Thailand’s Ministry of Finance has introduced a five-year personal income tax exemption on capital gains from the disposal of cryptocurrency or digital tokens. The Ministerial Regulation No. 399, published in the Government Gazette on September 5, 2025, offers the personal income tax exemption for transfers occurring between January 1, 2025, and December 31, 2029. The ministerial regulation was enacted to promote Thailand as a global financial center and digital asset business hub while encouraging increased domestic investment in digital assets. Key Conditions The exemption, which covers capital gains from cryptocurrency and digital token disposals during the specified five-year period, applies only to individuals. Companies that trade in digital assets are not eligible for this tax exemption. With the tax holiday set to expire in 2029 (unless extended), individual traders should plan ahead for postexemption taxation to ensure full compliance with Thailand’s personal income tax requirements. Proper documentation of digital asset transactions during the exemption period will be essential for future tax compliance. For more details on this tax exemption, or on any aspect of Thailand’s tax law and regulations, please contact Saravut Krailadsiri at [email protected] or Papavarin Sarawongsuth at [email protected].

Thailand has enacted amended alcohol control legislation that significantly tightens restrictions on marketing and advertising, strengthens enforcement, and creates mechanisms to support the country’s tourism objectives. The Alcoholic Beverage Control Act (No. 2) B.E. 2568 (2025), published in the Government Gazette on September 9, 2025, will take effect on November 8, 2025. Key aspects of the new law are outlined below. Continuation of Sales-Hour Restrictions Sales-hour restrictions remain in effect, though now under an updated regulatory pathway. Alcohol sales are permitted only between 11:00 a.m. and 2:00 p.m. and between 5:00 p.m. and midnight, with exceptions for airport terminals, entertainment venues under the Entertainment Place Act 1966, and hotels. Despite earlier discussions about relaxing these hours, no changes have been implemented under the new law. Enhanced Seller Responsibilities Sellers are now expressly permitted to check identification cards to verify purchaser age and may assess the condition of intoxicated customers. The assessment conditions will be announced in a forthcoming notification from the director of the Department of Disease Control. Sellers who willfully or negligently violate the law and cause damage to life, health, or property face possible penalties. Alcohol Vending Machines Permitted The law allows alcohol to be sold in vending machines that can verify buyer information and comply with rules, procedures, and conditions to be prescribed by the Alcoholic Beverage Control Committee. This means the industry must await the committee’s implementing regulations before deploying such machines. Expanded Marketing and Advertising Restrictions The amended law introduces a new suite of advertising restrictions, including more detailed and expansive definitions involving marketing and promotions. “Marketing communication” is broadly defined to include any direct or indirect act of publicizing, presenting, or disseminating information about alcoholic beverages through advertising, public relations, sales promotions, sponsorships, or any other means that may induce or encourage the public to consume alcoholic beverages. This includes using names,

Since Thailand formally removed Mitragyna speciosa (kratom) from the list of narcotic drugs, the country has progressed from outright prohibition to a structured, license-based regime. While the Ministry of Public Health oversees cannabis plant regulation, the Ministry of Justice (MOJ) is the regulatory authority overseeing kratom plants. For the avoidance of doubt, separate Ministry of Public Health notifications prohibit the use of kratom as a food ingredient unless a food safety evaluation has been conducted; however, this restriction does not affect trade in unprocessed leaves per se. For businesses in Thailand dealing exclusively in kratom leaves, the most consequential development is the Ministerial Regulation on the Application for Permits and Notifications for the Importation and Exportation of Kratom Leaves B.E. 2568 (2025), a bylaw of the Kratom Plant Act 2022. The ministerial regulation establishes the following notable definitions: “Kratom leaves”: Fresh or dried leaves in their natural, unprocessed state (no extracts, concentrates, or infused products). “Import/Export”: Any act of bringing kratom leaves into or out of Thailand, whether for commercial sale, industrial processing abroad, or research. Import/Export Licensing Under the Kratom Plant Act, a license is mandatory for importing or exporting kratom leaves. Individuals, juristic persons, community enterprises, and state agencies in Thailand are eligible to obtain a license to import (or a license to export) kratom leaves. Licenses are available to qualified individuals and juristic persons. Individuals must satisfy the following qualifications to be eligible for a license: Thai nationality, ≥ 20 years old, resident in Thailand. Not incompetent, quasi-incompetent, or under legal guardianship. No license suspension currently in force under the Kratom Act or Narcotics Code. No license revocation in the previous two years. No conviction under the Kratom Act or Narcotics Code within the previous two years (unless fully released from punishment). Juristic persons must satisfy the following qualifications to be eligible for a license: Structured as a company

On September 10, 2025, Vietnam’s National Credit Information Center (CIC) reported to the Vietnam Cybersecurity Emergency Response Team (VNCERT) a suspected significant cybersecurity incident involving unauthorized access to the CIC’s credit information database. A hacker group has claimed responsibility and allegedly posted over 160 million records for sale, including sensitive personal and financial data. Implications for Banks and Financial Institutions Companies that share customers’ or potential customers’ personal data with the CIC for credit scoring or other purposes—and continue to act as a data controller for such data—may be obligated under Vietnam’s Personal Data Protection Decree (PDPD) and related regulations to: Notify A05 (Department of Cybersecurity and High-Tech Crime Prevention) and the State Bank of Vietnam without delay. Inform affected individuals if their personal data is at risk. Recommended Actions Companies that could be impacted by this data breach should take the following actions: Conduct an internal review of CIC-related data in their systems, and identify whether and how the systems have been affected by this incident. Assess whether to notify regulators and customers/potential customers. Enhance cybersecurity controls, monitor for suspicious activity, and implement additional safeguards to prevent secondary breaches.

Thailand traditionally has had a reputation as a “crossroads” for numerous illegal activities and of the laundering of significant sums of tainted money. Member of the Financial Action Task Force (FATF)? No. Any Egmont members? Yes. Thailand’s Anti-Money Laundering Office (AMLO) is a member of the Egmont Group. Regulation The relevant law, known as the Anti-Money Laundering Act (the Act), was passed in March 1999 with the aim of combating not only the drug trade but also other illicit activities, such as corruption, criminal fraud and prostitution. There have been a number of changes and updates to the Act, the most recent one in late 2015, in which the Act was amended to include: Additional predicate offences such as offences relating to human trafficking, online gambling and offences relating to unfair practices relating to derivatives and agricultural commodity futures. Broader scope of money laundering offence. Non-disclosure obligations to applicable financial institutions and reporting entities. Compulsory training to financial institutions and reporting entities’ employees responsible to monitor and ensure compliance with the Act. Retention period. Enhanced penalties Additionally, discussions did take place mooting further changes to the Act, set out in 2020 and 2021 drafts. Proposed changes included suggestions to expand the definitions of financial institutes, predicate offences and professions, as well as to impose greater reporting and due diligence responsibilities on companies subject to the Act. However, recent amendments to the Act in 2022 only included minor procedural and substantive changes that did not materially alter or expand the Act. The most notable amendments were changes to an injured party’s rights to claim damages caused by a predicate offence and the rights of beneficiaries claiming assets seized by the government in connection with a predicate offence. Financial intelligence unit Of the total number of transactions reported to AMLO annually, a relatively small portion result in further investigation for violation of the Act. That

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 for operating “other businesses,” the SEC has imposed the following additional

Under Thai law, authorized directors stand as a company’s mind and will and, as such, may incur personal criminal liability for acts or omissions committed in the course of company business. When allegations surface, directors must be prepared for the practical reality that, before guilt or innocence is ever adjudicated, they could be deprived of liberty unless bail release is promptly achieved through the competent legal authority. When Bail Can Be Granted Two procedural moments trigger the need to consider bail. The first arises during the investigative phase, when a claim is lodged against a director with the competent law enforcement authorities. Upon receipt of a complaint, the assigned inquiry officer summons the director for questioning, compiles evidence, and ultimately forwards a prosecution or nonprosecution recommendation to the public prosecutor. Although the public prosecutor retains ultimate discretion to indict an accused director, the police or prosecutor may conclude that pretrial detention is necessary and may therefore apply to the court for an order to hold the director in court custody. The second moment occurs after a criminal case is filed directly with the court. This occurs once a court accepts a criminal case filed by a prosecutor against a director or, alternatively, when the court accepts a case filed by an individual for trial. For cases filed by individuals, the plaintiff presents prima facie evidence at the preliminary hearing, and the court will accept the complaint if it finds sufficient grounds, thereby conferring upon the director the status of a criminal defendant. Upon acceptance of the criminal case, the court then has the inherent authority to order custody pending trial unless the defendant secures bail release. Procedural Considerations Experienced litigants typically prepare bail security in advance and submit a bail petition at the earliest possible time. While there are guidelines for setting the amount

On September 1, 2025, Myanmar’s Directorate of Investment and Company Administration (DICA) issued Directive No. 106/2025 to remind all companies and organizations registered under the Myanmar Companies Law of their obligation to strictly comply with the DICA registrar’s orders, directives, and procedures. This directive highlights the importance of legal and procedural compliance in corporate filings, governance changes, and operational conduct. It also signals increased scrutiny over documentation submitted during annual returns, share transfers, and director appointments or resignations. Public companies will be subject to closer regulatory attention, and new company registrations will involve vetting of proposed directors to ensure prior compliance with applicable laws. Compliance The directive emphasizes the following points: Companies must ensure full compliance with the Myanmar Companies Law and all directives issued by the registrar. This includes the proper submission of annual returns and adherence to updated requirements for share transfers and changes in directors. Companies and organizations must comply with all applicable laws, rules, directives, and procedures issued by relevant ministries and departments. If any authority takes action due to noncompliance, the registrar may also take appropriate measures. Noncompliance may result in regulatory sanctions, including restrictions on future company participation and vetting under anti–money laundering and counter–terrorism financing protocols. Prospective directors of newly registered companies will be vetted to confirm no prior violations of applicable laws. Entities must respond promptly and accurately to document requests from the registrar, both during initial registration and in subsequent filings. Companies are strongly advised to review their internal compliance frameworks and ensure readiness to meet DICA’s documentation and procedural expectations. In particular, companies must respond promptly and accurately to document requests from the registrar, whether during initial registration or in subsequent filings. For more information on this DICA announcement, or on any aspect of corporate registration, or assistance with corporate secretarial matters in Myanmar, please contact Tilleke & Gibbins at [email protected].