Thailand’s Department of Business Development (DBD), through its Office of Central Company and Partnership Registration, has released multiple draft orders for public consultation until December 12, 2025. These draft orders aim to strengthen the business registration process, with a focus on the requirements for establishing and amending the principal office address of a partnership or limited company, verification of authorized signatories, and measures to identify and prevent registrations involving persons linked to suspicious or high-risk activities. The draft orders’ proposed requirements are outlined below. Principal Office Verification The principal office address of a partnership or limited company, including house registration code, house number, full address details, and building name, must be fully aligned with the civil registry. The registrar will strictly verify this before accepting any registration or amendment. If the address used for registration is already registered for at least five other companies, the company must submit a consent letter from the person authorized to allow use of the principal office, along with supporting documents proving the right to use the address. Signatory Certification Compliance Duties Persons certifying directors’ signatures on registration forms are responsible for verifying their identities, maintaining up-to-date information, and complying with the requirements of the DBD’s Biz Regist digital registration system. Certain supporting documents proving the qualifications of certifying persons are also required, with some exceptions for specific professional roles. Identity and qualification verification must be renewed upon the completion of one year from the date of registration as a certifying person, or if the certification credentials expire before the one-year period ends, in accordance with the verification requirements. Verification of Suspicious Parties Any partner, shareholder, or director linked to a predicate offense will be required to meet with the registrar in person for further verification steps. For all parties related to a company

On November 26, 2025, the government of Vietnam issued Resolution No. 8/2025/NQ-CP to extend and expand the pilot program allowing Vietnamese citizens who meet certain conditions to gamble at three integrated casino resorts in Vietnam: Corona Resorts & Casino Phu Quoc (An Giang Province) – Effective immediately, and continuing an ongoing pilot program that started in 2019. The Grand Casino Ho Tram (Ho Chi Minh City) – New pilot program for five years starting November 26, 2025. Van Don Integrated Casino & Tourism Complex (Quang Ninh Province) – New pilot program for five years from the date the casino receives its license. The pilot program was originally established under Decree No. 03/2017/ND-CP on casino business, which also sets out the specific eligibility conditions for Vietnamese citizens. After the pilot period, these projects must stop allowing Vietnamese players until the government issues further decisions. This expansion of the pilot program comes after Vietnam’s Ministry of Finance (MOF) released a draft decree earlier this year proposing significant changes to the regulatory framework governing casino operations. These revisions, which focus on increasing fiscal contributions from local players and strengthening compliance obligations for casino operators nationwide, are detailed below. Proposed Increase in Casino Entry Fees for Vietnamese Players The draft decree increases the entry fees applicable to Vietnamese citizens permitted to play at casinos. Under the current regulations, Vietnamese players are required to pay an entry fee of VND 1 million (approx. USD 38) for 24 consecutive hours or VND 25 million (approx. USD 950) per month. The draft decree proposes increasing these fees to VND 2.5 million (approx. USD 95) for 24 consecutive hours and VND 50 million (approx. USD 1,900) per month, effectively doubling the existing amounts and marking the first major fee revision since the pilot program allowing Vietnamese players

Interest in data center land acquisition has increased significantly over the past year, with a notable rise in inquiries from investors seeking to establish digital infrastructure in Thailand. Although the sector is still in its early stages, this emerging wave of development represents a significant shift in Thailand’s technology infrastructure landscape, driven primarily by multinational technology companies and operators looking to expand their regional presence. Project Development The data center sector in Thailand is attracting a diverse range of international investors, though with clear geographic patterns. Most investors are from China, Singapore, and Japan, with some additional interest from countries outside Asia, including the United States and Europe. This investor base consists primarily of multinational tech companies and operators seeking to establish new facilities rather than acquire existing assets. Data center business activities are also a sector promoted by Thailand’s Board of Investment (BOI), which offers investors both tax and nontax privileges as well as exemptions to foreign investment and land-ownership restrictions. Projects currently underway are still largely in the land acquisition and construction phase. Unlike more mature markets where many facilities are operational and generating revenue, the predominant focus in Thailand remains on securing suitable land and beginning the building process. This means that while interest is high and land assembly is accelerating, the sector as a whole has not yet reached the operational phase that will ultimately drive licensing applications and full regulatory compliance. The licensing process itself remains at an early stage, as most projects must first complete their facilities before applying for the specific licenses required from the telecommunications authority. Once the facilities are built, the next critical step will be obtaining these telecommunications licenses, which are mandatory for data center operations. Legal and Regulatory Considerations The complexity of data center development in Thailand requires