As non-cash payments continue to surge in Vietnam, the requirement for strong security standards and a clear legislative framework for intermediary payment services (“IPS”) is becoming more and more critical. Recognizing this, the State Bank of Vietnam (“SBV”) has been working on a draft decree to supersede the outdated Decree No. 101/2012/ND-CP dated November 22, 2012, on non-cash payments (“Draft Non-Cash Payment Decree”), which will lay the groundwork for non-cash payments in general and the provision of IPS in particular. Building upon this, the SBV recently issued a draft circular to replace Circular No. 39/2014/TT-NHNN dated December 11, 2014, on IPS (“Circular 39”) (“Draft IPS Circular”), which will offer more detailed guidance on the provision of IPS in Vietnam on top of the Draft Non-Cash Payment Decree. The Draft IPS Circular will be applicable to (i) IPS providers; (ii) foreign organizations providing IPS in Vietnam; and (iii) organizations and individuals involved in the provision of IPS. Some key updates regarding the Draft IPS Circular are as follows: Scope of Application The Draft IPS Circular sets out further guidance for the provision of IPS as listed under the Draft Non-Cash Payment Decree, including: (i) electronic clearing services; (ii) electronic wallet (“e-wallet”) services; (iii) collection and payment support services; (iv) financial switching services; (v) international financial switching services; and (vi) electronic payment gateway services. Notably, the Draft IPS Circular has explicitly excluded from its scope of application the provision of accounts by goods/service providers to their customers solely for the purpose of payment within the systems of such providers (e.g., cards/coupons or service/transaction accounts of online game service providers, transportation service providers, or securities companies, etc.). Requirements on the Provision of IPS Electronic Clearing Services: The Draft IPS Circular introduces regulations to cover certain elements of electronic clearing services that have

On April 29, 2024, Thailand’s Office of the Personal Data Protection Committee (PDPC) issued the master plan for personal data protection, which outlines the PDPC’s strategies for developing and enhancing the data protection framework in Thailand from 2024 to 2027. A draft of this four-year plan had previously been released for a public hearing on November 27, 2023. Overview The master plan sets out the long-term direction for the protection of personal data in Thailand, analyzing the current landscape, challenges, and obstacles encountered since the full enactment of the Personal Data Protection Act B.E. 2562 (2019) (PDPA). It aims to align with Thailand’s National Security Policy and Plan for 2024–2027 and focuses on key sectors in its initial two years. These sectors are: Public security and key government services; Retail and e-commerce; Information and communication technology and telecommunications; Finance, investment, and insurance; Public health; Tourism; and Education. Objectives The master plan’s goals include increasing organizational compliance with the PDPA, reducing data breaches, updating the PDPA to reflect current circumstances, introducing various PDPC e-services, and enhancing Thailand’s global competitiveness in data privacy and personal data protection. It sets targets and indicators of the plan’s success, such as achieving a 100% PDPA compliance rate across all sectors in Thailand and raising Thailand’s digital competitiveness to at least 30th in the World Digital Competitiveness Rankings from the IMD World Competitiveness Center. Strategic Initiatives To achieve these objectives, the master plan introduces four strategic initiatives: Effective and balanced PDPA enforcement: Develop standards, principles, criteria, tools, indicators, and data privacy governance, including law enhancements. A recent example of this is the PDPC’s launch of the Personal Data Protection Surveillance Centre (PDPC Eagle Eye) to monitor data breaches. Knowledge and trust enhancement: Build human capacity and trust by enhancing knowledge through initiatives like the forthcoming

Vietnam’s Ministry of Public Security (MPS) recently published on its website a dossier of the Draft Law on Data (the “Draft Law”) for public feedback, initiating a consultation period from February 26 to March 26, 2024. The dossier comprises a Policy Impact Assessment Report and a Summary Report on the implementation of existing legal documents governing data. An outline of the Draft Law was later circulated to relevant organizations for their input and commentary. The MPS drafted this legislation with several objectives, including bolstering national data infrastructure, advancing digital government while streamlining administrative procedures, fostering growth in the digital economy and building a digital society, and establishing a National Data Center. Comprising 65 articles across 6 chapters, the Draft Law is slated for implementation on January 1, 2026. The Draft Law currently is very preliminary, resembling a framework document. It features numerous provisions akin to policy mandates, yet only presents introductory concepts without further elaboration. Scope of Application The Draft Law applies to agencies, organizations, and individuals involved in data activities in Vietnam. This scope of application appears excessively broad and ambiguous, without a clear definition of “data activities”, leaving uncertainty regarding the breadth of this term’s coverage. Key Policy Groups The Draft Law focuses on four key policy groups: 1. Regulations on development, processing, and management of data This policy group focuses on matters relating to the collection, digitalization, and creation of data; assurance of data quality; data classification; data storage; data combination, adjustment, and updating; data strategy; data management; data sharing; provision of data to state agencies; data analysis and synthesis; data verification and authentication; data disclosure; access and retrieval of data; data encryption and decryption; data copying, transmission, and transfer; data revocation, deletion, and destruction; application of science and technology in data processing; identification and management

On March 25, 2024, Thailand’s Securities and Exchange Commission (SEC) published an amendment to its Notification re: Public Digital Token Offering to strengthen governance for initial coin offerings (ICOs). The amendments took effect on April 16, 2024, and reflect the SEC’s commitment to creating a safer and more transparent ICO environment, enhancing investor protection, and building confidence in ICOs as a fundraising tool. The key changes are outlined below: New Checks and Balances Requirements The new regulations require digital token issuers to implement checks and balances to protect investor rights—including an annual audit requirement and measures to prevent and manage conflicts of interest. These measures must be clearly disclosed in the ICO filing documents. In addition, certain project-related decisions must be approved by the issuer’s board of directors, which is also responsible for the accountability of such decisions. Improved Rules Concerning Voting Rights The SEC has introduced rules concerning voting rights and procedures for digital token holders, particularly for token types that previously lacked regulatory clarity. These rules specify the procedures for soliciting votes, the rationale behind vote requests, and the criteria for determining voting outcomes. The new rules, however, do not apply to real estate-backed tokens or infrastructure-backed tokens. Enhanced Advertising Regulations The SEC has revised advertising guidelines to ensure that investors receive essential information. The updated rules now require all ICO advertising to be fair and informative and to avoid misleading content. Advertisements must include appropriate risk warnings and a credible source for any claims made. The notification also stresses that it is the responsibility of digital token issuers to strictly supervise and ensure that those who create advertisements with or for an issuer comply with all relevant advertising regulations, including the following: Warning of investment risk: Advertisements must include warnings about investment risks and contact information