it was deemed to be engaging in “other businesses,” which digital asset operators generally cannot engage in without prior SEC approval. Regulatory Amendment Under the amended digital asset regulations, licensed digital asset exchanges, brokers, and dealers may now apply for SEC approval to offer services related to these tokenized assets as “other businesses,” including listing them for trading on digital asset exchanges. Apart from requiring operators to comply with the general conditions

The Indonesian government has implemented mandatory halal certification to protect its predominantly Muslim population. To ensure halal standards, the government has issued several key regulations, including Law No. 33 of 2014 concerning Halal Product Assurance, Government Regulation No. 42 of 2024 concerning Implementation of Halal Product Assurance, and specifically for imported products, Decision of the Head of Halal Product Assurance Agency (BPJPH) No. 90 of 2023 concerning Procedures of Implementing Foreign Halal Certificate Registration. Compliance Deadlines The government has established statutory deadlines for products and services to obtain halal certification under Government Regulation No. 39 of 2021 concerning Implementation of Halal Product Assurance. The deadline for imported food, beverages, and slaughtering products and services to comply with halal certification was extended to October 17, 2026 (from October 17, 2024, originally) with the issuance of Government Regulation No. 42 of 2024. Other product categories have varying deadlines: October 17, 2026: Natural drugs, quasi-drugs, health supplements, cosmetics, chemical products, genetically engineered products, clothing and accessories, household supplies, prayer equipment, stationery, and class A medical devices October 17, 2029: Over-the-counter drugs and class B medical devices October 17, 2034: Prescription drugs (excluding psychotropics) and class C medical devices SHLN Registration for Imports To simplify the halal certification process for imported products, BPJPH offers a foreign halal certificate registration (Registrasi Sertifikat Halal Luar Negeri, or SHLN registration) pathway. This allows eligible imported products to obtain halal certification without filing the standard national halal certification procedure. Under the Halal Law, imported products are not required to apply for national halal certification if their halal certificate is issued by a foreign halal institution that has entered into a mutual recognition agreement (MRA) with BPJPH. Currently, 89 foreign halal institutions from countries (including the United States, South Korea, Thailand, and the United Kingdom) have entered into

With advancements in health technology, telemedicine has taken on a wider online presence in Thailand. Under the Medical Facility Act, licensed clinics and hospitals may now diagnose, prescribe, and issue electronic prescriptions during a video call, provided they maintain patient confidentiality and proper recordkeeping. As a complementary concept, a telepharmacy allows a pharmacist to verify prescriptions, counsel patients, and dispense medication from a remote site. Hospitals, clinic chains, and some retail pharmacy groups have adopted “drive-thru” or “locker” pick-up points where drugs are bagged only after a real-time video consultation with a registered pharmacist. The clear benefits of telehealth include shorter waiting times and broader access to specialists, which is in the public interest. Drug Distribution and Advertising in Thailand The online pharmacy ecosystem creates a legal bridge in that once a teleconsulting doctor issues an e-prescription, a licensed pharmacy can lawfully dispense and deliver the medicine prescribed to the patient’s door. Nonetheless, the critical compliance component remains the advertising of medicinal drugs. It is still not allowed to advertise prescription/pharmacy-dispensed drugs to the public in Thailand. Although Thailand’s Drug Act of 1967 was written more than half a century ago, it still governs the trading of every medicinal drug that makes its way to consumers in Thailand—whether bought at a pharmacy or delivered with a few taps on a smartphone. First and foremost, the pharmacy must hold a license to sell medicinal drugs as a retailer. It is also mandatory that arrangements be made for a pharmacist to be on duty during opening hours. Drugs are classified into three main categories: prescription drugs, pharmacy-dispensed drugs, and over-the-counter (OTC) drugs. The listing of OTC drugs with their prices via an online platform is allowed, as only OTC drugs may be advertised directly to the public. However, naming or showing

Thailand’s Office of the Consumer Protection Board (OCPB) has initiated a sweeping regulatory review of licensed direct sale and direct marketing businesses in Thailand and is in the process of notifying business operators to submit their annual business report and financial statement to the OCPB as part of their postlicensing obligations. This move marks a significant escalation in the government’s efforts to enforce compliance and transparency in the sector, which has faced growing scrutiny in recent years. Key Regulatory Considerations All businesses holding a direct sales or direct marketing license are required to submit their audited financial statement along with their business operation report to the OCPB within 60 days from the end of their fiscal year (extendable for up to 30 days by request, if necessary). The OCPB is currently conducting license audits as part of its enforcement duties. The office aims to complete audits for at least 90% of the 2,983 registered businesses that have obtained their license since 2022. This includes a review of the business conduct of the license holder. New license applications are also under scrutiny. Applicants are currently being subjected to background checks, and the OCPB has signaled a more rigorous vetting process moving forward. Impact of Noncompliance Failure to comply with these reporting obligations may result in escalating enforcement actions, including: Official notice to rectify noncompliance within a specified timeframe. Revocation of business registration, if the operator fails to respond. Revocation of business registration could result in a five-year prohibition on reapplying for a direct sales or direct marketing license following the revocation. The OCPB has already initiated outreach efforts, including SMS and email notifications, and has hosted seminars to raise awareness of these obligations. These measures are part of a broader initiative to enhance transparency and consumer trust in the sector. Businesses operating in the direct selling and