On 23 November 2021 The Thai Cabinet passed a resolution permitting the amendment of Ministerial Regulation No. 13 (the “Regulation”) under the Exchange Control Act (1942) which relaxes a lot of the rules on cross-border transactions, online activities and e-commerce matters.
The amendments, among other things, includes:
The central aims of the new Regulation are to promote heightened cross-border commercial activities in the post-pandemic landscape and remove penalties on non-criminal financial transactions that have become more commonplace. The Regulation thus allows such activities to avoid being ensnared and bogged down in unwieldy and complicated licensing and regulatory requirements or strict foreign currency exchange rules. Such rules were more appropriate to the era before the advent of high-speed broadband, 4G mobile networks, innovative fintech technologies, cryptocurrency and more which allowed consumers to become less reliant on ‘bricks and mortar’ style banks and financial institutions. This new Regulation is just one element of the Thai government’s broader efforts to update and adapt the Kingdom’s regulatory frameworks and mechanisms to better address and reflect the realities and commercial modus operandi of the digital payment processing and online service provider spheres along with Thai consumers making increasing use of these products and services in their daily lives.
The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.