The Bank of Thailand recently issued policy guidelines on how stablecoins—fiat-backed nonvolatile cryptocurrencies—are to be regulated. This paves the way for baht-backed stablecoins, similar to China’s digital Yuan, to be developed in the jursidiction.

On March 3, 2021, two new types of license became available to operators of securities businesses in Thailand, following the enactment of an amendment to the ministerial regulation regarding securities business licensing in Thailand, which was announced by the Ministry of Finance four months prior. While existing license types are broader, and subject to high-level conditions and compliance levels, the two new licenses are more specific and may be more suitable and cost-effective for operators whose activities are limited to a narrower scope of securities business. The details of the two new license types—the Type E Securities Business License and the Private Fund Management License—are as follows: Type E Securities Business License A Type E Securities Business License covers the following business activities: Equity brokerage Equity dealing Equity underwriting Investment advisory service Securities borrowing and lending Operators eligible to apply for a Type E License include: securities companies; commercial banks; life insurance companies; special-purpose financial institutions; and, Thai incorporated companies. Private Fund Management License Previously, business operators who only intended to conduct private fund management business had to apply for a Type C license—a broad category of license covering mutual fund management, private fund management, brokerage for investment units or trust certificates, and so on. The new Private Fund Management License provides a more targeted alternative to the Type C license, which is subject to higher license fees and more comprehensive compliance requirements. New applicants for a securities business license may now specify one of the additional license types when applying to the Ministry of Finance through the SEC. Holders of existing securities business licenses can also apply to change to one of the new license types.

Background On May 8, 2020, the Lao Ministry of Justice published the Decree on Consumer Protection regarding Financial Services No. 225/GOV, dated April 6, 2020, in its online Official Gazette. The decree was drafted by the Bank of the Lao PDR (BOL), which is the central bank in Laos. In addition to supplementing the country’s guidelines on commercial banks’ obligations to their customers, the new decree bolsters the country’s consumer protection regulatory regime under its primary relevant piece of legislation, the Law on Consumer Protection No. 02/NA, dated June 30, 2010. Scope of Application The decree was drafted to elaborate on Article 57 of the Law on Commercial Banks No. 56/NA, dated December 7, 2018, which requires commercial banks to devise clear procedures for receiving and resolving consumer complaints. Besides its application to commercial banks as defined by the law, the decree also applies to a wide range of service providers, including microfinance institutions (deposit-taking or otherwise), deposit and savings cooperatives, leasing companies, pawnshops, and providers proposing other types of financial services under the supervision of the BOL (referred to collectively as “service providers”). Likewise, the decree addresses a spectrum of financial services, including: Monetary deposits and issuance of deposit certificates; Provision of credit; Card services; Hire-purchase and leasing; Mortgages; Payment services; Buying and selling currencies; and, Other services authorized by the BOL, which covers all types of banking services in Laos. Fee Restrictions and Disclosure Requirements for Financial Services The decree requires service providers to set a written policy determining the appropriateness of the selected product, official fee, service fee, representation fee, interests rate, and other fees, in accordance with the relevant law and regulations (if any), and to document the justification for the price of each product. Service providers are also required to advise consumers on financial

As many are already aware, following the change of government in Myanmar on February 1, 2021, a draft Cyber Security Law was proposed which attracted widespread criticism. However, less attention has been paid to significant amendments to two existing laws, some of which have a similar effect to parts of the draft Cyber Security Law. In other words, while the draft Cyber Security Law has not progressed further and is under public scrutiny, significant elements of it have found their way into law in Myanmar by other routes. Because these amendments are already law, it is very important that individuals and businesses in Myanmar understand their implications. Amendments to the Law Protecting the Privacy and Security of Citizens The Law Protecting the Privacy and Security of Citizens (2017), or the “Privacy Law,” was amended on February 13, 2021, less than two weeks after the military government came into power. These amendments chiefly address the power of the government to conduct searches, seizures, and arrests; to extend detention without judicial oversight; and to carry out broad surveillance and investigation activities that could intrude on individual privacy. The amendments accomplish this by suspending various sections of the Privacy Law for as long as the State Administration Council (the military body now governing Myanmar) is in power. The suspended sections include the following: Section 5: Search, seizure, and arrest without civilian observation The relevant part of Section 5 of the Privacy Law states, “The responsible authorities shall … when acting in accordance with existing law, not enter into a person’s residence or a room used as a residence, or a building, compound or building in a compound, for the purpose of search, seizure, or arrest, unless accompanied by minimum of two witnesses who should comprise Ward or Village Tract Administrators…”. The suspension