The Bank of Thailand (BOT) intends to strengthen the role of financial service providers in taking responsibility for consumers throughout the loan debt cycle appropriately and comprehensively. The BOT Notification No. Sor Gor Chor. 7/2566 re: Responsible Lending was issued by the BOT and announced in the Government Gazette on 27 December 2023, and became effective on 1 January 2024.
In 2022 and 2023, following the collapse of the key global players in the crypto industry, regulators around the world closely scrutinized crypto activities and tightened the regulations for digital asset businesses. This tightening primarily concerns the protection and segregation of customers’ assets, which has become standard practice since the crypto crash. To keep up with the dynamic and evolving regulatory developments, we have revised this publication to provide an updated overview of regulations pertaining to digital assets in Thailand.
This event will be held on Wednesday, 24 May 2023 from 14:30-16:00 hrs. (Bangkok time) via Zoom and YouTube Live. This exclusive webinar presented by our professionals will explore: (i) overview of the legal issues surrounding digital onboarding process, (ii) key concepts of the Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) laws and specific regulations governing digital onboarding, (iii) key concepts of technology laws and regulations relating to digital onboarding, and (iv) case study: an end-to-end flow of the digital onboarding process for FinTech businesses. The webinar will be conducted in Thai.
This virtual seminar series provides insights on how the regulatory landscape is changing and discuss the future of crypto within the financial services sector. Recordings of the following sessions are now available — The Crypto Ecosystem; Integrating Crypto into Established Financial Services (Part 1: Funds and Listings and Part 2: Practical Considerations); Crypto Risk: Significant Legal and Regulatory Risks; A Deep Dive into NFTs; and DeFi (Decentralized Finance).
The speed and volume of change in the crypto asset markets has accelerated across the globe, with established financial institutions increasingly entering the sector whilst regulators look to keep pace. Recent high-profile developments and market volatility have led to growing calls for scrutiny and regulatory controls. Navigating this fast paced environment, within a sometimes disjointed regulatory framework, can be challenging. The Crypto Boot Camp 2022 Series covers the crypto ecosystem and integrating crypto into established financial systems (recordings available), crypto risk (3 November 2022), NFTs (15 November 2022), DeFi (1 December 2022), and Growth in Crypto (6 December 2022).
The speed and volume of change in the crypto asset markets has accelerated across the globe, with established financial institutions increasingly entering the sector whilst regulators look to keep pace. Recent high-profile developments and market volatility have led to growing calls for scrutiny and regulatory controls. Navigating this fast paced environment, within a sometimes disjointed regulatory framework, can be challenging.
This virtual seminar series will provide insights on how the regulatory landscape is changing and discuss the future of crypto within the financial services sector. Set out below are details of our 2022 series.
Anti-Money Laundering and Combating the Financing of Terrorism measures play an important role for financial institutions and specified non-financial businesses (collectively referred to as Reporting Entities), to combat money laundering and the financing of terrorism. The relevant AML/CFT laws, regulations and guidelines have been continuously improved in order to comply with international standards. To keep up with the dynamic and evolving regulatory developments, Baker McKenzie has issued this publication to provide an overview of Thailand’s AML/CFT regulations and guidelines.
In 2021-2022, the digital assets industry in Thailand has been growing significantly as more big players in the traditional financial industry and start-up players enter into the digital assets market. It seems that the frenzy of price volatility and the regulatory complexities could not slow down the rise of crypto activities. To keep up with these dynamic and evolving regulatory developments in 2022, we have revised this publication to provide an update of the regulations pertaining to digital assets in Thailand, which cover the regulations regarding custodial wallet providers, digital asset payments and NFTs, including the SEC’s proposed rules on ready-to-use utility tokens, advertisements and IT standards.
This paper seeks to promote a better understanding of the key considerations for establishing cross-border linkages between two or more national fast payment systems, thereby paving the way for national authorities to pursue more of these linkages in the future.
The recent increase in value of cryptoassets as an investment class along with media coverage associated with high profile large investors has resulted in regulators warning investors to be cautious of the associated volatility risk. Against the background of these recent developments, we’re seeing increasing demand for legal advice in this area.