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.

On November 23, 2021, Thailand’s cabinet approved in principle the amended Ministerial Regulation No. 13 issued under the Exchange Control Act, B.E. 2485 (1942), as amended (ECA). The ECA is an integral instrument of the Bank of Thailand (BOT) for regulating businesses relating to foreign means of payment (i.e., foreign exchange business) and controlling inward and outward remittances as well as exchange and conversion between Thai baht and foreign currencies. Under the current ECA, no party may purchase, sell, lend, exchange, or transfer foreign currencies except for authorized juristic persons (bank and non-bank entities) or authorized individuals who are licensed by the Ministry of Finance. The major amendments to Ministerial Regulation No. 13 of the ECA introduce a number of changes to the current regulations for foreign exchange business operations: Expansion of the scope of foreign exchange business The scope of a foreign exchange business is currently limited to purchasing, selling, lending, and exchanging foreign currency in the form of banknotes, coins, and travelers’ cheques (i.e., banknotes-to-banknotes conversion only). The new amendments will expand the scope of foreign exchange business to include more foreign currency payment types. For instance, foreign travelers will be able to use credit or debit cards issued by a foreign commercial bank to exchange for cash (i.e., card-to-banknotes conversion). Additional modes of authorizing foreign exchange businesses Licensing is currently the only mode of authorization for a foreign exchange business in Thailand. Under the amended regulations, there will be two options for authorization: licensing or registration. While the exact requirements and definition of “registration” will become clearer after the actual amended regulation and any subordinate legislation become available, this indication of an additional mode of authorization may imply varying requirements and burdens in the application process. Allowance of a foreign exchange business license to cover all

Attorneys from Tilleke & Gibbins have provided the latest update to the Thailand contribution to Doing Business in…, a Q&A-style guide published by Thomson Reuters Practical Law that presents an overview of the legal framework for doing business in 63 jurisdictions worldwide. The Thailand chapter of the guide outlines Thailand’s legal system and key laws applicable to foreign companies doing business in the country. The chapter specifically covers the following main topics: Legal system: Thailand’s court system and codified legal system. Foreign investment: Lists of reserved business activities, restrictions on doing business with certain jurisdictions, exchange controls and currency regulations, and grants and incentives available to investors. Business vehicles: Ordinary partnerships, registered ordinary partnerships, limited partnerships, private limited companies, and public companies. Environment: Main laws and regulations, factory operation. Employment: Laws, employment contract requirements, work permits, and termination and redundancy. Tax: Taxes on employment, tax and nontax resident employees and businesses, corporate income tax, value added tax, special business tax, municipal tax, stamp duty, dividends, interest, intellectual property royalties. Competition: Important aspects of Thailand’s regulatory regime surrounding competition, centered around the updated Trade Competition Act. Antibribery and corruption: Laws, compliance requirements, regulatory authority. Intellectual property: Patents, trademarks, registered and unregistered designs, and copyright. Marketing agreements and advertising: Regulation of marketing agreements, Thailand’s Consumer Protection Act, direct marketing, role of the Consumer Protection Board and Food and Drug Administration. E-commerce: E-commerce laws and regulations, marketing and sales via online platforms. Data protection: An outline of Thailand’s Personal Data Protection Act. Product liability: Procedures and regulations for product liability and product safety, including the Unsafe Goods Liability Act and the Consumer Case Procedure Act. Product liability: Key regulatory authorities for trade competition, environmental issues, and financial services. To browse, download, or print the Thailand chapter, please visit the Practical Law website.